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Rivian, Chase Partner to Create an All-Digital Customer Financing Experience
The partnership will enable retail customers to finance a vehicle through a seamless end-to-end process
January 14, 2021 08:00 AM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Rivian has selected Chase as their private label partner to provide customers with a truly digital-first vehicle financing journey. The private label Rivian Financial Services will deliver a best-in-class financing journey for retail customers through a highly transparent, interactive and simple purchase process. The program is set to launch in early 2021, ahead of June 2021 deliveries of Rivian’s R1T pickup.
“Chase is aligned with our goal of fully reimagining the vehicle purchasing process for the digital era and making the investments to deliver a best-in-class financing solution for Rivian customers.”
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“At Rivian, we’re focused on delivering truly exceptional customer experiences with every interaction,” said Chief Growth Officer Jiten Behl. “Chase is aligned with our goal of fully reimagining the vehicle purchasing process for the digital era and making the investments to deliver a best-in-class financing solution for Rivian customers.”
“As customers increasingly look to do more online, we’ve activated our deep digital expertise across Chase to enhance the car buying experience,” said Jagdeep Dayal, head of Partnerships for Chase Auto. “The ability to seamlessly integrate financing into the purchase process helps our customers more simply secure a vehicle they will enjoy and can afford.”
Customers will be able to navigate a fully digital process at their own pace. Beginning with the credit application on rivian.com, customers can self-select a retail financing structure that best fits their needs. They will be offered a competitive, personalized decision within minutes that includes the ability to finance a variety of accessories to complement their electric adventure vehicle.
Customers will have the opportunity to review the financing details and electronically sign required documents. After vehicle delivery, customers can take advantage of digital servicing to view their account, make payments and obtain personalized customer support.
About Rivian
Rivian is developing vehicles, technology and services that inspire people to get out and explore the world. Rivian has development centers in Arizona, California, Michigan, Vancouver, and England; along with a 3.5-million-square-foot manufacturing plant in Normal, Ill. Rivian will launch its products in the US in 2021. To learn more or pre-order a Rivian vehicle, visit rivian.com.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.2 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
 

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Nice find. Hopefully they offer some great rates (atleast better then some of their CCs :)
Looks like Rivian not listed yet. :(

Wonder if there will be some sort of personalized Rivian portal. I know they do it for branded CCs.
 

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Discussion Starter #3
Wonder if there will be some sort of personalized Rivian portal. I know they do it for branded CCs.
Yes, the press release basically said so:
https://www.businesswire.com/news/home/20210114005147/en/ said:
Customers will be able to navigate a fully digital process at their own pace. Beginning with the credit application on rivian.com, customers can self-select a retail financing structure that best fits their needs. They will be offered a competitive, personalized decision within minutes that includes the ability to finance a variety of accessories to complement their electric adventure vehicle.
Customers will have the opportunity to review the financing details and electronically sign required documents. After vehicle delivery, customers can take advantage of digital servicing to view their account, make payments and obtain personalized customer support.
 

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My current vehicle is a lease financed through Chase. The rates are pretty comparable to any other company's rates I was offered at the time. Their online payment system is pretty simple and straightforward. My biggest complaint is in order to change the address on your loan/lease, you have to call them. Cannot (currently, for me at least) change that information online.
 

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I like the seamlessness this adds to the Rivian purchase experience.
@inkedsphynx odd they don't have a online chat option, I know of other financial institutions that do.
 

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This will be fantastic, knew it was going to be someone doing financing/leasing. With deliveries happening in about 6 months that is plenty of time to figure it all out and get the website ready for it.
 

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This will be fantastic, knew it was going to be someone doing financing/leasing. With deliveries happening in about 6 months that is plenty of time to figure it all out and get the website ready for it.
Note that leasing is not mentioned anywhere in the press release. I would not assume that this will be offered. No history on residual values makes it more risky and something they may choose to shy away from for now.
 
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This will be fantastic, knew it was going to be someone doing financing/leasing. With deliveries happening in about 6 months that is plenty of time to figure it all out and get the website ready for it.
It helps that Chase is about the biggest payment processor around and has the framework for this down to a T.
 

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Note that leasing is not mentioned anywhere in the press release. I would not assume that this will be offered. No history on residual values makes it more risky and something they may choose to shy away from for now.
You are correct they didn't specify leasing but I hope they do. Having said that the ability to finance directly is a big win.
 

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I believe that the positive with Chase being on board with the direct financing is an opportunity to allow for leasing options, as RIVIAN stated earlier that leasing would not be available. Is there a known change with this option?
 

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I believe that the positive with Chase being on board with the direct financing is an opportunity to allow for leasing options, as RIVIAN stated earlier that leasing would not be available. Is there a known change with this option?
As of right now don't believe anyone knows if it is loans or loans and leasing. As cars are closer to delivery that info will become available.
 

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Discussion Starter #15
As of right now don't believe anyone knows if it is loans or loans and leasing. As cars are closer to delivery that info will become available.
Rivian has gone on-record saying there will be no captive leasing at launch. Considering they've been so stingy with other details, I imagine the "no-leases" decision is set in stone since they felt comfortable sharing it.
 
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