Ford Motor Credit has partnered with fintech startup AutoFi to provide digital financing options to consumers, the companies announced in a joint press release. The program is available today to consumers near Ricart Ford in Groveport, Ohio — just outside of Columbus — and plans to roll out to additional national Ford and Lincoln dealerships.
“By combining our fast and efficient credit-decision process with AutoFi’s online capability, we are making the customer experience faster, smoother and simpler,” indicated Ford Credit Director of Mobility Lee Jelenic. “With its experience in used-vehicle online financing and well-developed platform, AutoFi makes it easier for us to adopt new technology quickly to meet evolving consumer expectations.”
AutoFi has previously provided its own line of financing through bank partners, but now, through this new partnership, vehicles bought through Ford dealerships on the AutoFi platform will be originated by Ford Motor Credit. Leasing is not available upon launch and only new car sales will be serviced for now. According to the release, Ford Credit has also invested an undisclosed amount into the AutoFi platform to support “technological advances to make the financing experience better.”
“Technology is transforming just about every type of financed consumer purchase, and this new digital capability will help make that change for automotive purchases and deliver great experiences,” added Ricart Ford Sales and Marketing VP Rick Ricart. “We are excited to be the first Ford dealership in the pilot.”
The partnership is in part informed by 83% of Americans saying that when shopping for a car they want to spend as little time at the dealership as possible, according to a new online survey of 1,217 U.S. adults conducted by Harris Poll on behalf of Ford. The study found that many of those same consumers still want to touch and feel the vehicle before signing the dotted line.