Automotive Lease Financing

In August 2005, Alter Moneta acquired Lutex, the largest independent vehicle leasing company in Québec. With more than C$155 million in assets, Lutex is now a 100 percent wholly owned Canadian subsidiary of Alter Moneta with origination, servicing, and loan and leasing management capabilities. The activities of Lutex are primarily related to vehicles and light trucks and are focused mainly in Québec; Lutex does not offer leases in the United States. 

The Lutex business model incorporates buying vehicles at a volume discount and passing on the discount, rebates, and reduction to customers. With more than 6, 500 cars in leased inventory and annual purchase capacity of about 1,500 vehicles, Lutex commands substantial purchasing power. Lutex offers:

• The same quality of service regardless of vehicle make or model, giving its platform substantial advantage over captive vehicle leasing players
• Quick credit approval with flexible terms and no administration fees, bringing value to the customer base
• Comprehensive service, including appraisal, registration, delivery to the customer's preferred location, and a single point of contact to handle the service contract
• Maintenance management, disposal of vehicles, and consulting services for vehicle selection

Companies have the option of giving their executives and employees access to a vehicle, with a corporate agreement, including certain rights and open-ended contracts with unlimited mileage.

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