Agreement extends Chrysler Capital
relationship, reaffirming the mutually beneficial financing
partnership
DALLAS, April 27, 2022 /PRNewswire/ -- Santander Consumer
USA Holdings Inc. ("SC" or "the
Company"), which does business as Chrysler Capital, today announced
it has reached an agreement with FCA US LLC ("Stellantis") to amend
and extend the Master Private Label Financing Agreement (the
"Chrysler Agreement") through 2025. Under the Chrysler Agreement,
which is nearing the end of its original 10-year term, SC has been
the FCA US preferred provider for consumer loans, leases and dealer
loans. This amendment extends the contract term through
December 2025 and updates certain
terms to allow SC to serve in a complementary role to Stellantis'
recently launched captive finance company, Stellantis Financial
Services US.
"Santander Consumer has served as the primary finance provider
for Stellantis since 2013," said SC CEO Mahesh Aditya. "While Stellantis announced in
2021 the formation of its own captive finance arm, SC and
Stellantis have continued to enjoy a mutually beneficial working
relationship. We are pleased to formally extend our partnership and
look forward to continuing to help Stellantis succeed."
"Santander Consumer has been a strong partner for Stellantis for
many years," said Stellantis Chief Affiliates Officer Philippe de Rovira. "We are proud to have SC
continue as a preferred partner, as we grow Stellantis Financial
Services US into a full-service captive lender, offering a wide
range of financing options to meet the needs of our customers."
About Santander Consumer USA
Inc.
Santander Consumer USA Inc., headquartered
in Dallas, Texas, is a
full-service consumer finance company focused on vehicle finance,
third-party servicing and delivering superior service to our more
than 3 million customers across the full credit spectrum. SC, which
began originating retail installment contracts in 1997, had an
average managed asset portfolio of approximately $64
billion (for the fourth quarter ended December 31,
2021). The company is a wholly owned subsidiary of Santander
Holdings USA, Inc., and is part of Madrid, Spain-based global banking leader Banco
Santander. For more information about Santander Consumer USA,
please visit www.santanderconsumerusa.com.
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SOURCE Santander Consumer USA
Holdings Inc.