TechSpotlight: Auto Finance Apps in Short Supply

Thousands of banking and finance apps are available on Apple and Android phones, but search “auto finance,” and that number dwindles to 74.

While most of the nation’s largest lenders have mobile banking apps, only Toyota Financial Services and BMW Financial Services have auto-specific ones. Often, captive’s apps including brand-specific information, including vehicle specs, videos, and news. Bank offerings, on the other hand, were primarily mobile versions of their websites, enabling functionality like account management and payment scheduling. Auto Finance News reviewed the mobile apps of the Top 10 auto finance companies in the U.S. as ranked by the annual Big Wheels Auto Finance report. Here are the results.

— Nikki Mascali

1. Ally Financial Inc.
Ally Mobile Banking*

Users can view balances and search transaction histories, make deposits, transfer money between Ally accounts and non-Ally accounts, pay bills, find nearby ATMs and cash-back locations. Had no specific information about auto finance available to non-customers.  

2. Toyota Motor Credit Corp.
myTFS;  myLFS; Scion Solutions

Existing Toyota Financial Services, Lexus Financial Services, and Scion customers can make payments, acquire payoff information, view contract information, and find special offers. Had the only specific auto finance app among Top 10 lenders.

3. Chase Auto Finance
Chase Mobile App

Users can manage accounts, make deposits across all Chase accounts from auto loans and mortgages to savings, checking, credit cards, and investments. Also helps you find branches/ATMs. Note: This writer is a Chase app user, so she was able to see specifics of its functions.

4. Ford Motor Credit Co.
There is no Ford Credit or Ford Motor Co. app, but a search on www.credit.ford.com indicated that customers can payments via a mobile device by typing www.fordcredit.com/mobileam into their mobile browser to set up single or automatic payments.

5. Wells Fargo Dealer Services Inc.
Wells Fargo Mobile*

Users can find a specific transaction with just a few keystrokes, send and receive money, transfer between accounts and other Wells Fargo customers, track investments, and make mobile deposits. Had no specific information about auto finance available to non-customers. 

6. Bank of America Dealer Financial Services
Bank of America*

Customers can use the app to snap pictures of checks for on-the-spot deposits without going to a branch or ATM. Under the BankAmeriDeals tab, they can choose specials at partner restaurants and retail stores to get cash back. Had no specific information about auto finance available to non-customers. 

7. American Honda Finance Corp.
The Honda Automobiles App*

As the “go-to app for all things Honda,” it gives instant access to features, specs, videos and commercials for every model. No specific information about auto finance available to non-customers. 

8. BMW Financial Services
The Ultimate Drive App, presented by BMWFS

Users can arrange test drives on new or CPO models at  any U.S. BMW Center, organize day trips/long drives, and states that BMWFS customers can earn rewards by adding drives and commenting and trading with other app users. They can earn more points by signing up for EasyPay and E-Invoicing on their accounts. Unlocked rewards start with photos from the BMW private collections.  

9. Nissan Motor Acceptance Corp.
Nissan Global App

Users have access to Nissan information ranging from its history to the latest technology news and videos. A map function gives related Nissan news from a user’s local area, but there is no specific information about auto finance available to non-customers. 

10. Capital One Auto Finance Inc.
Capital One Mobile; Capital One 360*

Users can check balances and recent transactions, pay bills, schedule payments, view Capital One Deals, redeem credit card rewards, transfer funds between Capital One accounts, find branches and more. 360 customers can make mobile check deposits, find a fee-free ATM, and bump money between payments.

*These apps had no specific information about auto finance available to non-customers. 

Published in the March 2013 issue of Auto Finance News TechSpotlight, through the generous support of FIS.