CitiFinancial Auto offered loans through car dealerships to consumers purchasing automobiles, as Bloomberg Business reports. Loans made to consumers by this company were sold by CitiFinancial to Santander Consumer USA in 2010.
Consumers applied for financing directly through dealerships and online instead of in a traditional banking institution, as Bloomberg Business explains. These loans allowed consumers to receive credit for purchasing cars and other vehicles. Many CitiFinancial loan customers are served by Santander even if their loans were created by CitiFinancial Auto originally. Santander Consumer USA is based out of Dallas, Texas, and continues to offer loans through dealerships in the United States, as indicated on the company's U.S. website. Many loan options are available for consumers and dealerships.
CitiFinancial sold the loans to Santander Consumer USA and mostly left the business of offering auto loans through dealerships and online, as Bloomberg Business explains. CitiFinancial Auto provided loans through approximately 6,500 dealerships to around one million customers in the United States. The total value of these loans was divided into $3.2 billion in loans sold directly to Santander and another $7.2 billion in auto loans kept by Citigroup and serviced by Santander. The purchase allowed the Spanish company Santander to expand its influence within the American auto loan market.