SC - Santander Consumer USA and Stellantis Agree on US Contract Extension

PR Newswire

Agreement extends Chrysler Capital relationship, reaffirming the mutually beneficial financing partnership

DALLAS , April 27, 2022 /PRNewswire/ -- Santander Consumer USA Holdings Inc. ("SC" or "the Company"), which does business as Chrysler Capital, today announced it has reached an agreement with FCA US LLC ("Stellantis") to amend and extend the Master Private Label Financing Agreement (the "Chrysler Agreement") through 2025. Under the Chrysler Agreement, which is nearing the end of its original 10-year term, SC has been the FCA US preferred provider for consumer loans, leases and dealer loans. This amendment extends the contract term through December 2025 and updates certain terms to allow SC to serve in a complementary role to Stellantis' recently launched captive finance company, Stellantis Financial Services US.

"Santander Consumer has served as the primary finance provider for Stellantis since 2013," said SC CEO Mahesh Aditya . "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. We are pleased to formally extend our partnership and look forward to continuing to help Stellantis succeed."

"Santander Consumer has been a strong partner for Stellantis for many years," said Stellantis Chief Affiliates Officer Philippe de Rovira . "We are proud to have SC continue as a preferred partner, as we grow Stellantis Financial Services US into a full-service captive lender, offering a wide range of financing options to meet the needs of our customers."

About Santander Consumer USA Inc.

Santander Consumer USA Inc., headquartered in Dallas, Texas , is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 3 million customers across the full credit spectrum. SC, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately $64 billion (for the fourth quarter ended December 31, 2021). The company is a wholly owned subsidiary of Santander Holdings USA, Inc., and is part of Madrid, Spain -based global banking leader Banco Santander. For more information about Santander Consumer USA, please visit www.santanderconsumerusa.com .

SOURCE Santander Consumer USA Holdings Inc.