Jaguar Land Rover severs finance link with Ford
Author: Robin Brown
Published: 10 November 2008
Jaguar Land Rover has selected Chase to be its exclusive auto finance provider in the United States of America, offering a full range of automotive financial services for its customers and dealers.
The agreement with Chase, part of JPMorgan Chase & Co, will replace the arrangement with Ford, whose financial arm provided support during the Ford ownership of Jaguar Land Rover.
Under the arrangement, Chase will take on all Jaguar Land Rover’s consumer financing activities in the US from 1st January 2009.
Jaguar Land Rover chose Chase because of its long established presence in the market and its relationship with the Jaguar and Land Rover networks. Chase will be able to offer Jaguar and Land Rover branded products to customers and dealers.
Chase is the consumer brand of JPMorgan Chase & Co, a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries.
The identification and confirmation of a set of new financial partners were key elements of Jaguar Land Rover's transition away from Ford.
The process was completed earlier this year in Europe 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.
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