Stellantis extends Chrysler Capital agreement until 2025
The maker of Jeep SUVs and Ram pickup trucks has extended its agreement with Chrysler Capital to offer loans and leases to consumers and dealers for its vehicles through 2025, despite Stellantis NV last year acquiring its own captive finance arm for the U.S. market.
Santander Consumer USA Holdings Inc., which does business as Chrysler Capital, said in a news release on Wednesday it will hold a "complementary" role to Stellantis Financial Services US Corp. That will provide the latter firm time to grow into a full-service captive lender, Philippe de Rovira, Stellantis chief affiliates officer, said in a statement. Dallas-based Santander's 10-year contract that made it the preferred provider of financial services for the carmaker was set to expire in April of next year.
"While Stellantis announced in 2021 the formation of its own captive finance arm, SC and Stellantis have continued to enjoy a mutually beneficial working relationship," Santander CEO Mahesh Aditya said in a statement. "We are pleased to formally extend our partnership and look forward to continuing to help Stellantis succeed."