CommodoreAmiga

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https://www.businesswire.com/news/home/20210114005147/en/

Rivian, Chase Partner to Create an All-Digital Customer Financing Experience

The partnership will enable retail customers to finance a vehicle through a seamless end-to-end process

January 14, 2021 08:00 AM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Rivian has selected Chase as their private label partner to provide customers with a truly digital-first vehicle financing journey. The private label Rivian Financial Services will deliver a best-in-class financing journey for retail customers through a highly transparent, interactive and simple purchase process. The program is set to launch in early 2021, ahead of June 2021 deliveries of Rivian’s R1T pickup.

“Chase is aligned with our goal of fully reimagining the vehicle purchasing process for the digital era and making the investments to deliver a best-in-class financing solution for Rivian customers.”​
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“At Rivian, we’re focused on delivering truly exceptional customer experiences with every interaction,” said Chief Growth Officer Jiten Behl. “Chase is aligned with our goal of fully reimagining the vehicle purchasing process for the digital era and making the investments to deliver a best-in-class financing solution for Rivian customers.”

“As customers increasingly look to do more online, we’ve activated our deep digital expertise across Chase to enhance the car buying experience,” said Jagdeep Dayal, head of Partnerships for Chase Auto. “The ability to seamlessly integrate financing into the purchase process helps our customers more simply secure a vehicle they will enjoy and can afford.”

Customers will be able to navigate a fully digital process at their own pace. Beginning with the credit application on rivian.com, customers can self-select a retail financing structure that best fits their needs. They will be offered a competitive, personalized decision within minutes that includes the ability to finance a variety of accessories to complement their electric adventure vehicle.

Customers will have the opportunity to review the financing details and electronically sign required documents. After vehicle delivery, customers can take advantage of digital servicing to view their account, make payments and obtain personalized customer support.





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jeeden

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Very nice. I have had good luck financing over the years, I always make sure to go through the manufacturers credit site and roll into a dealership preapproved with no opportunity for them to shop my credit. The experience always goes downhill when the dealer insists (I have a great deal that is no haggle with volume pricing) that I still sit with the finance guy and listen to his babble while he prints a million papers on an old dot matrix printer while trying to sell me something else.

Seem like Rivian will take it up another notch with this and is doing it the right way.
 

kanundrum

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As long as APR is 2.5% or below (to match Tesla) I am a happy camper. I have had chase for mortgage and credit cards (Prime Visa) so the partnership is probably leveragining amazon connections which is fine. No issues regardless mainly because I am a simple customer, use credit cards for points and pay it off every month.
 

superdavePA

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I’m just excited Rivian released new, tangible information, instead of telling us they’re excited to share details with us closer to launch.

It’s a 2021 miracle!
Exactly what I was thinking @cohall! Now let's get some info on when/how we can test drive something and warranty info...
 

Jay

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I think even matching telsa's 2.5 is too high when you are borrowing 70g. Credit unions give 1.74% apr of ev's. I would browse thru multiple credit unions in East coast 🤓
 

Rivian-WI

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Remember that Credit Unions have membership requirements and not everyone can just go join a given one.
I have gone to a dealership and gotten their sort of high rate to just quickly breeze thru the process. I then turned around and refinanced the auto loan at a cheaper rate with a different bank.
Also a lot can change with the rates in 4-6 months.
I am hoping that Chase is looking at getting a certain number of loans and will be offering a real good rate because of it.
 

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I'd be interested in financing at .5%. Otherwise, I'll just charge as much as I can on each credit card and write a check for the rest. Then I'll pay off the cards the same month.

I've payed cash for the last 4 cars I've purchased. I like not having a car payment, or a mortgage payment for that matter.
 

ja_kub_sz

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Both of my Land Rovers are through chase... Most of all I hope this means leasing will be an option out of the gates?

Exciting!
 

time

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It sounds like a strong & positive move. Between Sapphire Reserve & Private Client branches, Chase has been killing it with their higher end banking products. I have a few mortgages with Chase and I'm certainly happy to do business with them.
 

bigdogrod

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i contacted chase about any special offers on financing, especially as i have their amazon card too. their answer was "huh?"
 

JeremyMKE

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Both of my Land Rovers are through chase... Most of all I hope this means leasing will be an option out of the gates?

Exciting!

I am guessing no per the Rivian site. Unless Chase (and perhaps COX) decides to do that on their own. Seems unlikely to be financially beneficial. Most leases through a manufacturer's finance arm are manipulated for many goals that can result in a decent result for the consumer. A bank will only factor how much money they can make at as low a risk as possible.

Will you offer leasing?
We are not offering leasing at this time. You can, however, apply for financing through Rivian Financial Services or bring your own. We'll help you finalize your purchase method as we approach production.
 

electruck

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i contacted chase about any special offers on financing, especially as i have their amazon card too. their answer was "huh?"
Not at all surprising Chase front line folks didn't know what you were talking about. When purchasing a Rivian you won't be dealing with "Chase" directly, you will be dealing with "Rivian Financial Services".
 

discsinthesky

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I think even matching telsa's 2.5 is too high when you are borrowing 70g. Credit unions give 1.74% apr of ev's. I would browse thru multiple credit unions in East coast 🤓
I've only found one credit union near me even approaching 2.5%, let alone 1.75%. Care to share where you're finding 1.74%?
 
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CommodoreAmiga

CommodoreAmiga

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