On April 1, 2015, JCB Finance began partnering with Bank of the West as a branded virtual joint venture (VJV) captive finance company. With this agreement, Bank of the West will handle all retail and leasing transactions for JCB’s U.S.-based dealerships and their customers. This partnership will help JCB Finance customers enjoy competitive pricing and a quicker, more automated credit approval process.
“2014 was a record year for JCB in North America,” said Dallas Reeves, JCB North America’s Vice President of Dealer Sales. “We’re anticipating substantial growth over the next five years that will create significant demand for our finance division. By partnering with Bank of the West, we’ll have the resources needed to provide optimum service and be more competitive in the marketplace.”
Bank of the West has been consistently ranked as a national leader in the financing of equipment for the agriculture and construction industries. JCB chose to partner with Bank of the West because it is one of the strongest banks in the United States, maintaining an extremely high credit rating with the finance industry’s three primary rating agencies. Bank of the West also has a long-standing relationship with JCB Finance, serving as a funding resource for the company since 2004.
With the launch of this new retail finance program will come a new automated credit processing system that has the ability to process applications in a matter of minutes. JCB dealers will have 24/7 access to this system, which includes remote application entry, automated decisions, electronic alerts and real-time deal status.