Chrysler Capital Launched as the Full-Service Finance Provider for Chrysler Group Dea - Dodge Nitro Forum
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post #1 of 7 (permalink) Old 05-01-2013, 10:57 AM Thread Starter
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Chrysler Capital Launched as the Full-Service Finance Provider for Chrysler Group Dea

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May 1, 2013, 10:00 a.m. EDT

Chrysler Capital Launched as the Full-Service Finance Provider for Chrysler Group Dealers and Their Customers

DALLAS, May 1, 2013 /PRNewswire via COMTEX/ --

Chrysler Capital, the new private-label, full-service lending program of Santander Consumer USA Inc. and Chrysler Group LLC, launched today with a broad spectrum of auto financing services for Chrysler Group customers and dealers. Under a 10-year, private-label agreement announced Feb. 6, 2013, Chrysler Capital operates as a stand-alone company, managed jointly by Santander Consumer USA and Chrysler Group LLC.

Chrysler Capital provides 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 Group dealers, including lending solutions for dealership construction, real estate, working capital and revolving lines of credit.

Chrysler Capital will make it easier for Chrysler Group dealers to compete with other automakers that turn to in-house financial services subsidiaries to help offer credit to customers and more competitive financing alternatives.

"With today'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," said Peter Grady, Vice President of Network Development and Fleet. "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 car sales. In particular, 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."

The processing and funding of finance applications submitted by Chrysler Group dealers has already begun, and Dealer Relationship Managers began calling on all Chrysler Group 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."

About Chrysler Capital

Chrysler Capital is the full-service finance provider for Chrysler Group LLC and its dealers. Chrysler Capital (www.chryslercapital.com) provides full-spectrum retail automotive finance; direct-to-consumer lending; plus fleet, lease, floorplan and business lending solutions.

Chrysler Capital is a program of Chrysler Group LLC and Santander Consumer USA Inc. - a unit of global banking leader Banco Santander, a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization.

Chrysler Capital is headquartered in Dallas with satellite business centers across the U.S. Chrysler Capital is a trademark of Chrysler Group LLC and licensed to Santander Consumer USA Inc.

About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 to establish a global strategic alliance with Fiat S.p.A., produces Chrysler, Jeep, Dodge, Ram, Mopar, SRT and Fiat vehicles and products. With the resources, technology and worldwide distribution network required to compete on a global scale, the alliance builds on Chrysler Group's culture of innovation, first established by Walter P. Chrysler in 1925, and Fiat's complementary technology that dates back to its founding in 1899.

Headquartered in Auburn Hills, Mich., Chrysler Group's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300 and Town & Country, Jeep Wrangler, all-new Dodge Dart, Ram 1500, Jeep Grand Cherokee SRT8 and Fiat 500. Fiat contributes world-class technology, platforms and powertrains for small- and medium-size cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles.

SOURCE Chrysler Capital

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post #2 of 7 (permalink) Old 05-08-2013, 05:49 PM
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I wonder if they will take over my Ally loan - not so much of an Ally!






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post #3 of 7 (permalink) Old 05-08-2013, 06:59 PM Thread Starter
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Chrysler, GM wind down low-APR deals via Ally


05/08/2013




Chrysler Group will start directing its low-APR loan incentives exclusively to Chrysler Capital, a full-service finance provider launched last week by Chrysler Group and Santander Consumer USA.

That won't have much immediate effect on Ally Financial Inc., Chrysler's preferred lender until this month, because subvented loans for Chrysler accounted for only about 2.1 percent of Ally's retail auto originations in the first quarter, down from 7.2 percent a year earlier.


Quote:
"May 1 is the end of our agreement with Chrysler," said Ally President Bill Muir during a May 1 conference call for analysts. "Our understanding is that all of their advertised APR programs will be through Chrysler Capital."

Muir said he expects Chrysler low-APR deals to "go to zero pretty quickly" for Ally, but he said Ally will still be eligible to finance Chrysler loans carrying a cash incentive.

Separately, a Chrysler Group spokesman confirmed that customers who choose a cash rebate, when one is offered, can be financed through any lender. But if they choose a subvented-rate deal, he said, it must go through Chrysler Capital.

Overall, Ally is less dependent on incentivized deals from General Motors, too, although GM represents a bigger piece of Ally's volume than does Chrysler. In the first quarter, subvented deals from GM accounted for 13 percent of originations, down from 18 percent a year earlier.

Standard-rate loans for GM customers accounted for 15 percent of Ally's volume in the first quarter, on par with a year ago. Standard-rate loans for Chrysler Group customers were 10 percent of Ally's total, down from 11 percent.

Ally and GM are in the last stage of phasing out the exclusive nature of their agreement concerning incentives. The current agreement between Ally and GM expires at year end. However, the two partners expect to continue to do plenty of business together.

Meanwhile, Ally's lease penetration picked up in the first quarter to 28 percent, from 16 percent a year ago.

Ally CEO Michael Carpenter was asked during the conference call whether Ally would continue to ramp up leasing.

"I would characterize it as more of normalization than a ramping up," Carpenter said. "There was a period where we were lower than historical average on leasing. The mid-20s to 30 percent is probably where it's going to be in the near future."
Read more: Chrysler, GM wind down low-APR deals via Ally
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post #4 of 7 (permalink) Old 05-09-2013, 03:49 AM
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I do not know what a subvented loan is. At the time I purchased my Nitro, Chrysler Financial had been rolled over into Ally. I did get a $3,000 cash rebate, and just added that to my down payment and trade in value for my Jeep Commander. The loan automatically went to Ally, because Chrysler still not have any in house financing!

I guess I can't complain. Initially, I signed up for paperless billing from Ally. I never got an email notification of my first bill. I called them, and they told me that paperless billing was unavailable! So, each month I get a paper bill in the mail, and pay it online! How stupid is that? Other than the first call about paperless billing, I have had no contact with Ally.






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post #5 of 7 (permalink) Old 05-09-2013, 08:14 AM Thread Starter
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I too pay everything "Online" and have for years, but still receive monthly paper statements from many firms that include payment envelopes! Other companies I use auto-pay with a credit card but when I receive a new credit card (just last month with a new expiration date with the same account #) I have to call them since they do not allow this update to be performed "Online"! Some companies just don't get it!

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post #6 of 7 (permalink) Old 05-09-2013, 06:25 PM
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Originally Posted by rickaren View Post
I too pay everything "Online" and have for years, but still receive monthly paper statements from many firms that include payment envelopes! Other companies I use auto-pay with a credit card but when I receive a new credit card (just last month with a new expiration date with the same account #) I have to call them since they do not allow this update to be performed "Online"! Some companies just don't get it!
x2. Right on, brother!






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post #7 of 7 (permalink) Old 06-26-2013, 10:19 AM Thread Starter
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06/26/2013

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.


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