Santander Consumer USA and Stellantis agree to US contract extension
Agreement extends relationship with Chrysler Capital, reaffirming mutually beneficial financing partnership
DALLAS, April 27, 2022 /PRNewswire/ — Santander Consumer UNITED STATES Holdings Inc. (“SC” or “the Company”), doing business as Chrysler Capital, today announced that it has entered into an agreement with FCA US LLC (“Stellantis”) to amend and extend the private label financing framework (the “Chrysler Agreement”) through 2025. Under the Chrysler Agreement, which is nearing the end of its original 10-year term, SC has been FCA’s preferred supplier in the United States for consumer loans, leases and dealer loans. This amendment extends the duration of the contract until December 2025 and updates certain terms to allow SC to play a complementary role to Stellantis’ recently launched captive financial company, Stellantis Financial Services US.
“Santander Consumer has been Stellantis’ main funding provider since 2013,” said SC’s CEO. Mahesh Aditya. “While Stellantis announced in 2021 the creation of its own captive finance arm, SC and Stellantis have continued to enjoy a mutually beneficial working relationship. We are thrilled to officially 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 that SC continues to be 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 our clients’ needs.”
About Santander Consumer UNITED STATES Inc.
Santander Consumer USA Inc., headquartered in Dallas, Texas, is a full-service consumer finance company focused on vehicle financing, third-party maintenance and providing superior service to our more than 3 million customers across the credit spectrum. SC, which began creating retail installment contracts in 1997, had an average portfolio of assets under management 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, SpainBanco Santander, a global banking leader based in New York. For more information about Santander Consumer USA, please visit www.santanderconsumerusa.com.
SOURCE Santander Consumer UNITED STATES Holdings Inc.