JPMorgan Chase announced Thursday (Jan. 11) that it inked a partnership with AutoFi, the FinTech auto lending company.
In a press release, Chase said that AutoFi enables customers to choose and finance automobiles through their website, allowing them to complete the purchase process faster. According to the report, Chase is the first national bank to join AutoFi’s platform.
“AutoFi helps dealers provide a fast and easy digital car-buying experience that consumers want,” said Mark O’Donovan, CEO of Chase Auto Finance. “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.”
Based on Chase's own research, close to half of consumers want the ability to purchase and finance their vehicles via the internet.
The New York bank said its partnership with AutoFi is the latest in its efforts to work with FinTech companies to help customers with their finances. Recently, Chase has inked partnerships in the areas of mortgage origination, small business lending, B2B payments and mobile payments.
“We are thrilled to partner with Chase. We share a common vision of using technology to deliver a delightful consumer purchase experience,” said Kevin Singerman, CEO of San Francisco-based AutoFi. “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.”
Chase isn’t the only big-name company to ink a deal with AutoFi. In February of 2017, Ford Motor Company's lending division also took an equity stake in AutoFi. Ford reportedly intends to leverage AutoFi’s online auto financing marketplace to make it easier for consumers to purchase and finance a vehicle solely online, without having to visit a physical showroom (at least in states where the law doesn’t require an in-person visit to sign the accompanying paperwork).
