Tech Credit Finance Plan

TECH CREDIT FINANCE PLAN

PROGRAM MODIFICATION

PLAN MIGRATION

JANUARY 18, 2010

Cornwell Quality Tools is pleased to announce that the Tech Credit department will consolidate its services under one roof, effective January 18, 2010. Some of the processes will stay the same, but other processes will be modified. We are hopeful that these modifications will help our Cornwell dealer sales force be more efficient with their Tech Credit responsibilities.

Effective January 18, 2010 at 8:00 AM (EST), please use the Cornwell phone number ((800)321-8356, extension #8)) for Tech Credit. The (877)410-8324 (TECH) number will be disconnected effective Friday, January 15, 2010 at 3:30 PM (EST). You will be able to phone in applications, make payments, have questions answered concerning borrower accounts and access the I.V.R. (automated phone system) using the Cornwell phone number beginning that Monday morning. Please note that all Tech Credit systems (internet payments, automated systems) will be closed on 01/15/10 at 3:30 PM (EST) and will reopen on Monday, 01/18/10 at 8:00 AM (EST).

Several other changes are also in the works. They are as follows:

1. The Tech Credit “Application” and “Terms and Conditions”forms are being modified. New forms have been ordered and shipped to every dealer. The MM1 system will be updated with these modifications by 01/18/10. Also, the “Application” form is now in a separate package (different part number) than the “Terms and Conditions” form.
2. Once an application is approved, a sales authorization may be processed moments later (as long as the product is delivered, of course). There will be no need to wait for overnight processing of the application.
3. Weekly Collection Summaries (WCS) will be available for download to you via theMM1 system every Thursday morning beginning at 9:00 AM. You will be able to view the WCS on your MM1 system moments after Tech Credit generates this report. The WCS will no longer be mailed each week as it will be available for transmission (for those dealers who do not have MM1, please contact Larry Nolan in Tech Credit so that your WCS may still be mailed to you).
4. The WCS will have additional information for you concerning your borrowers. First, borrowers who participate in ACH will be denoted (after their name). Second, any past due blue ribbon borrowers will be denoted in order to “warn” dealers of possible chargeback. Third, a borrower who does not have a balance but is close to being purged will be notated with a date that will show when a new application is required. Fourth, a borrower who is paid ahead will show a negative amount in the amount due field. This amount will be how much the borrower is paid ahead.
5. The MM1 system and the WCS will be more “in sync” with each other. The “Generate Invoice” screen will be modified to show more current information about the borrower’s amount due and past due status due to the downloading of the WCS.
6. Borrower account numbers will be reduced from 16 digits to 10 digits. The “last six digits” will be their main number. For example, 2540020580123456 will become 000123456, or 123456 for short.

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1. Dealer Tech Credit numbers (9 digits) will be eliminated. Tech Credit will use your Cornwell dealer code for processing applications, cash, etc. You will be assigned a pin number, which will be the last 4 digits of your Tech Credit number, i.e. 254001004 will become 1004. This pin number is to be used for the I.V.R. (automated system for sales authorizations, etc).
2. The ACH program for borrowers will be modified. A borrower will be able to pick whether they want to have their bank account debited either monthly or weekly. Further, they will be able to pick what day of the month (1st – 28th) or week (Monday – Friday) their account should be credited. Finally, a borrower will be able to pay extra on their account using ACH, should they wish.
3. The convenience fee that is charged to the borrower when making a payment on our website will be reduced from $5.45 to $1.00. The Tech Credit websitewill see additional changes later in 2010.
4. The Annual Percentage Rate (APR) will increase for certain borrowers. The rate increase is as follows:
5. Effective 01/18/2010, any borrower who has a credit limit greater than or equal to $2500.00, but less than $4500.00 will be accessed an APR of 21.9%. Please remember, those borrowers with acredit limit less than $2500.00 are being assessed a rate of 24.9%. Borrowers with credit limits greater than or equal to $4500.00 will be assessed a rate of 19.99% (unless they qualify for the Preferred Rate).
6. This increase will be for borrowers who enter into a contract on or after 01/18/2010. In other words, existing Tech Credit borrowers will not see an increase in their rate unless they add on to their Tech Credit account.
7. States not affected by this rate are Arkansas, Connecticut, Florida, Maryland, Minnesota, Nebraska, North Dakota and West Virginia.

We are looking forward to this consolidation so that we will be able to serve you better and more efficiently.

Should you have any questions, please do not hesitate to contact us.

Good Selling, But Better Collecting,

Tech Credit