Chrysler Capital to Provide Broad Spectrum of Financial Services to Chrysler
Group Customers and Dealers
AUBURN HILLS, Mich., Feb. 6, 2013
AUBURN HILLS, Mich., Feb. 6, 2013
oChrysler Capital formed through private-label agreement with Santander
Consumer USA Inc.
oChrysler Capital to provide Chrysler Group customers with competitive
financing options on vehicle purchases
oChrysler Capital to provide wholesale financing and related services to
Chrysler Group and FIAT dealers
oChrysler Capital to launch May 1, 2013
Chrysler Group LLC announced today an agreement with Santander Consumer USA
Inc. to provide a full spectrum of auto financing services to Chrysler Group
and FIAT customers and dealers under the name Chrysler Capital.
Chrysler Capital is designed to provide Chrysler, Jeep®, Dodge, Ram Truck, SRT
and FIAT customers with competitive retail purchase and lease financing. It
also will provide wholesale financing and related services to Chrysler Group
and FIAT dealers. Chrysler Capital will be launched May 1, 2013.
"We expect Chrysler Capital to help Chrysler Group continue its sales growth
by offering consumers the most competitive and innovative retail purchase and
lease financing available in the marketplace," said Peter Grady, Vice
President of Network Development and Fleet for Chrysler Group. "We found in
Santander Consumer USA a nimble partner backed by the strength and experience
of a worldwide banking leader. We have been impressed with Santander Consumer
USA's capabilities, energy and attitude about selling Chrysler Group
Santander Consumer USA, a financial services company based in Dallas, is
majority owned by global banking leader Banco Santander of Madrid, Spain.
Banco Santander was named "Best Global Bank" in 2012 by Euromoney magazine and
one of the "Top 10 Safest Banks" by Global Finance magazine. Banco Santander
has over 40 agreements with more than 10 automobile manufacturers around the
Under this 10-year, private-label agreement, Santander Consumer USA will
establish a separate business unit dedicated to providing financial services
under the Chrysler Capital name. In addition to dealer new and used vehicle
inventory, Chrysler Capital will provide financing for dealership
construction, real estate, working capital and revolving lines of credit.
Under the agreement, Santander Consumer USA will provide Chrysler Group with a
nonrefundable upfront payment and a quarterly share of revenues.
Barclays was the exclusive strategic and financial advisor to Chrysler Group
in its evaluation of auto finance partners and in this agreement with
Santander Consumer USA.
"Santander Consumer USA is pleased that Chrysler Group has selected us to
assist its dealer network in providing customers with competitive financing
solutions," said Thomas Dundon, Chief Executive Officer and President of
Santander Consumer USA. "Our top priority will be to provide best-in-class
service to Chrysler's dealer body and retail consumers. We are confident that
this relationship will result in the most innovative branded finance solution
in the market. The goal is to leverage an improved information flow that shows
us how, as a finance provider, we can work with Chrysler to improve our offers
to dealers and customers, to capture incremental sales."
As Chrysler Group and Santander Consumer USA prepare for the May 1, 2013,
launch of Chrysler Capital, Chrysler Group and FIAT dealers will continue to
do business as usual through Ally Financial Inc. and other financial
"Ally will continue to provide financial services to Chrysler Group and FIAT
dealers and their customers at the very least through the end of Chrysler
Group's existing contract with Ally which will expire on April 30, 2013,"
Grady said. "Ally has been a good business partner for Chrysler and has forged
strong relationships with many of our dealers. Chrysler Group expects that
Ally will continue to do a good job for our dealers and retail customers
beyond the April 30 expiration of our current agreement."
About Chrysler Group LLC
Chrysler Group LLC, formed in 2009 to establish a global strategic alliance
with Fiat S.p.A., produces Chrysler, Jeep, Dodge, Ram, Mopar, SRT and Fiat
vehicles and products. With the resources, technology and worldwide
distribution network required to compete on a global scale, the alliance
builds on Chrysler Group's culture of innovation, first established by Walter
P. Chrysler in 1925, and Fiat's complementary technology that dates back to
its founding in 1899.
Headquartered in Auburn Hills, Mich., Chrysler Group's product lineup features
some of the world's most recognizable vehicles, including the Chrysler 300 and
Town & Country, Jeep Wrangler, all-new Dodge Dart, Ram 1500, Jeep Grand
Cherokee SRT8 and Fiat 500. Fiat contributes world-class technology, platforms
and powertrains for small- and medium-size cars, allowing Chrysler Group to
offer an expanded product line including environmentally friendly vehicles.
About Santander Consumer USA Inc.
Santander Consumer USA Inc. is a leading company in the automotive finance
sector, whose core business is indirect, direct, and third-party originations
and servicing of auto financing. The company has a serviced finance portfolio
of approximately $21 billion and relationships with nearly 14,000 dealers in
the U.S. The company began originating financing in 1997 and is headquartered
in Dallas. (http://www.santanderconsumerusa.com)
About Banco Santander
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based
in Spain, with a presence in 10 main markets. Santander is the largest bank in
the euro zone by market capitalization. Founded in 1857, Santander had EUR
1.388 trillion in managed funds, 102 million customers, 14,392 branches – more
than any other international bank – and 187,000 employees at the close of
2012. It is the largest financial group in Spain and Latin America. It also
has significant positions in the United Kingdom, Portugal, Germany, Poland and
the northeast United States. Santander had a pre-provision profit of EUR
23.559 billion in 2012, an increase of 2% from the previous year.
SOURCE Chrysler Group LLC
Contact: Ralph Kisiel, +1-248-512-2757 (office), +1-248-705-9688 (cell),
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