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Aston Martin Taps Chase for Leasing, Replacing Ally

Chase Auto Finance has signed an exclusive private label agreement with Aston Martin The Americas to provide consumers with financing on loans and leases under the financial brand Aston Martin Financial Services, according to a company release. The bank will also provide commercial lending and treasury services for the OEM’s 35 U.S.-based dealerships. The leasing […]

Cracking the Code: How to Manage Dealer Relations in the Digital Age

From the April issue: In auto finance, the lender-dealer relationship is one of symbiosis. Yet, in an age where technology is continually advancing, and financing is becoming faster, lenders and dealers agree that being mindful of and maintaining the human relationship is paramount to cultivating a prosperous partnership. Advances in technology — machine learning, artificial […]

Ricart Automotive Tops 200 Vehicle Sales With AutoFi

AutoFi’s Express Checkout, an online car-buying service, is picking up steam, Rick Ricart, president of Ricart Automotive, told Auto Finance News. In the past three months, Express Checkout has been used for more than 200 vehicle purchases at the Columbus, Ohio-based dealership group. The tool aims to connect dealers, lenders, and buyers, allowing consumers to […]

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

JPMorgan Chase & Co. expects its newly created cryptocurrency to speed payment processes between institutions and, potentially, auto dealerships. The currency, called JPM Coin, is a 1:1 fiat currency and will be issued over the bank’s proprietary blockchain technology. “It’s still early, but [blockchain and JPM Coin] could be great for our dealers and common […]

Credit Unions Gain Share With Bigger Risk Appetites, Dealers Say

From the February issue: Credit unions have been grabbing marketshare by dipping into lower credit scores and making more exceptions, a sampling of dealers nationwide told Auto Finance News. As a result, larger banks and other financial lending institutions are missing out on potential borrowers, dealers said. Lower Valley Credit Union and Numerica Credit Union […]

Competition, Credit Quality Shape 4Q18 Originations at Chase, Wells Fargo

While JPMorgan Chase & Co.’s portfolio grew amid shrinking originations in the fourth quarter of 2018, Wells Fargo Auto’s portfolio declined despite a bump in loan volume. JPMorgan Chase Chief Financial Officer Marianne Lake attributed the origination slowdown to an “extremely” competitive auto market. “We’re seeing competition from people who have different economic drivers in […]
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