Stellantis plans new US auto lender

MILAN: Stellantis NV is buying Houston-based auto lender First Investors Financial Services Group to set up its own captive-finance arm in the United States, supporting its sales and potentially boosting profits.

Stellantis, which is the only one of the major traditional automakers in the US without its own captive finance arm, agreed to pay US$285mil (RM1.18bil) to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, it said in a statement.