What the finance company and automaker said was coming back in February became a reality on Wednesday as Santander Consumer USA and Chrysler Group officially launched its new private-label, full-service lending program.
Chrysler Capital is designed to offer a broad spectrum of financing services for Chrysler customers and dealers. Under a 10-year, private-label agreement announced Feb. 6, Chrysler Capital operates as a stand-alone company, managed jointly by Santander Consumer USA and Chrysler.
Chrysler Capital is geared to provide Chrysler, Jeep, Dodge, Ram Truck, SRT and Fiat customers with competitive retail purchase and lease financing. The new entity, which operates in all 50 states, also provides wholesale financing and related services to Chrysler franchised dealers, including lending solutions for dealership construction, real estate, working capital and revolving lines of credit.
Peter Grady, the automaker’s vice president of network development and fleet, insisted Chrysler Capital will make it easier for Chrysler franchised dealers to compete with other OEMs that turn to in-house financial services subsidiaries to help offer credit to customers and more competitive financing alternatives.
“With (Wednesday’s) launch of Chrysler Capital, our customers now have access to the most competitive retail purchase and lease financing in the industry at their Chrysler Group dealerships,” Grady said. “Chrysler Capital also is dedicated to providing our customers with the finest, most responsive customer service in the industry.”
In addition to providing the services dealers expect from a full-service finance partner, Chrysler Capital will also offer innovations that translate into incremental vehicle sales.
In particular, officials highlighted Chrysler Capital’s data and technical infrastructure will allow the company to provide consultative services to dealers such as strategic marketing, online and mobile sales tools, and the ability to help dealers match customers with inventory on dealers’ lots, based on customers’ needs.
“Our top priority is providing best-in-class service to Chrysler’s dealers and consumers, while staying true to our entrepreneurial culture and focus on innovation,” said Thomas Dundon, chief executive officer and president of Santander Consumer USA. “We have a terrific partner in Chrysler and we are positioned to help them meet and exceed their sales goals.”
Dundon mentioned the processing and funding of finance applications submitted by Chrysler dealers has already begun, and dealer relationship managers began calling on all Chrysler dealerships in early spring.
Dundon added, “I am confident we have the right team and resources to deliver an extremely valuable finance solution to both dealers and customers.”