Chase Auto has proved resilient, despite a pandemic that changed the landscape of car buying.
JP Morgan’s fourth-quarter earnings presentation. Chase’s outstandings also increased 8% YoY to $66.4 billion.
Chase’s success at the end of 2020 followed record originations in the third quarter, which clocked in at $11.4 billion, a 25% YoY increase.
Eying the future, Chase in January formed a private-label partnership with electric vehicle manufacturer
Rivian. Rivian Financial Services is set to launch prior to deliveries in June of Rivian’s R1T pickup, and will allow customers to apply for financing online and receive decisions in minutes. Chase also has a longstanding private-label arrangement with Subaru Motors, which it again extended in October 2020.
Rivian, Chase Partner to Create an All-Digital Customer Financing Experience
Rivian, Chase Partner to Create an All-Digital Customer Financing Experience Rivian has selected Chase as their private label partner to provide customers with a truly digital-first vehicle financing journey. The private label Rivian Financial Services will deliver a best-in-class financing journey for retail customers through a highly transparent, interactive and simple purchase process. The program is set to launch in early 2021, ahead of June 2021 deliveries of Rivians R1T pickup. At Rivian, were focused on delivering truly exceptional customer experiences with every interaction, said Chief Growth Officer Jiten Behl. Chase is aligned with our goal of fully reimagining the vehicle purchasing process for the digital era and making the investments to deliver a best-in-class financing solution for Rivian customers.