Santander Consumer USA originations climbed 10% year over year amid “constructive and positive” discussions with Fiat Chrysler Automobiles Group “focused on optimizing the existing contract that we have in place,” SCUSA Chief Executive Scott Powell said during the company’s first-quarter earnings call this week.
Powell noted that the discussions have “moved away from the sale of Chrysler Capital to Chrysler” but failed to provide additional details.
Loans originated by SCUSA subsidiary Chrysler Capital grew 23% year over year to $2.4 billion. Chrysler Capital’s penetration rate grew to 31% in the quarter, from 28% in the prior-year period.
Santander’s total auto originations increased to $7 billion in the first quarter, up from with $6.6 billion in the first quarter of 2018. Meanwhile, lease originations declined 6% to $2 billion.
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