Chrysler Capital, the lender created by Chrysler Group and Santander Consumer USA earlier this year, has already become the no.1 loan writer for the automaker’s dealerships.
Chrysler Capital is Chrysler’s no.1 finance provider and offers the automaker’s dealerships a stronger loan choices lineup for auto buyers. Now Chrysler’s subvented leases and loans are all done with Chrysler Capital. Since its debut on May 1st and mid-June the lender has written around 21% of the consumer lease and loan originations at Chrysler’s 2,500 dealerships in the US, the highest level compared with any other lender.
“I consider that pretty strong right out of the chute,” said Reid Bigland, head of U.S. sales at Chrysler Group. “There’s a pretty thick Rolodex of financial providers that is now available to dealerships.”
Chrysler Capital replaced the automaker’s previous lender, Ally Financial, which still has an active relationship with most of the dealerships. Santander Consumer USA is the owner of Chrysler Capital, and it also holds the company’s credit risk.
“At the end of the day, we want the data to show that we have helped Chrysler dealers grow through incremental car sales,” said Rich Morrin, executive vice president of business development for Chrysler Capital.