DALLAS, July 1, 2019 /PRNewswire/ -- Santander
Consumer USA Holdings Inc. (NYSE:
SC) ("SC" or "the Company"), which does business as Chrysler
Capital, today announced it has reached an agreement with FCA US
LLC ("FCA") to amend the Master Private Label Financing Agreement
(the "Chrysler Agreement"). Under the Chrysler Agreement, which is
in year seven of a 10-year term, SC is FCA's preferred provider for
consumer loans, leases and dealer loans.
"We are pleased to have reached a mutually beneficial agreement
that strengthens our partnership with FCA going forward," said
Scott Powell, Chief Executive
Officer of SC. "This amendment establishes an operating framework
for the remainder of our contract and positions us to continue to
help FCA succeed."
As part of the amendment, SC will make a one-time payment of
$60M to FCA. The amendment also
terminates the parties' July 2018
tolling agreement, pursuant to which each party preserved its
rights, claims and defenses as they existed on April 30, 2018, with respect to the Chrysler
Agreement.
About Santander Consumer USA
Holdings Inc.
Santander Consumer USA Holdings
Inc. (NYSE: SC) is a full-service consumer finance company
focused on vehicle finance, third-party servicing and delivering
superior service to our more than 2.7 million customers across the
full credit spectrum. The Company, which began originating retail
installment contracts in 1997, had an average managed asset
portfolio of approximately $54
billion as of March 31, 2019,
and is headquartered in Dallas.
(www.santanderconsumerusa.com)
CONTACTS:
Investor Relations
Evan Black
800.493.8219
InvestorRelations@santanderconsumerusa.com
Media Relations
Laurie Kight
214.801.6455
Media@santanderconsumerusa.com
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SOURCE Santander Consumer USA
Holdings Inc.