Amazon Autos announced the addition of three lenders —Chase, Santander and Wells Fargo — to its marketplace on Oct. 7. Dealers can now offer loans right from the Amazon Autos shopping site, and shoppers can view rates for which they’ve been approved. If buyers choose not to lease or pay in full for a used or certified pre-owned car, they can submit a credit application and view financing options within minutes.
“At Amazon, we’re always looking for ways to give customers more information and options when making important purchases,” said Britt Gannon, VP of advertising and automotive at Amazon, in the news release. “By welcoming Chase, Santander and Wells Fargo to Amazon Autos, we’re helping customers evaluate and select the financing that works best for them, while optimizing the process for dealerships who already know and trust these lenders.”
Customers with approved loan applications can see and compare details like APR, loan-term length, monthly payment amounts, and total interest costs over the life of the loan. Once they select their financing preference, they complete the application online and schedule vehicle pickup from a local participating dealer.
“Amazon has been a valued partner of JPMorgan Chase for many years, and we are thrilled to support the Amazon Autos storefront,” said Anuj Jain, Chase Auto CPO and consumer head, in the announcement. “This innovative initiative underscores our shared commitment to delivering exceptional experiences for both consumers and dealers. We look forward to empowering our customers through the transformative solutions Amazon brings to the automotive market.”
“Used cars play an essential role in giving consumers access to reliable transportation that fits a wide range of budgets,” said Bruce Jackson, head of the Santander U.S. auto business and CEO of Santander Consumer USA. “At Santander Consumer USA, we recognize how important it is to provide flexible financing options that meet customers where they are. Partnering with Amazon Autos reflects our ongoing commitment to making car buying and financing easier, smarter and more accessible — empowering customers with choices that simplify the journey to owning their next vehicle.”
“Our role at Wells Fargo Auto is to help finance vehicles, meeting both dealers and customers where they are, whether that’s in person or online,” according to Kevin Reen, head of Wells Fargo Auto. “We’re excited to partner with Amazon Autos and participating dealers to create a more seamless, flexible, and transparent experience for customers.”
Working with dealers in more than 130 cities in the U.S., Amazon Autos says it “connects dealerships with customers shopping for their next car on Amazon. Shoppers browse and purchase online, then pick up their car at the dealership. Dealers maintain control of pricing and inventory, while Amazon delivers the trusted and convenient online buying experience customers expect. With Amazon Autos, dealers can reach more buyers, generate sales (not leads) and advertise to grow their business.”
Dealers can list new and — since August — used and certified pre-owned vehicles on the site. Used and certified pre-owned listings were initially limited to Los Angeles, with Amazon Autos saying it would expand to “additional cities in the coming months.”
