The automobile is one of those products that can change countless details of daily lives, to say nothing of the payments and commerce ecosystems associated with vehicles. And any significant change to the automobile — and that includes the rise of connected cars — will bring shifts to other businesses and business processes.
That includes the world of auto finance. And those changes will play out over a longer term than the changes now taking place — with interest rates rising, auto lenders are reigning in their 0 percent financing deals that have become the norm over the past few years.
As connected cars — that is, the vehicles that enable deeper forms of mobile payments and commerce than is the case now, including activities that involve fueling, restaurant reservations and the like — move closer to reality, fresh attention is focusing on what changes that might bring to auto lending and leasing.