Chrysler Considering Banco Santander as Captive, The WSJ Reports

AUBURN HILLS, Mich. — The Chrysler Group and Banco Santander could partner on a deal to create in-house financing for the OEM, according to a report from The Wall Street Journal.

The news outlet reported that the joint venture will be called Chrysler Capital and would replace Ally Financial as Chrysler’s preferred lender. The deal would be created with Banco Santander’s car-finance unit, Santander Consumer USA.

According to sources cited in the WSJ article, the companies signed off on a term sheet for the deal, which could be finalized within the next couple of weeks.