Imagine if you can drastically cut the time you spend buying a new or used vehicle, which can be an hours-long ordeal at any dealer. Chase is attempting to do just that with a new offering to its existing bank customers.
In select U.S. states, Chase Auto Direct will allow customers to configure their preferred options for a new or used car, find matching vehicles online, and get approved for their loan — all through Chase.com.
Chase is partnering with TrueCar, the digital car-buying service. Chase customers can compare prices paid by other consumers, and then apply for and “lock in” their Chase financing.
“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,” says Chase.
“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,” said Bruce Jackson, head of retail lending for Chase Auto Finance.
According to TrueCar, Chase Auto Direct is a win for dealers as well. Dealers get 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, Chase says.
The auto-lending market is in record territory as car and truck makers have seen sales reach new highs. Auto financing debt surpassed $1 trillion earlier this year, according to credit-reporting firm Experian.