Chrysler is talking to Spain’s Banco Santander SA about replacing Ally Financial as its preferred lender.
“Chrysler Group has entered into a 30-day period where it is negotiating exclusively with a potential partner to provide financial services to our dealers and their customers,” Peter Grady, Chrysler Group’s vice president for network development and fleet, told the Wall Street Journal in a statement.
Earlier this year, Chrysler said that it will allow its pact with Ally Financial, the former lending arm of General Motors, to expire at the end of April next year.
Fiat has used Banco Santander for financing in several markets. In Europe, Santander handled financing for Fiat in the UK and Ireland until early this year when its role was taken over by FGA Capital, a joint venture of Fiat S.p.A. and Credit Agricole S.A.