February 6, 2013 / 6:25 PM / 5 years ago

Chrysler announces deal with Santander as auto financing arm

Feb 6 (Reuters) - 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.

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 agreement.

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 April 30.

Chrysler in its statement said it expects to continue to work with Ally beyond the end of April, as well as with other financial institutions.

Banco Santander is Spain’s largest bank.

Chrysler, based in suburban Detroit, is majority owned by Italy’s Fiat SpA.

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