Getting the auto industry back in gear

Chase led the automobile financing industry during the first half of 2009 by funding the most new and used vehicle purchases in the country at a critical time for manufacturers, suppliers, dealers and consumers.

Chase continued its strong industry support through the summer -- especially during the Cash for Clunkers frenzy -- by financing both consumer purchases and dealership inventories.

During the first six months of the year, the bank lent $10.9 billion to enable consumers to purchase 544,000 vehicles off the lots of new and used-car dealers.

"Our strong balance sheet has enabled us to be a consistent lender over time and to step in when the market needed it most," said Marc Sheinbaum, head of auto lending at Chase. "Our disciplined lending, our dealer relationships and our dedicated staff helped us put drivers into vehicles with loans they could afford.

"During the first half of 2009, many auto lenders pulled back, deepening the economic challenges.

By continuing to lend, Chase helped consumers finance their purchases, dealers sell cars and auto workers stay on the job. When the government offered special incentives to buoy the industry this summer, Chase team members worked long hours to assist consumers and dealers navigate through the paperwork and processes.

Chase serves more than 13,000 dealers across the country, helping them work with their customers and, where appropriate, using underwriters who understand the marketplace where they live and work. "The auto industry is especially important to the American economy," Sheinbaum said. "We are here to help keep it running."