Subaru Corporation is a Japanese conglomerate in the transportation industry, and Subaru is the automobile manufacturing division of Subaru Corporation. Subaru Corporation has been recognized as one of the largest automakers by production worldwide.
Fuji Heavy Industries began its operations as the Aircraft Research Laboratory in 1915 under the leadership of Chikuhei Nakajima. Later on, five companies were merged to make Fuji Heavy Industries between 1953 and 1955. The company was founded in 1953, and its former name was Fuji Heavy Industries.
The name Subaru was given to the company by Kenji Kita, CEO of Fuji Heavy Industries. The company also collaborated with Toyota on several projects, and BRZ is one of the examples of a model Subaru has co-developed with Toyota. The company currently serves in the United Kingdom, the U.S., Australia, and Asia.
Subaru Motor Finance is the company’s service for car buyers who want better leasing options and flexible payment terms. In today’s article, we will be talking about Subaru Motors Finance, how it works, the terms and conditions, and everything you need to know about it.
So let’s get into it.
What Is Subaru Motors Finance?
Subaru Motors Finance is a flagship project of Subaru of America to facilitate car buyers located in the U.S. region. Subaru Motors Finance is licensed to JPMorgan Chase Bank, N.A. (Chase), for offering financial services regarding the leasing and purchase of vehicles by Subaru of America. The financial solutions of Chase might be commercialized and advertised by Subaru, but it is not directly affiliated with the bank or its services.
When you choose to buy a service from Subaru Motor Finance, the bank accounts for auto finance are owned by Chase Bank. The financing solutions of Chase Bank are for any person who wants to purchase a Subaru vehicle. The approval of the credit is subject to the credit score and approval by the bank.
What Is The Process of Getting Subaru Motors Finance?
Here is how the process for financing application goes with Subaru Motors Finance:h
Select Your Subaru Vehicle And Retailer
Before starting your finance application, you must know which vehicle you want to purchase and from which retailer. You can research the vehicles and retailer options before beginning the application process. Besides, the Subaru Motor Finance application interface also guides you on available retailers for a specific vehicle.
Visit the official website of Subaru Finance and click on Get Started. It will open a new page in front of you where you have to enter the details of your vehicle and your ZIP code.
Based on your ZIP code, Subaru will recommend the available retailers for the selected model that are providing services near you.
Complete Financing Application With Subaru Motor Finance
The second step is to complete your financing application by providing the required details and necessary information asked by Chase Bank and Subaru Motor Finance.
Visit The Retailer For the Completion Of the Process
Once Chase Bank approves you, the last step is to visit the selected retailer and complete the formalities to get financing for your next vehicle.
Qualification Requirements For Subaru Motors Finance
If you are wondering what the requirements are to qualify for Subaru Motors Finance, here are the things you need to make sure of:
- The first thing you need to ensure is the credit score you have. A credit score of at least 650 or more is mandatory to increase your chances of getting approved for Subaru Motors Finance.
- You have to be at the majority age to be considered for Subaru Motors Finance. The age of majority can be different for different states, but it is 18 for most states.
- To get Motors Finance, you don’t have to disclose the annual income to Subaru or Chase Bank. However, having employment is necessary to get considered for Motor Finance.
Besides the basic requirements, the borrowers can also lower the interest rates or meet eligibility requirements by adding a consigner to their application. SMilitary officials and active duty service members can also apply for Subaru Motors Finance and get a lower interest rate as well.
If we talk about the documents necessary to apply for Subaru Motors Finance:
- Recent pay stubs from your employment
- Your driver’s license
- Proof of citizenship or residence permit in the United States
Why Subaru Motors Finance?
Here are the reasons why Subaru Motors Finance is a good choice for you for your next vehicle:
Easy Payment Terms
You can get motor finance for up to 72 months and pay the loan amount on your own terms. Not only are flexible payment terms, but the funding process is also very quick with Subaru Motors Finance, and it will take around seven business days to get the car loan.
Choose Between Lease And Purchase According To Your Circumstances
You also get the option to choose between lease and purchase by comparing both options according to your circumstances. Even the official website of Subaru Motors Finance has a quiz to choose which option is best for you.
You can take the quiz to choose the best option for you here.
Special Offers For Financing According To Your Location
You also get the payment estimator before you get the funding from Subaru Motors Finance. Besides, you can also explore the special customized offers depending on your location and circumstances.
Daily Interest Calculation On Unpaid Principal
Chase Bank uses the simple interest rate calculation method, and the interest is calculated on unpaid principal from the day of funding to the due date of the first payment.
Downsides Of Subaru Motors Finance
Everything is not good about Subaru Motors Finance and Chase Bank. Here are some of the downsides of getting funding from Chase Bank:
High Credit Score Requirements
If you have been struggling with your credit score and cannot have a good credit score, you won’t be able to get approved for Subaru Motors Finance by Chase Bank. Besides, the company only considers employed individuals for a car loan. Therefore, this opportunity is not for people having low credit scores.
High APR
The annual percentage rate charged on the principal loan amount is very high; you must consider this fact when applying for Subaru Motors Finance.
Negative Reviews Online
If we check out different review websites, Subaru Motors Finance has not got many positive reviews which can be a turn-off point for many. The main reasons the users have highlighted for giving negative reviews to Subaru Motors Finance by Chase Bank are high credit score requirements and interest rates.
Too Many Types Of Fees
When you sign up for Subaru Auto Finance by Chase Bank, you also sign up for several types of fees, including prepayment, origination, late, annual, etc.
What Is Subaru Online Account Management?
The online account management tool of Subaru Motors Finance allows you to take care of your due bills, check your history, check the interest rate, and a lot more. You can make your payments, set up account alerts, view your auto statements online, and access your online account from the Chase mobile app.
Here is how to sign up for Subaru online account:
- Visit the official website of Subaru Motor Finance and click on the Login button.
- Choose Sign Up from the options, and it will open an in-screen form to get started.
- Enter the required information in the empty fields and click the Sign-Up button.
- You can use the credentials for future logins.
Pay Your Subaru Motors Finance Bills
Here are different methods you can use to pay the due installments of your Subaru Motors Finance:
Online
The most convenient method is using online account access to pay your Subaru Motors Finance installments. Once you log in to your Subaru Motors Finance account, you will have to link your Chase or non-Chase checking account for payment deductions. You can either choose a one-time payment, schedule a one-time payment for future dates, or set up recurring payments for every month’s installment.
At Chase Bank
You can also visit the Chase Bank branch or log on to the online website of Chase Bank to pay your due installments. Log in to your Chase Bank account, make a one-time payment, or schedule it for later.
Chase Paymatics
Chase Paymatics is an autopay program of Chase Bank from which you can schedule monthly payments from your Chase checking account. The monthly installments will automatically be deducted from your account.
You can activate Chase Paymatics via call. Once your call is connected, choose option one from the main menu > option 4 > all other inquiries > option five and provide the required information to complete the payment. You can follow the on-call prompts and pay the bill via automatic call.
The number for payment is as follows:
1-800-336-6675
Via Mail
You can also send your monthly installments via check or money order to the following mailing address of Chase Bank:
Subaru Motors Finance
P.O. Box 78101
Phoenix, AZ 85062-8101
Customer Service Of Subaru Motors
Via Call
Customer care support is available during working and normal business hours. You can call on the following number to talk to customer support:
1-800-336-6675
Alternatively, you can send your credit card-related queries to the mailing address of Subaru Motors Finance:
Subaru Motors Finance
P.O. Box 78101
Phoenix, AZ 85062-8101