Bank of America has launched new capabilities for mobile clients to complete the auto financing process with the company. Clients can now search for a car from participating dealerships – all on their mobile device or computer and before ever visiting a dealership. The program will 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, 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.”
“Technology is shifting the auto-buying process towards greater transparency, with the vast majority of those looking for a vehicle now beginning their shopping online,” said Michelle Moore, head of Digital Banking. “Enabling buyers to perform the bulk of their browsing and research – and even arranging financing – on a mobile device makes the experience that much more efficient and convenient for them.”
Car shoppers can now seamlessly 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 and 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, if they wish.
The process is simple:
“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.”
Bank of America’s car shopping tool offers several significant enhancements for consumers.
In addition to the shopping benefits of the tool, Bank of America’s 30-day rate lock guarantee gives clients the time to make a decision.
With more than 22 million active mobile users and growing, Bank of America’s mobile banking platform is an evolving source of increased customer engagement and satisfaction. In 2016, mobile banking customers logged into their accounts nearly 3.8 billion times. During that same period, customers made more than 25 million P2P transfers and 105 million mobile bill payments, a growth of 64 percent and 28 percent, respectively, over 2015. Customers also used their mobile devices to deposit more than 103 million checks, receive nearly 1.1 billion text and push alerts, and access their free FICO scores 15.6 million times. More customers are opening new accounts through mobile, with sales increasing by 38 percent over the past year.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning digital banking with approximately 35 million active users and more than 22 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.