Chase Auto Finance expanded its Chase Auto Direct platform out of pilot mode and into all 50 states, the company announced in late December.
The expansion also allows co-signers to apply and opens the platform to customers who aren’t already banking with Chase.
Chase Auto Direct, which launched in August 2016, allows consumers to shop for a vehicle and secure financing through the Chase.com website or app.
“It was always our intention to open Chase Auto Direct to all consumers,” Jim Manelis, the bank’s head of direct lending, told Auto Finance News, adding that part of the challenge in launching the co-signer iteration was ensuring the privacy of individuals and establishing independent logins.
Following the expansion of Chase Auto Direct, the next priority for the bank is to continue training and educating its dealers. A “majority” of Chase’s direct loans come from Chase Auto Direct, Manelis said.
The bank’s loan and lease outstandings reached $80.8 billion in the third quarter, a year-over-year increase of $5.3 billion. However, auto loan and lease originations for the quarter were $8.8 billion, down 5.4% from the same time the year prior.