In an effort to enhance its financing options for dealers and customers, Chrysler Group is teaming up with Chase Auto Finance to offer new-vehicle loans at Chrysler Group dealerships, Chase announced today. Hit the jump to read the rest of the story.
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In a statement, Chase said participating Chrysler dealers will offer retail subvention financing “to provide prime and near-prime customers with low interest rates and other incentives to finance new-vehicle purchases.”
While Ally Financial Inc. remains the preferred lender for all Chrysler brands, Chrysler spokesman Ralph Kisiel said the new deal with Chase will provide consumers and dealers with more options when financing new-vehicle purchases.
Ally’s subvented retail finance business with Chrysler declined to $500 million in the second quarter of 2011, a 63 percent decline from the same quarter last year.
Chrysler additionally offers leasing through U.S. Bank along with Ally. Santander Consumer USA provides subprime loans for the automaker, Kisiel said.
In its statement, Chase said it currently offers retail and commercial financing to all Chrysler brands.
Chrysler also announced a slew of incentives and financing options last week that are available through Sept. 6. Any qualified buyer who finances a 2011 or 2012 model Chrysler, Dodge, Jeep or Ram through Ally Financial won’t have to make a payment for 90 days.
Chrysler announced a handful of other promotions for qualified customers, including 0 percent financing for 36 months on 2011 Dodge Chargers, Chrysler 300s and 300Cs.
Chase has worked with Chrysler for “more than two decades,” the bank said.
Chase is the preferred lender for Subaru, Mazda, Jaguar and Land Rover.
