CNP Assurance va couvrir l'ensemble des garanties proposées par Santander Consumer Banque sur ses crédits automobiles.

Santander CNP selects to enhance car loan offer

Posted on Jul 7, 2022, 4:13 pm

New curved stock from Santander Consumer Bank. Following the call for bids, the French subsidiary of Santander Consumer Finance – an entity of the Iberian giant dedicated to consumer credit – selected CNP Assurances to market the borrower’s insurance products and insure financial losses on auto loans. Thus, the leading life insurance company has replaced Cardif (a subsidiary of BNP Paribas) for at least the next three years.

“Thanks to this agreement, we are strengthening our customer coverage and continuing our ambition to become a major market player for independent finance companies in France,” said Martin Thomas, Managing Director of Consumer Bank Santander. We are convinced that by combining CNP Assurances’ expertise with our knowledge of distribution, this partnership will create value.”

Classic Distribution Partnership

In detail, CNP Assurance will cover all guarantees that Santander Consumer Bank provides on auto loans (death, disability, job loss, financial loss). “The conclusion of this partnership with Santander Consumer Bank, a well-known player in finance, is in line with the development of an open, multi-partner model for CNP Assurances,” emphasizes Thomas Chardonnell, Director of Partnerships in France for the insurance group.

In the field of car loans, the insurance company, 100% owned by La Banque Postale since June, is already working with Credit Agricole and BPCE. “The auto finance market is changing,” explains Thomas Chardonnell. Uses such as financing methods are changing and we are adapting our solutions and guarantees to best meet the expectations of our partners and their customers.”

Leasing boom

These changes are particularly evident in the car rental market, which made up 82% of car purchases last year. Long the prerogative of businesses alone, long-term rental – with or without the option to purchase – is attracting more and more families. While only 11% chose this formula for a car in 2012, that percentage rose to 47% in 2021.

A godsend for the Santander Consumer Bank. The auto loan specialist – who recently entered into an agreement with the Stellantis Group – sees this partnership as an opportunity to expand its product range, particularly through white label partnerships.

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