Ford Motor Company (NYSE:F) will soon be signing a partnership agreement with AutoFi, a tech startup, so as to provide speedy financing option to the customers. The partnership aims at providing digital financing so that the consumers do not have to go through a long and cumbersome loan process for getting their vehicle.
In an official press release, the Ford Credit director of mobility, Lee Jelenic said, “By combining our fast and efficient credit-decision process with AutoFi’s online capability, we are making the customer experience faster, smoother and simpler.” He added that AutoFi allows Ford to adopt this new technology of digital financing for meeting the customer expectations.
The Ford Credit Program Features
The new program is already put in place for the use by customers at Ricart Ford in Groveport Ohio, just beyond Columbus. Over the time, the company will look for nationwide dealership. As per the new program, which is powered by AutoFi and Ford Credit, customers will be enabled to complete the transaction online. They will just have to sign the formal papers and take their vehicle delivery physically. Apart from this, the customers need not go to the dealership physically.
AutoFi is known for providing financing facilities through varied bank partners. However, with this new agreement in place, AutoFi platform shall originate only from Ford Motor Credit. As of now, only the new cars will be included for this option.
Ricart Ford’s sales and marketing vice president, Rick Ricart in this matter said that technology plays a vital role in transforming the kinds of financed consumer purchase. The digital capacity of this kind is estimated to change the way automotive purchases are done.
Consumers want to spend lesser time with dealers
As per the Harris Poll conducted recently on behalf of Ford, an online survey was done for 1,217 people in the U.S. About 83% U.S. adults said that while going out to buy a new car, they want lesser hassle. Precisely, these people said that they wanted to spend lesser time at dealership office.