Santander will purchase $3.2 billion of CitiFinancial Auto’s auto loan portfolios, the firm announced today.

It will obtain the portfolio at a price equal to 99% of the value of the gross receivables.

The transaction, expected to close by the end of 3Q10, is subject to regulatory approvals and closing conditions and is not expected to have a material impact on Citi’s net income.

Additionally, Santander agreed to service a portfolio of approximately $7.2 billion of auto loans that Citi will retain.

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