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BofA Adds F&I Component to Mobile Car-Shopping App

May 30, 2017

CHARLOTTE, N.C. — Bank of America has added new capabilities to its mobile banking technology designed to allow clients to complete the auto financing process directly with the bank on their mobile phone. The program is expected to begin with a pilot period in the Carolinas and expand across the country in a phased rollout that will continue throughout the year.

“These new capabilities deliver on our ongoing promise to provide our clients an enhanced and transparent experience derived from our leadership in mobile banking technology,” said D. Steve Boland, the bank’s head of consumer lending. “Our convenient auto shopping experience allows clients to search for cars at local dealerships and get their Bank of America financing completed in one place and on their own time, whether on the go or in the comfort of their home.”

Boland said car buyers who use BofA’s mobile app can now integrate their shopping and financing experience by selecting new or used cars from participating dealerships, estimating their monthly payment, and applying for a Bank of America loan on the specific car selected prior to their dealer visit — all in one place. The car shopping service is optional, and clients will still be able to obtain a bank loan approval not linked to a specific vehicle.

“We’ve achieved the seamless experience our clients have told us they want,” says Boland. “When people go to the dealership, they want to focus on the car purchase and not the financing.”

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