The 27-year-old singer and 21-year-old model sang and danced to the single in the car while listening to the Zayn Malik collaboration for the first time on the radio.
"First time hearing it on the radio! I've never heard it before," Swift told her fans with a smile.
Swift and Malik recorded the track for the Fifty Shades Darker soundtrack, and released a music video for the song last week. Malik, who is dating Hadid, said in December that the model's friendship with Swift helped facilitate the collaboration.
"We were kind of in separate places when I mentioned the idea to [Taylor]," he told Elvis Duran and the Morning Show. "I spoke to her on the phone, and she heard the song 'cause Jack [Antonoff] played it to her."
"The really interesting thing was she's actually friends with [Gigi], so she'd already reached out 'cause Jack had just played her the song anyway," the starsaid.
Malik and Hadid were first linked in November 2015, and made their red carpet debut as a couple at the Met gala in May. Hadid shared in the March issue of British Vogue that she and the singer enjoy low-key date nights at home.
"I like being with my boyfriend and doing art and cooking," she said. "We like late-night movies and we order from this amazing place that does lattes and gingerbread cookies."
Swift last released the album 1989 in 2014, which includes the singles "Shake It Off" and "Bad Blood." Hadid was among the singer's friends to appear in the star-studded music video for "Bad Blood."