Chrysler Capital is now top lender at Chrysler dealerships

Article by Anita Panait, on June 27, 2013

Chrysler Capital is now the top loan writer at Chrysler dealerships, less than two months since it started its operations in May 1, 2013. Chrysler Capital, which is created by Santander Consumer USA and Chrysler Group, provides Chrysler dealerships a wider range of loan choices for customers. Santander Consumer USA owns Chrysler Capital. Likewise, all of Chrysler's subvented loans and leases are now done exclusively with Chrysler Capital.

Since its debut until mid-June, Chrysler Capital wrote around 21 percent of consumer loan and lease originations at 2,500 Chrysler dealerships in the United States. Reid Bigland, head of US sales at Chrysler Group, remarked that the lender's debut is "pretty strong," considering that there exist a number of financial providers from which dealerships could avail from.

Chrysler Capital replaced Ally Financial Inc. as Chrysler's preferred lender on May 1, 2013. Ally, however, still has an active relationship with most Chrysler dealerships.

Prior to Chrysler Capital, Santander only had a single-digit share of business among Chrysler lenders, with primary concentration on subprime loans. Chrysler Capital's credit risk is held by Santander, not Chrysler.

Rich Morrin, executive vice president of business development for Chrysler Capital, remarked that they want data to show that the lender has helped Chrysler dealers grow "through incremental car sales."

According to Bigland, financial providers are aggressively penetrating into automotive finance since asset values of vehicles held up better through the recession than home mortgages. He noted that credit availability now is the "best it has ever been in the history of automotive financing." [source: automotive news - sub. required]

Topics: chrysler, dealership

If you liked the article, share on:

Comments

Recommended

The BMW M1 will be one of the most exclusive cars that will be showcased at the upcoming 2017 Pebble Beach Concours d'Elegance, alongside many other extravagant models. Firstly, there...
by - August 17, 2017
Aston Martin Vanquish Zagato makes its debut with a total of four variations including the Speedster and the Shooting Brake trims. As part of the limited edition model, the company...
by - August 17, 2017
Mitsubishi finally introduces the new Xpander MPV at the 2017 Indonesia International Auto Show in Jakarta Indonesia. Replacing the previous Expander, the new multipurpose vehicle will be mostly sold at...
by - August 16, 2017
Infiniti revealed its retro Prototype 9 race car before its slated debut at 2017 Pebble Beach Concours d'Elegance next week. In a recent press release, the company not only disclosed...
by - August 16, 2017
In the United States, not many automakers offer crossovers with a diesel engine option, but Chevrolet does, with their 2018 Equinox. Those who opt for this engine will get some...
by - August 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries