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.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

X1 Opens Waitlist for New X1+ Credit Card

A neo-credit card issuer is looking to build upon its early success and expand its line-up. This week, X1 announced the upcoming X1+ card while opening a waitlist for the product. With the X1 being billed as "the world’s smartest credit card," this latest offering is being hailed as the only credit card for smart travel. The X1+ is expected to launch this spring and will carry an annual fee...

Bilt and Point.Me Partner for Award Flight Search Integration

With several credit cards, customers can earn points that can then be transferred to various travel programs and redeemed for flights or hotel bookings. Unfortunately, finding and booking the best award travel deals isn't always as straightforward as one might assume. To assist with that, Bilt has unveiled a new integration with Point.Me that will help its rewards members search for award flights on airlines that participate in Bilt's transfer...

Zurp Raises $5 Million for Creator Experience Rewards Credit Card

A FinTech looking to marry credit card rewards with the creator economy has just closed a fresh round of funding. This week, Zurp announced that it had raised $5 million to create a "credit card for experiences." New Form, MAGIC Fund, Launchpad VC, OVO Fund, Darling Ventures, and Animal Capital all participated in the pre-seed fund along with a number of strategic investors. Zurp is a startup looking to create...