Chase Auto extends Aston Martin private label

Chase Auto expects an uptick in origination volume through Aston Martin Financial Services after the lender renewed its private-label financing arrangement with luxury British sports car manufacturer Aston Martin in the U. .S.  

Chase formed Aston Martin Financial Services in 2019, and this week extended the private-label contract to provide financing and leasing for new, used and certified pre-owned (CPO) Aston Martin vehicles, Jamie Jones, general manager for luxury auto and EV private label captive finance partnerships, including Aston Martin Financial Services, told Auto Finance News.  

“Chase and Aston Martin were pleased with the partnership we’ve had to date so largely the terms of the contract remained unchanged,” Jones said, without providing specifics. “We believe there is a lot of growth and opportunity in this partnership with Aston Martin; we’ve added to the team to develop more expertise and support for the brand.”  

Chase did not provide an expiration date for the Aston Martin private-label agreement, but Jones said it was extended “well into the future.” 

Private label makes up half of Chase Auto’s business, Leslie Wims Morris, president of private-label captive finance at Chase Auto, previously told AFN. . The bank also has private-label arrangements with traditional OEMs Subaru, Jaguar Land Rover, Maserati and McLaren, along with EV manufacturer Rivian Automotive.  

Chase also powers Fisker Financial Services but is no longer financing Fisker vehicles since the EV maker filed for bankruptcy in June. 

Chase Auto’s originations increased 21.4% quarter over quarter but fell 10% year over year to $10.8 billion in the second quarter, bringing JPMorgan Chase’s auto portfolio to $86.5 billion, up 5.4% YoY.  

Incentives likely to boost volume 

The lender expects Aston Martin Financial Services’ origination volume to increase at yearend bolstered by consumer demand, more awareness of the private-label offerings and manufacturer incentives, Jones said.  

Aston Martin Financial Services offers flexible lease and financing terms for consumers who want shorter-term leases or want to finance their purchase and add to their luxury vehicle collection, she said. 

Jones did not provide specifics on Aston Martin Financial Services’ portfolio, origination volume or penetration rate, but said that growth is expected. 

“Aston Martin continues to release new models, develop their technology and the art and design of their vehicles, and because of that, we see opportunities for growth,” Jones said. “We often see a spike as OEMs are approaching yearend. … . There were peaks and valleys over the past several years, but [origination volume is] returning to more of a steady state with growth on the horizon.” 

Aston Martin’s wholesale volume of vehicles in the Americas decreased 40% YoY to 635 units in the first half of 2024, according to the manufacturer’s July 23 earnings report for the period ended June 30. . New-product launches are expected to boost wholesale volume in the second half, according to the OEM.  

This year, Aston Martin launched an upgraded version of its DBX707 SUV, which came to market in 2022, and is gearing up to launch its V12 Vantage sports car later this year, according to the manufacturer’s website.  

Incentives include APR, lease deals 

Current finance offers on Aston Martin vehicles include 1.99% APR for 72 months through Sept. 30 for qualified buyers, according to the website.  

Aston Martin is offering select lease deals on DB models with 24-month and 33-month terms with monthly payments ranging from $2,999 to $5,550, according to Beverly Hills, Calif.-based luxury retailer O’Gara Coach Beverly Hills’ website.  

“Incentives are driven by Aston Martin. . Dealers have a voice in terms of what they’re seeing in the market and what we see across the competitive landscape,” Jones said. “Aston Martin will come to us to determine which incentives they should put in place, month to month or quarter by quarter. . Largely that’s driven by closely monitoring the competitive landscape to make sure that we’re priced well in the market.” 

Aston Martin is also leaning into its CPO program and becoming more competitive with offers, Jones said. 

“Now more than ever, our partners are interested in driving new sales through CPO,” she said. “CPO is a great way to attract new people to the brand.” 

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