Chase Launches First End-to-End Digital Car-Buying Service for Customers

New fintech offering—Chase Auto Direct—will deliver pre-approved customers to dealerships served by Chase

NEW YORK--()--Chase today announced the launch of Chase Auto Direct, a new digital offering that lets Chase customers shop for a car and secure financing through their computer or smartphone, and then close at a dealership served by Chase. This new service is now available to existing Chase customers in select U.S. states.

“Customers today are shopping for everything online, including cars,” said 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 customers can configure their preferred options for a new or used car, find matching cars online, and get approved for their loan, all through Chase.com. Using technology from TrueCar, the leading digital automotive marketplace, customers also can compare prices paid by other consumers and then apply for and lock in their loan with Chase. Customers can then connect with a dealership in the Chase network that has inventory meeting the customers’ preferences to enjoy a seamless, transparent customer experience.

The new service also benefits Chase dealerships by providing them with a significant financial benefit, and brings dealers pre-qualified, “ready-to-buy” consumers. Sixty-five percent of TrueCar users who purchase a vehicle do so within a week of being introduced to a dealer, according to TrueCar.

“Chase has been providing auto financing directly to customers for some time—this new online offering showcases our dealers’ vehicle inventory to more than 57 million Chase households in the United States. Dealers in the Chase network will now benefit from new leads that they didn’t have yesterday,” Jackson said. “We want every Chase customer to have a good experience when buying a car, and we’re confident that the dealers we do business with can provide that experience.”

Chase Auto Direct is currently available to existing Chase customers in 30 U.S. states, and will roll out further in phases through early 2017. Chase serves about 14,000 auto dealerships in the U.S.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.5 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,300 branches, 18,000 ATMs, mobile, online and by phone. For more information, go to Chase.com.

Contacts

Chase
Ashlei Bobo, 212-270-6488
ashlei.n.bobo@jpmchase.com
or
Paul Hartwick, 302-282-3961
paul.hartwick@chase.com

Release Summary

Chase announces the launch of Chase Auto Direct, which provides the first end-to-end car buying service.

Contacts

Chase
Ashlei Bobo, 212-270-6488
ashlei.n.bobo@jpmchase.com
or
Paul Hartwick, 302-282-3961
paul.hartwick@chase.com