Stellantis is setting up a new U.S. financial-services partnership with a company other than Santander Consumer USA Holdings Inc., according to people familiar with the matter.
Details of the change will be shared later Wednesday, said the people, who asked not to be identified ahead of the announcement. Stellantis is the carmaking group formed via the merger between Fiat Chrysler and PSA Group early this year.
The new partnership could spell trouble for Chrysler Capital, the operation Santander and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. The business is wholly owned and operated by Santander and has handled much of the loans U.S. consumers take out to finance vehicle purchases. It also lends to dealers.
Representatives for Stellantis and Santander declined to comment. The lender’s U.S.-listed stock fell as much as 1.1 percent and was down 0.2 percent as of 12:30 p.m. New York time. Stellantis shares traded 0.2 percent lower.
