Chase Joins AutoFi for FinTech Auto Financing

Home » FinTech » FinTech News » Chase Joins AutoFi for FinTech Auto Financing

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

Varo Bank Raises $510 Million in Oversubscribed Funding Round

FinTech's "megaround mania" continues as Varo Bank has just announced an oversubscribed $510 million funding round. The Series E was led by new investor Lone Pine Capital while Declaration Partners, Eldridge, Marshall Wace, Berkshire Partners / Stockbridge, and others also participated. This comes after the bank raised a $241 million Series...

Mastercard to Acquire European Bank Connection API Aiia

Mastercard is back to buying up FinTechs. This week, the company announced plans to acquire to European open banking technology provider Aiia — although terms of the deal were not disclosed. The planned acquisition of Aiia comes less than a year after Mastercard completed its purchase of open banking platform...