Ford Credit Partners With AutoFi For Online Loans
Ford Motor Credit is partnering with tech startup AutoFi, in order to provide digital financing options to consumers, the companies announced in a joint press release.
The program is available today to consumers near Ricart Ford in Groveport Ohio — just outside of Columbus — and overtime will roll out to “more” Ford and Lincoln dealerships nationwide, the release said.
“By combining our fast and efficient credit-decision process with AutoFi’s online capability, we are making the customer experience faster, smoother and simpler,” Lee Jelenic, Ford Credit director of mobility, said in the release. “With its experience in used-vehicle online financing and well-developed platform, AutoFi makes it easier for us to adopt new technology quickly to meet evolving consumer expectations.”
AutoFi has previously provided its own line of financing through bank partners. However, through this new partnership vehicles bought through Ford dealerships on the AutoFi platform will now be originated by Ford Motor Credit, an AutoFi spokesman told Auto Finance News. Leasing is not available upon launch and only new car sales will be serviced for now, he added.
In addition, Ford Credit has invested an undisclosed amount of money into the AutoFi platform to support “technological advances to make the financing experience better,” the release stated.
“Technology is transforming just about every type of financed consumer purchase, and this new digital capability will help make that change for automotive purchases and deliver great experiences,” said Rick Ricart, sales and marketing vice president at Ricart Ford. “We are excited to be the first Ford dealership in the pilot.”
The partnership is in part informed by 83% of Americans saying that when shopping for a car they want to spend as little time at the dealership as possible, according to a new online survey of 1,217 U.S. adults conducted by Harris Poll on behalf of Ford. Many of those same consumers still want to touch and feel the vehicle before signing the dotted line, the study found.
