Chase Joins AutoFi for FinTech Auto Financing
Last week JPMorgan Chase continued to grow their FinTech partnership roster, becoming the first national bank to offer auto financing on the AutoFi platform. AutoFi aims to make the car-buying process simpler, allowing users to select a vehicle and apply for financing on various deal websites. That idea seems to be gaining steam as Chase research found that nearly half of consumers want to ability to purchase vehicles online.
As mentioned, the AutoFi platform connects car buyers to both dealers and financers. With this latest partnership, Chase will offer financing terms on said platform, with lending decisions often being made “within seconds.” On the dealership side of the equation, AutoFi has parnerships with Tasca and Ricart and also counts the Ford Motor Company among its investors.
In a press release, Chase Auto Finance CEO Mark O’Donovan said “AutoFi helps dealers provide a fast and easy digital car-buying experience that consumers want. Our customers are our top priority – both dealers and car buyers. We want to provide them with the best financial experience whether they are in a dealership or online.” Similary, AutoFi CEO Kevin Singerman expressed excitement about the working with Chase, saying, “We share a common vision of using technology to deliver a delightful consumer purchase experience. Our partnership brings tremendous value to the dealer community leveraging the breadth of Chase’s full spectrum lending and automated capabilities to deliver a comprehensive digital retailing solution to dealers across the nation.”
This isn’t the first time Chase has worked with a FinTech company to provide its customers with better service. In 2016 the bank began partnering with small business lending platform OnDeck. Last year the two companies expanded that relationship even further. Another notable FinTech venture is Chase’s recently-launched mobile-only bank called Finn that’s aimed at helping Millennials manage their money. Meanwhile AutoFi’s FinTech cred runs deep, with the company having previously worked with Lending Club, PayPal, and others.
Also published on Medium.