JPMorgan Lets Rich European Clients Borrow Against Luxury Cars

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.

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.