DETROIT — Ally today introduced an online marketplace called Clearlane. It connects consumers with auto finance providers to finance or refinance their vehicles with ease.
Clearlane's process provides customers with quotes from a robust network of finance providers, as well personalized support to help apply for and complete transactions.
"With Clearlane, Ally adds a unique online platform to our digital financial products and services in the auto space, allowing consumers to easily secure financing or refinance their vehicle through a trusted source," said Tim Russi, president of auto finance at Ally. "We are excited about the opportunities to offer more financing and F&I products through the platform in the future, and to eventually leverage the technology to power online sales for our dealers."
The Clearlane network includes numerous national, regional and local finance sources offering auto finance and refinance products. The Clearlane site was brought to market following Ally's acquisition of BlueYield, a California-based technology company, in 2016. The site was enhanced to simplify the customer journey and experience, and rebranded to align with Ally's broad assortment of products and services.
The Clearland process starts by prequalifying consumers without requiring their Social Security number. Borrowers can then speak to a personal loan consultant, who will help them review their loan options. Consumers then select a prequalified offer and submit to the finance source for a decision. The consultant then works with the borrower from there.
Buyers can use the site to purchase a new or used vehicle from a dealership, refinance their existing loan, buy their vehicle at the end of al lease, or finance a private party purchase. Protection products offered on the site include GAP and vehicle service contracts.
For more about Clearlane, visit www.clearlane.com.