30 March 2017
Visit EBAday.com

Chase goes the extra mile in auto financing

26 August 2016  |  5750 views  |  3 Walk sign

Chase is going the extra mile in its auto-financing business, providing an online platform where users can specify and shop for new and used cars and secure a loan through their smartphone or computer.

The service enables customers to configure their preferred options for a new or used car, find matching cars online, and get approved for their loan. Using technology from digital auto marketplace TrueCar, customers also can compare prices paid by other consumers and via Chase.com connect with one of 14,000 auto dealership in the bank's network that has inventory meeting the specified preferences.

“Customers today are shopping for everything online, including cars,” says Bruce Jackson, head of retail lending for Chase Auto Finance. “By pairing financing with the online car shopping experience, we can provide more opportunities for Chase dealers, and make it easier for customers to get in the driver’s seat.”

Chase Auto Direct is currently available to customers in 30 US states, he adds, and will roll out further in phases through early 2017.

Comments: (3)

Chris Yaldezian
Chris Yaldezian - IBM (Software Group) - San Ramon | 26 August, 2016, 18:31

Finally. People don't want an auto loan, they want a new car and may need financing to get it.  I think USAA does this too, and also does the insurance portion too.  But, my point is, bankers are finaly getting it. They have business partners such as auto dealers and can create win-wns for them and their mutual customers by looking at the customer experiece and adding value.

1 thumb up! 1 thumb up! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 26 August, 2016, 20:01

Maybe auto dealers are finally getting it: On their own, their cost of customer acquisition is too high. If they partner with banks, they have a ready access to millions of bank's customers. 

1 thumb up! 1 thumb up! (Log in to thumb up)
Bryan Clagett
Bryan Clagett - Geezeo - Williamsburg | 28 August, 2016, 14:18

Go where the emotions go. A new car is sexy; and a car loan is not. Banks are enablers, so it makes sense for them to become closer to the actual vehicle marketplace. There is a huge content strategy here, whereby a bank can serve as a purchase and finance advisor. Ideally, they'd help you sell your old vehicle first. 

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Shell gas stations to accept Chase Pay

Shell gas stations to accept Chase Pay

09 June 2016  |  7745 views  |  3 comments | 7 tweets | 7 linkedin
Dog's breakfast: Chase blocks online payment over pet's 'terrorist' name

Dog's breakfast: Chase blocks online payment over pet's 'terrorist' name

01 April 2016  |  8217 views  |  5 comments | 6 tweets | 5 linkedin
JPMorgan partners OnDeck on small biz lending

JPMorgan partners OnDeck on small biz lending

02 December 2015  |  4806 views  |  0 comments | 9 tweets | 3 linkedin

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
Danish banks add Dankort payments to mobile walletsDanish banks add Dankort payments to mobil...
15210 views comments | 2 tweets | 7 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
13765 views comments | 53 tweets | 32 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
12536 views comments | 33 tweets | 46 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8940 views 0 | 16 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job