Chase Auto Finance Corp. has signed with Internet car-buying service carOrder.com to provide retail financing, starting by the end of December.
Tony Langan, senior vice president of Chase Auto Finance Corp., said that for now, Chase is the only lender tied in with carOrder.com, but he said there is no exclusivity agreement, either way. 'There are other Internet companies we're talking to, and some day, they may want to work with other lenders,' he said.
Julie Mills, Chase Auto marketing manager, said the bank could review and approve an online credit application from the carOrder site almost immediately. Once the specific car is found, the customer can either print out a loan contract or receive one via overnight delivery. The signed contract is sent via overnight mail to carOrder. She said Chase books the loan when carOrder says it has delivered the car.