He had a very self-righteous beef about racism and being looked down upon by whites, due partly to his ill-treatment during his upbringing, partly due to his off-the-charts narcissism. He probably held the entitled, affluent, somewhat daft floaters of that generation in a contempt born of both disgust and envy and resentment at their privilege and ingrained racial contempt they didn't even see they possessed.
Being highly intelligent, he was as we saw during the series, able to deliver very incisive personal as well as sociological denunciations of his victims as he was slaughtering them. There as also an aspect of self-loathing at work within him. When Monique described Ajay as a 'little brown thug', it took Chas about an hour to get rid of him, which I think revealed his own deep sense of insecurity concerning his mixed race, also which he vocalized at his first wedding, and on other occasions.
It seems like he'd killed Ajay, they would have shown it, but since he remained undetected afterward, perhaps they left it ambiguous in the show. They did have a long relationship, so I could see him more likely just cutting Ajay loose.
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