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NEW YORK — The prospectus connected with a $1.25 billion
offering of automobile receivables-backed securities Santander Consumer USA
rolled out earlier this month showed contracts involving Dodge vehicles
constituted the highest percentages of receivables and outstanding principal
balances within the deal.

Future regulatory filings might outline an even higher percentage
if Santander reaches a deal to be the in-house financing company for Chrysler
Group, a development that reportedly could come within the next two weeks.

The Wall Street Journal reported late Thursday that sources
familiar with negotiations said Chrysler is "getting close to striking a deal"
with Santander on a relationship for consumer loans and leases as well as
dealer floor planning through a new entity called Chrysler Capital.

The online report indicated people close to the discussions
said that Chrysler and Santander have signed a term sheet, and that the deal
could be finalized within the next couple of weeks.

Since filing for bankruptcy back in 2009, Chrysler dealers
having been using Ally Financial for financing. However, that contract expires on
April 30.

Last spring, Chrysler produced necessary announcements to
satisfy the agreement's requirement that notice of nonrenewal be provided at
least 12 months prior to the date of expiration.

"Under the agreement since April 30, 2009, Ally has provided
wholesale financing to our dealer network and retail financing to our customers
in the U.S. and Canada," Chrysler said in its Form 8-K to the Securities and
Exchange Commission.

"We are required during the term of the agreement to ensure
that Ally finances a specified minimum percentage of the vehicles sold under
certain of our subvention programs, and to repurchase Ally-financed inventory
from dealers upon certain triggering events," the company continued.

"We are currently pursuing various ways to optimize the
financial products and services available to meet the needs of our dealers and
customers in the U.S. and Canada," Chrysler officials went on to say. "We have
already begun discussing these alternatives with a number of financial
institutions, including Ally."

Should Chrysler and Santander consummate a deal, it could
further erode Ally's market position. Wells Fargo already surpassed Ally as the
market leader for overall auto lending, according to third-quarter data from
Experian Automotive. Wells Fargo held 5.90 percent of the market as of the
third quarter, surpassing Ally's level of 5.54 percent.

Ally's fall from the overall top spot coincided with dipping
below the 6-percent mark. Experian's data showed the company's market share
stood at 6.39 percent and 6.68 percent after the first and second quarter of 2012,
respectively.

Meanwhile, the developments between Chrysler and Santander
arrived just a couple of months after DriveTime Automotive Group sent notice to
the SEC stating it terminated its definitive selling agreements with Santander.

DriveTime indicated they made the decision about the selling
agreement first reached on Sept. 11 "due to certain unsatisfied conditions to
the closings of the transactions contemplated."

The company continued in its Form 8-K that "prior to
the terminations, DriveTime engaged in good faith discussions with the
purchasers regarding potential alternative transactions or transaction
structures.

"An agreement has not been reached, however, and while the
parties may continue to engage in discussions regarding potential alternatives,
the transactions set forth in the definitive agreements will not be
consummated," DriveTime went on to say.

When the original purchase agreement was announced back in
September, officials explained that DT Acceptance Corp. and its subsidiary, DT
Credit Co., would sell its finance receivable portfolio, which consists of
vehicle-related installment sales contracts, certificates representing its
residual interests in securitizations of finance receivables, and certain other
assets to Santander.

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