Weekly Wrap: Auto lenders eye growth through innovation

Several auto lenders last week announced innovative ways to expand or improve their business. Chase Auto, for one, has joined with electric vehicle manufacturer Rivian, forming Rivian Financial Services. The program will offer digital-first consumer financing with applications submitted on rivian.com. Wells Fargo Auto, too, is investing in technology to increase automation within its loan–approval process. The lender hopes to up automation to more than 70% by 2022, said Chief Financial Officer Mike Santomassimo. Meanwhile, the Illinois State Legislature passed a 36% “all-in” consumer loan interest rate cap.