Both McLaren and Fisker have branded their auto finance ventures — private-label programs that resemble captive finance companies but are supported by Chase.
The McLaren Financial Services brand is now in place for the supercar manufacturer's loans and leases. The company has an associated website for online payments and statements under that name.
McLaren reports this venture is a first for the company and was done to promote the brand to its customer base and underline its endorsement of products offered to them.
Fisker has announced that Fisker Finance will start originating deals in the fourth quarter, which coincides with its production of the electric Ocean, its first vehicle, in November. Fisker began taking $5,000 deposits on the limited-edition Ocean One variant of the SUV on July 1.
"Fisker is a digital car company, first and foremost, focused on a seamless customer experience at every step," CEO Henrik Fisker said in a statement. "Providing finance options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free experience respectful of their time."
McLaren announced it will rely on Chase as its exclusive banking partner for leases and loans.
"We are excited to be able to provide both current and new owners with tailored and customer-centric leasing and financing solutions through McLaren Financial Services," McLaren Americas President Nicolas Brown said in a statement July 5. "This new relationship with Chase will allow even greater options for customers looking to experience the thrill of driving a new McLaren."
The company expects leasing to be the primary focus of the Chase relationship and McLaren's long-term strategy. In 2021, leasing made up 35% to 39% of sales.
Fisker also has Chase as its official U.S. retail loans partner and will use Santander for financing in Europe. The company announced its intent to add partners in other regions.
Fisker Finance will permit customers to finance not just its vehicles but also factory-installed add-ons and home charging equipment. Though Fisker does not operate franchised dealerships, customers can apply for Fisker Finance credit online or through the Fisker app.
Customers also can arrange their own Ocean financing through third-party lenders.
Fisker also plans to sell traditional auto insurance to customers online, though the premiums cannot be financed.
As far as traditional finance and insurance products such as guaranteed asset protection coverage and vehicle service contracts, Fisker continues to examine what services its reservation holders will want.
Originally posted on Auto Dealer Today