Farmers Insurance Forms Strategic Alliance with Citibank to Offer Auto Loans in Colorado
Farmers Insurance, Colorado’s second-largest insurer, with more than 479,000 auto customers, and Citibank have joined together to offer auto loans through Farmers’ 614 insurance agents.
Farmers will also offer credit life and disability coverage where approved, through its life insurance company, Farmers New World Life.
The program has been launched in Colorado, Nevada, Oregon, Arizona, and California. It will be expanded in phases to the remaining 24 states where Farmers Insurance operates.
Customers can contact their local Farmers agent at the time they want to purchase an automobile and obtain or refinance a loan. Notification of approval will usually occur within three hours.
“Providing competitively priced auto loans is another step toward our business strategy to offer an assortment of companion products and services to meet the needs of our customer base,” said Don Mealer, assistant vice president, regional operations, at Farmers. “We are excited about the opportunity to work with Citibank, one of the premier financial institutions in the world, on this venture,” Mealer added.
“Citibank is honored to have been chosen by Farmers to participate in this program. Citibank will integrate its lending expertise with its efficient servicing capabilities to offer a superior auto loan product to Farmers’ customers,” said Denis Moore, vice president and business manager for auto finance at Citibank.
With headquarters in Los Angeles, Farmers Insurance includes the third-largest auto and homeowners insurers and one of the nation’s leading commercial insurers, and also operates a major life insurance subsidiary.