The lender behind Chrysler Capital, Santander Consumer USA, released a plan to raise at least US$50 million in an initial public offering, according to official papers filed with the U.S. Securities and Exchange Commission.

Santander Consumer USA also said they want to pursue sustainable relationships with other automakers."We plan to expand our existing OEM relationships and develop future relationships with other OEMs to drive incremental origination volume," representatives of the company said speaking about original equipment manufacturers.

Traditionally, Santander Consumer USA has been a near-prime and subprime lender focusing on used-vehicle financing. Only when Santander Consumer USA entered into a 10-year deal with Chrysler Group LLC earlier this year did its lending practices change. Santander Consumer, under the Chrysler Capital Brand, now caters to private-label loans and leases.

Chrysler Capital began its US operations on May 1 as the quasi-captive finance arm of Chrysler.

Currently, Spain's Banco Santander has 65% stake in Santander Consumer USA. Private equity funds associated with Kohlberg Kravis Roberts & Co. L.P., Centerbridge Partners L.P. and Warburg Pincus LLC collectively has 25% stake while Santander Consumer's CEO, Thomas Dundon, owns around 10% of its shares.