AutoFi announced a partnership with Ford Motor Credit Co. in January, shortly after the two began a pilot at Ricart Ford in Groveport, Ohio. In January, Ford Credit said the platform would launch at more U.S. Ford and Lincoln dealerships in the near future, without specifying a number or time frame. Beyond partnering with AutoFi for the new platform, Ford Credit made an undisclosed financial investment in the company, Ford Credit said.
Customers on dealerships' websites, after selecting a vehicle, can apply for credit, receive a decision, choose financing terms and buy F&I products at dealership prices. Ford Credit and AutoFi also included Kelley Blue Book functionality to assess trade-in value. Customers then review a summary of their purchase and financing terms and schedule a time to take vehicle delivery.
AutoFi's network of lenders approves loans online in minutes and allows customers to customize financing terms. AutoFi can also take customers through trade-in valuation, in addition to offering F&I products.