NEW YORK–The nation’s largest bank, J.P. Morgan Chase & Co., is getting more involved in the car shopping and financing business.
The bank said it will launch a new digital offering that lets consumers shop for a car and secure financing on their computer or smartphone. The service, known as Chase Auto Direct, will be powered by TrueCar.
“This is the latest example of a bank teaming up with a financial technology firm rather than facing off against them,” said the Wall Street Journal in its analysis.
The solution will begin on Chase.com and then direct consumers to TrueCar’s website, before then returning the consumer to Chase.com for the financing.
According to J.P. Morgan Chase, consumers will be able to see financing options, including on new and used vehicles, and will also have the opportunity from selecting from more than one dealer in the network.
According to the Journal, if customers manage to knock some more off the car’s price at the dealership, there is a contracting tool that allows for slight changes. The customer can still make changes to car features or add aftermarket products, like service contracts, but the pricing and terms will remain similar and the customer won’t have to start the financing process over.”