JPMorgan Lets Rich European Clients Borrow Against Luxury Cars
Summarize this article with:
JPMorgan Chase & Co. is expanding its lending services to the wealthy by allowing them to borrow against their classic and luxury car collections in Europe, tapping a favored asset class of the rich.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — JPMorgan Chase & Co. is expanding its lending services to the wealthy by allowing them to borrow against their classic and luxury car collections in Europe, tapping a favored asset class of the rich.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.The Wall Street giant’s private bank will give clients the option of borrowing against classic, rare or custom-designed automobiles physically stored in European jurisdictions such as England, Italy and Germany. The service, already available to clients in the US, will also be expanded to France, Switzerland and Spain, the bank said in a statement on Monday.The lending push comes as wealthy individuals use car collections — and other physical assets — as a way to diversify fortunes, building on the auto sector’s traditional status for passion projects. Classic cars from European brands such as Ferrari NV, Porsche AG and Mercedes-Benz Group AG have outperformed stock markets in recent years, and the overall market still grew in 2024, even amid a broader downturn for luxury assets.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.High-end automobiles rank as the most popular luxury asset younger members of the world’s ultra-rich aspire to own personally besides real estate, according to Knight Frank’s 2025 Wealth Report. That puts cars ahead of demand for private jets, wine and art collections and superyachts.Members of the world’s rich betting on luxury autos include Mark Mateschiz, the 33-year-old son of energy drinks-maker Red Bull GmbH’s late co-founder, who bought UK billionaire Bernie Ecclestone’s automobile collection this year. French father-and-son luxury billionaires Francois and Francois-Henri Pinault, as well as tech tycoon Xavier Niel, are also backing a project to revive the historic luxury French car brand Delage Automobiles, a maker of hypercars costing at least €2 million ($2.4 million) each.“We understand that collecting automobiles is driven by both passion and investment,” Steven Hawkins, head of specialty lending at JPMorgan’s international private bank, said in the statement.—With assistance from Tara Patel.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2025 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.