Editor's note: An earlier version of this story erroneously characterized Chase Auto Finance's history in vehicle floorplanning. Chase has been providing dealer floorplan financing for auto manufacturers since 1986.
Jaguar's new captive finance company will not provide broad dealer floorplanning services but will work with some dealers on a case-by-case basis, dealers learned at a breakfast today.
Chase Auto Finance will become Jaguar's retail finance company Feb. 3 when the brand ends its long relationship with Ford Motor Credit Co.
Gary Temple, who was named president of Jaguar Land Rover North America in September, told dealers the Chase arrangements will be similar in most aspects to their Ford Credit plans, "with some improvements."
"Each dealer will have to take on their floorplanning needs on their own," he told about 70 retailers gathered at a hotel here. He said Chase has agreed to be flexible and assist dealers on floorplanning arrangements in some cases, but there will be no broad floorplanning program for the dealer body.
The captive finance change is part of Jaguar's separation from Ford Motor Co. Ford sold Jaguar and Land Rover to Indian billionaire Ratan Tata in June 2008.
The question of whether Chase would take on the role for Jaguar had been up in the air.
Temple said a dealer committee has been involved in making the changeover as seamless as possible for Jaguar dealers.