Subaru of America, Inc. Selects Chase Auto Finance To Act As Its Captive Auto Finance Company

Business Wire, Feb 27, 2001

Business Editors/Automotive Writers

NEW YORK--(BUSINESS WIRE)--Feb. 27, 2001

Subaru of America, Inc. and Chase Auto Finance, a division of J.P. Morgan Chase, today announced the selection of Chase Auto Finance to act as the captive auto finance provider for Subaru effective April 1, 2001.

"Chase Auto Finance has committed to providing a customized program which will be tailored to meet the needs of our customers and dealers," said Thomas J. Doll, Executive Vice President and Chief Financial Officer for Subaru of America, Inc. "Chase has proven itself by offering quality products and superior service. Their commitment to quality is reflected in the launch of a comprehensive six-sigma effort." Under the captive finance relationship with Chase Auto Finance, all financial products will be offered including lease and retail financing to customers as well as wholesale/floor plan financing to dealers.

"We are very pleased that Subaru has chosen Chase Auto Finance to act as their captive financing arm," said Mike Bailey, National Accounts Executive at Chase Auto Finance. "It is a fine example of the execution of our strategy to grow and diversify our business through enhanced relationships with both manufacturers and dealer groups." Chase Auto Finance's National Accounts Group is the team responsible for developing those strategic relationships.

Chase is the largest bank originator of auto loans and leases in the U.S. Chase originates approximately $1 billion in auto loans and leases monthly and has more than $25 billion in receivables in its auto finance portfolio. Chase maintains a network of over 9,500 auto dealers nationwide.

Subaru of America, Inc. is a wholly-owned subsidiary of Fuji Heavy Industries Ltd. of Japan. Subaru pioneered the concept of the passenger car/sport-utility vehicle with the introduction of the Subaru Outback, the "World's First Sport Utility Wagon." Subaru has been the best-selling import wagon in America for the past 18 years, based on the Polk Company retail registration statistics as of 12/31/99. Headquartered near Philadelphia, the company markets and distributes Subaru vehicles, parts and accessories through a network of 588 dealers across the United States. All Legacy and Outback models sold in the United States are produced at the Subaru-Isuzu Automotive Inc. manufacturing plant near Lafayette, Ind. Over the past eight years, the company has seen its sales increase by nearly 100 percent thanks to its popular line of car-based sport utility vehicles, and is among the fastest growing brands in the automobile industry. For more information, visit www.subaru.com.

J.P. Morgan Chase & Co. (NYSE: JPM, www.jpmorganchase.com) is a premier global financial services firm with assets in excess of $705 billion and operations in over 60 countries. The firm is a leader in investment banking, asset management, private equity, consumer banking, private banking, e-finance, and custody and processing services. Headquartered in New York, J.P. Morgan Chase serves 32 million consumer customers and over 5,000 corporate, institutional, and government clients.