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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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UPDATED: Feb 11, 2013

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Chrysler enthusiasts and future car shoppers rejoice! A new lender is on the scene. It turns out the car industry giant Chrysler is replacing its old financing partner Ally.

Chrysler Group LLC is giving the boot to Ally and replacing it with Chrysler Capital, the lovechild of Chrysler Group and Santander Consumer USA, which is a subsidiary of Spanish banking behemoth Banco Santander.

Santander Consumer USA is an auto lending company with $21 billion worth of financing revenue thanks to its partnerships with 14,000 dealerships. Its mother company, Banco Santander, dominates the euro zone by managing 1.388 trillion euros.

According to a loans.org interview with Ralph Kisiel, the Manager of Sales and Dealer Network Communications, Chrysler Capital will be a separate business unit spawned from Santander Consumer USA.

Kisiel explained that dealerships will still have the freedom to finance car loans through Ally rather than Chrysler Capital.

In a news release, Peter Grady, Vice President of Network Development and Fleet for Chrysler Group, spoke very highly of Santander’s business and ability.

 “We found in Santander Consumer USA a nimble partner backed by the strength and experience of a worldwide banking leader,” said Grady. “We have been impressed with Santander Consumer USA’s capabilities, energy and attitude about selling Chrysler Group vehicles.”

Chrysler Capital will be providing car loan and lease financing for Jeep, Dodge, Ram, SRT, FIAT, and Chrysler customers. Additionally, the company will actually provide financing to dealers once it launches on May 1 of this year. Dealers will be able to get financing for new and used inventory, dealership construction, working capital, and revolving lines of credit.

According to a statement by Santander Consumer USA’s CEO and President Thomas Dundon, Chrysler Capital’s goal will be “to leverage an improved information flow” that will “capture incremental sales.”

Santander Consumer USA will be giving Chrysler a quarterly share of revenues.

(Reported in collaboration with Isaac Juarez.)