(case writing) when you began as a service representative at peoplefirst, you worked with only five employees to pioneer a web-based auto loan brokerage. customers loved it. from your website, they filled out a single application and faxed in any necessary verification documents. then peoplefirst matched them with the best loan for which they qualified, chosen from a variety of lenders. you mailed them a no-obligation “blank check” to spend at any auto dealership up to the amount for which they qualified. the loan didn’t begin until they spent the check. later, if rates dropped, they could come back to peoplefirst for refinancing. all that changed when huge capital one financial corporation bought out peoplefirst. the company changed your name to capital one auto finance and converted all loans to capital one loans. under its new policies, capital one will not refinance its own loans. however, your existing customers aren’t charged a pre-payment penalty if they want to pay off their own loans early by finding (on their own) another lender for refinancing. you might lose some business this way, but capital one would lose a lot more if it refinanced all its loans every time rates dropped. your task: explain the new policy in a letter to faviola and mary franzone (7200 poplar avenue, memphis, tn 38197), who have inquired about refinancing their auto loan at today’s lower rates.