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Santander Consumer USA Holdings signs contract with FCA US.

M2 EQUITYBITES-July 2, 2019--Santander Consumer USA Holdings signs contract with FCA US

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Auto Business News - 02 July 2019

Santander Consumer USA Holdings Inc. (NYSE: SC), a company that does business as Chrysler Capital, has signed a contract with FCA US, a subsidiary of Fiat Chrysler, to amend the Master Private Label Financing Agreement.

According to the Chrysler Agreement, which is in year seven of a 10-year term, SC is the automaker's preferred provider for consumer loans, leases and dealer loans.

As part of the amendment, SC will make a one-time payment of USD60m to the automaker. The amendment also withdraws the parties' July 2018 tolling agreement, based on which each party preserved its rights, claims and defences as they existed on April 30, 2018, with respect to the Chrysler Agreement.

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Date:Jul 2, 2019
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