Chase goes the extra mile in auto financing

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.

Related Companies

JPMorgan Chase

Channels

Retail banking Payments

Keywords

Mobile & online banking

Comments: (3)

A Finextra member 26 August, 2016, 18:31

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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.

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Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 26 August, 2016, 20:01

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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.

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A Finextra member 28 August, 2016, 14:18

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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.