The MILES Program
MILES was created to provide active duty personnel an opportunity to purchase a quality vehicle from a respected dealer at a fair price and financing through a national bank. Although this may not be an issue for many people, it is a serious problem for the newly enlisted. With limited credit and undesirable financing options, service members are purchasing poor quality vehicles and paying $1,000's over retail (fair market value). Through the MILES Program, service members are offered numerous protections, including vehicle pricing restrictions, high quality standards for new and used vehicles, a network of certified dealers, and financing through US Bank.
The Issue
In obtaining transportation, junior enlisted personnel face a myriad of obstacles. Just beginning life's journey, these young service men and women possess virtually no credit history, a limited income and worldwide mobility. This combination limits their ability to obtain financing from many local banks or credit unions.
In many cases, the newest members of our nation's defense are therefore preyed upon by dealers who charge exorbitant interest rates and prices for vehicles of questionable quality. These factors result in high monthly payments. In addition, unexpected costs for breakdowns may result in financial difficulty for them. The ultimate costs include ruined credit, Quality of Life concerns, and a deteriorating morale.all the while, defending our country.
Solution
Dealers' Financial Services, LLC created MILES, a unique and innovative program to address these serious problems. An experienced team of experts, representing the military, as well as the banking, finance, and automotive industries, developed MILES as a practical solution for the specific transportation and financial needs of the junior enlisted.
