In return, Stellantis said it would create a new structure, called Auto Finance Company (AFC).
The proposed transaction should be completed during the second half of 2022, pending regulatory approval, the Stellantis added.
In its push for more profitability under CEO Tavares, the European auto conglomerate resulting from the 2021 merger of PSA Group and Fiat Chrysler Automobiles had previously restructured its credit business in Europe and the United States.
Stellantis through its China-based joint ventures represents just 0.5 percent of the Chinese auto market.
DPCA, the joint venture with Dongfeng, sold 100,567 vehicles in 2021, more than doubling annual sales. Stellantis' JV with GAC sold 20,123 units last year, a 50 percent decline.
The proposed transaction should be completed during the second half of 2022, pending regulatory approval, the automaker added.
In its business plan to 2030 outlined last month, Stellantis said it would adopt an "asset-light" model in China -- keeping only one fully owned plant and opening up other manufacturing capacity to third parties to lower fixed costs.
It is aiming for Chinese revenue to reach 20 billion euros ($22 billion) by 2030. Revenue for "China, India and Asia Pacific" totaled 3.9 billion euros last year.
In November, Stellantis bought First Investors Financial Services Group for arout $285 million as it seeks to build a full-service captive finance arm in the United States, where owning 100 percent of such structures is a common feature.
The business offers U.S. customers, dealers and partners financing options, including retail loans, leases and floorplan financing.
It took a different approach in Europe. Late last year, the company agreed to set up financing and leasing joint ventures with BNP Paribas BNPP.PA, Credit Agricole CAGR.PA and Santander SAN.MC.
The aim was to cut the number of entities it inherited from PSA and FCA.