Dealers using Stellantis’ new U.S. captive finance arm

Since then, Stellantis, which was formed by the merger of Fiat Chrysler Automobiles and PSA Group about eight months ago, has steadily rolled out new financing options for US dealers. Many dealers have worked primarily with Chrysler Capital, which operates as part of a private label agreement with Santander Consumer USA signed in 2013.

Most major automakers have their own internal lenders to help dealers and factories increase sales and reduce costs.

Stewart said at the Automotive News Congress in Detroit on December 5th. “We have built a great relationship [Chrysler Capital], Allie, Chase and others, we have already launched over 1,600 dealers and have been increasing throughout the year. I feel very good. ”

Stellantis CEO Carlos Tavares had made it clear that a priority would be to consider setting up a US captive finance unit in the lead up to the merger.Tavares said car news In January 2021, it said, “If U.S. sales financing is something that will help us improve our profitable business in the U.S., we will look for a solution. I guess.”

Tommy Moore Jr., CEO of Stellantis Financial Services, said in an email. car news “We have made significant progress in executing our vision to make Sterantis Financial Services a full-service captive,” he said.

The division now offers “a full suite of retail loan products, launching prime and near-prime loans this year,” Moore said.

Lenders have launched fleet finance to support the sale of commercial vehicles for small fleet businesses. It is also available for lease and a dealer floor plan option will be announced soon.

Stellantis Financial is preparing to help dealers transition to electric vehicles. This would require a large investment for the store to install the necessary infrastructure.

“In January of this year, we will be rolling out a financing product that will allow dealers to fund upgrades to accommodate our electrification initiatives,” said Moore. This follows recent news that the Stellantis US dealer is working with Future Energy to address certain of his EV infrastructure needs. ”