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· Automated System
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According to Bloomberg, Chrysler and Santander Consumer USA will create a new unit, Chrysler Capital, to provide financing to customers and to dealers. Santander Consumer USA is a unit of Spain’s Banco Santander SA which is partly owned by two private equity firms via the Sponsor Auto Finance Holding series. Sergio Marchionne has stated more than once that he does not believe in “captive” (company-owned) financing units. Chrysler Capital will begin operating on May 1, 2013, when an existing agreement with Ally Bank (née General Motors Acceptance Corporation, or GMAC) expires.  Chrysler is responsible for around $25 billion in auto loans each year;  leasing is popular among customers as well as direct sales, but has been a weakness at Chrysler for some time. One reason is relatively low residual values, which have been rising as Sergio Marchionne has slashed rental-fleet sales, outfitted cars more generously, and cut back on incentives...

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