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Sales of cars and trucks in the US are set to shift gear this year as consumers look to benefit from more availability of popular models and better interest rates on finance packages.
For most people in the US, an automobile is an essential purchase. Recent Santander US research found that 74% of middle-income Americans rely on a vehicle to get to work – and nearly as many believe that access to a car impacts the number of job opportunities available to them. In another survey nearly two-thirds of them said they would sacrifice other items in the household budget in order to acquire or maintain a car.
Santander Consumer helps people prosper
Most vehicle purchases in the US are made using auto financing and, with more than 14,000 sales points across the country, Santander Consumer USA (SC) is one of the leading providers. It is also a preferred lender to several global auto manufacturers, including Stellantis (which owns Chrysler and Dodge), INEOS, Mitsubishi, and Lotus Cars.
SC helps thousands of people with a wide range of credit profiles secure the vehicles they need to progress in their day-to-day.
Our role is not just about helping consumers finance their vehicles, we are supporting their ability to access the transportation they need to secure their own financial well-being in an uncertain landscape.
Providing support through troubled times
Santander plays a critical role in supporting the US economy and empowering underserved customers through lending. It also provides support for people experiencing financial difficulties so they can stay in their vehicles.
Santander’s CARE team is unique to SC and assists those who are under financial hardship. Beyond growing the number of late fee waivers, the dedicated, specialist team have developed new and innovative practices through proactive outreach - including deficiency balance waivers or severe hardship assistance. These support measures provide people with monthly payments relief to avoid repossession and help customers so they can continue to use their cars.
As vehicle access is essential for most middle-income Americans, lenders play a valuable part in helping people prosper. In that sense, SC plays a critical role in supporting workers, making competitively priced loans available for car buyers from a responsible, regulated lender.
