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Chrysler Says Santander Unit to Hasten Auto-Financing Approvals

Chrysler Group LLC, the U.S. carmaker forming an auto-financing venture with Banco Santander SA, said the unit wants to cut the almost four-hour industry average time it takes to approve a vehicle purchase.

Chrysler Capital, the service that Santander Consumer USA Inc. will create to finance car and light-truck purchases and leases, may set up a full online approval process for customers to use before they visit a dealership, Peter Grady, Chrysler Group’s vice president of dealer network development and fleet operations, said in an interview.