Feb 6 Chrysler Group LLC on Wednesday announced
a 10-year agreement for a unit of Spain's Banco Santander
to offer a "full spectrum" of auto financing services
to Chrysler and Fiat customers and dealers under the name of
Chrysler Capital is to launch on May 1.
Santander Consumer USA, based in Dallas, will be the arm of
Banco Santander that will be the preferred lender for Chrysler
and Fiat customers and dealers.
Santander Consumer USA and Chrysler have signed a 10-year
Chrysler dealers and customers will continue to work with
the automaker's current preferred auto lender, Ally Financial
Inc, at least through the end of their contact that expires
Chrysler in its statement said it expects to continue to
work with Ally beyond the end of April, as well as with other
Banco Santander is Spain's largest bank.
Chrysler, based in suburban Detroit, is majority owned by
Italy's Fiat SpA.