Jaguar Land Rover has selected Chase as its exclusive auto finance provider in the US, offering a full range of financial services to vehicle buyers and dealers.
The agreement with Chase, part of JPMorgan Chase & Co, will replace the arrangement with Ford, whose financial arm provided support during the US automaker’s ownership of Jaguar Land Rover.
Chase will take on all Jaguar Land Rover’s consumer financing activities in the US from 1 January 2009.
Chase was chosen because of its long established presence in the market and its relationship with the Jaguar and Land Rover networks, JLR said.
The identification and confirmation of a set of new financial partners were key elements of JLR’s sale earlier this year to Tata Motors.
The process was completed in Europe earlier this year with the appointment of Fiat Group Automobiles Financial Services (FGAFS), a 50%-50% joint venture between the bank, Crédit Agricole Group and Fiat Group Automobiles.