Press Release
September 14, 2001
MIAMI, FL -- Interval International, the quality vacation exchange company, has entered into an agreement with
credit giant MBNA America Bank, N.A., to offer the Interval Option Loan, an instant, unsecured revolving line of
credit available to potential timeshare purchasers at the point of sale.
"This program assists developers in obtaining full down payments from a greater number of consumers, alleviating
the usual backlog of pending transactions accrued by resorts," said David C. Gilbert, senior vice president
of resort sales and service at Interval International. "There is no loan transaction fee and the additional
cost developers incur when processing down payments on merchant charge accounts is reduced."
The Interval Option Loan is designed to be especially attractive to vacationers who do not want to commit the credit
line on their charge card or write a large check toward the down payment on a timeshare purchase. In as little
as 30 seconds, potential purchasers can receive approval on a loan of up to $50,000. No additional costs are associated
with applying for the loan and recipients can arrange to have flexible fixed payments over a period of 12 to 84
months. The annual percentage rate (APR) associated with the loan is based on the buyer's creditworthiness, with
rates as low as 9.99 percent available to many prospective purchasers. That is less than most current credit card
interest rates.
The program is available to Interval-affiliated resorts throughout the United States. CFI Westgate Resorts, Accumen
Sales & Marketing Group and ILX Resorts Incorporated have already enrolled. There is no cost to the resort
developer and no special equipment necessary. Resort sales staff simply input the application online through Interval's
developer Web site, ResortDeveloper.com, 24 hours a day, seven days a week.
Since enrolling in a pilot project in August of 2000, Accumen Sales & Marketing Group has seen the number of
full down payments increase and its pending sales decrease. In addition to a reduction in merchant fees incurred
by customers making down payments on their credit cards, cost savings have resulted due to a decrease in staff
time required to monitor pending business.
"Since we began using this product to help with pending transactions, our numbers have increased dramatically.
The Interval Option Loan has enabled us to count numerous contracts as solid business, rather than pending, in
just seconds using ResortDeveloper.com," said Martin M. Kandel, chief executive officer of Accumen Sales &
Marketing Group. "This program has allowed us to increase our sales, reduce rescissions and substantially
add to our bottom line."
Interval International, the quality vacation exchange company, is celebrating its 25th year of service to the vacation
ownership industry, offering innovative products and leading the industry with the highest levels of quality, service
and value. Interval's reputation for superior products and services has attracted leading independent and brand
name developers to its network, which now includes nearly 1,900 resorts in more than 75 countries. Interval serves
its developer clients and more than 1.25 million consumer members through 29 offices in 20 countries. Beyond exchange,
Interval offers its clients a range of services, including program design, sales and marketing support, travel,
reservations and financial services.
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CONTACT:
Rhonda V. Sibilia Interval International 6262 Sunset Drive Miami, FL 33143 (305) 666-1861, Ext. 7267 rsibilia@interval-intl.com