Hyperdrive
Stellantis Plans New U.S. Auto Lender Besides Santander
- Automaker agrees to pay $285 million for Texas auto lender
- Acquisition casts doubt over partnership with Santander
This article is for subscribers only.
Stellantis NV is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit.
The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end.