Chase Auto Finance has stopped accepting loan applications from 1,800 dealers ― about 11% of its dealer base ― according to Automotive News. The cut was made so that Chase could focus on higher-volume dealers.
Bruce Jackson, Chase’s head of retail lending, told Automotive News that the dealerships eliminated from the bank’s roster brought in less than 5% of the lender’s total loan volume. In 2013 Chase originated $26.1 billion of auto loans, a 12% or increase from $23.4 billion in 2012.
The cut brings Chase’s total dealer count to about 14,000.
