JLR chooses Fiat to handle finance services

Jaguar Land Rover has selected Fiat Group Automobiles Financial Services (FGAFS) to be its exclusive partner in Europe to provide automotive financial services for its dealers and customers.

The agreement will gradually replace the arrangement with Ford, whose financial arm provided support during the Ford ownership of Jaguar Land Rover.

Under the arrangement, FGAFS, which is a 50%-50% joint venture between the bank, Crédit Agricole Group and Fiat Group Automobiles, will start taking on all Jaguar Land Rover’s financing activities in Europe from February next year, with the transition being completed by June 2009.