MERCHANDISING AND STRATEGY CHANGES
A glance at retailers that are restrategizing
Posted Spring 2007
Bank of America, the country's second-largest bank, is offering no-fee mortgages to entice more customers into its banks.
The program, which started as a test case in Washington, scraps typical charges associated with an appraisal, credit reports and other fees. Unlike some other no-fee plans, Bank of America does not inflate the rate to make up for the lost charges or add the fees back onto the principal.
Bank of America retained the part of the test program that offered consumers $250 if approved and then went to another bank for their mortgage. The opportunity to lower the loan's rate once a year without fees did not survive when transitioning to the nationwide program.
Both fixed and adjustable rate mortgages qualify for the No Fee Mortgage Plus program.
Distinctive and affordable are the watchwords for the two-passenger vehicle manufactured by smart USA, a division of Daimler Chrysler and the same company that makes Mercedes. The length is somewhat less than nine feet and gas mileage exceeds 40 miles for each gallon of unleaded gas.
The three-cylinder engine is capable of full highway speeds, a feat for a 60 horsepower engine.
The fortwo has been available mostly in Europe and at the few dealers willing to import the vehicle into this country. When the car officially goes on sale in the U.S., it will become the 37th country to offer the easy-to-park coupe. Since the car's introduction, over 750,000 fortwos have been sold. Filling out a small Internet-based form and anteing up $99 earns you a reservation for the vehicle.
When the first quarter of 2008 arrives, showrooms will offer three models – baseline, a better-equipped edition and a cute convertible.
Autonet Mobile, a new wireless network provider based in San Francisco, is making it possible for millions of Internet-enabled devices to connect while on the go and near a vehicle.
Business executives who don't want to guess if the hotel they're staying at offers wireless Internet, the digerati and even parents, looking to entertain children on road trips, are targets for this service that comes with a monthly fee of $49.95. Those signing up for the service must pay a one-time fee of $399 for the Autonet receiver that is small enough to fit in a car's glove compartment or under a seat.
Autonet's simple box needs only electricity and a signal from a tower. Coverage is handled by a robust wireless network that blankets 95 percent of the United States. Owners can visit restaurants, connect from inside homes or allow passengers to stay dialed in as the signal extends 100 feet from the car.
Avis partnered with Autonet to offer the service with select rental cars in ten cities, including Seattle. The add-on costs $10.95 a day.