Consumer Banking

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

New York, NY Aug 25, 2016 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. 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."

Bruce Jackson, head of retail lending for Chase Auto Finance

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. 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."

Bruce Jackson, head of retail lending for Chase Auto Finance

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.