Chrysler Financial to immediately stop dealer wholesale financing
By APSaturday, May 2, 2009
Chrysler Financial to suspend dealer financing
FARMINGTON, Mich. — Chrysler Financial says it’s temporarily suspending financing for Chrysler dealers effective immediately.
The financial arm of Chrysler LLC said Friday that the move is a result of the automaker’s Thursday filing for Chapter 11 bankruptcy protection.
In its court filings, Chrysler said that GMAC Financial Services, the financing arm of General Motors Corp., will become the preferred lender for Chrysler’s customers and dealers.
As part of the deal, GMAC will be able to exclusively offer Chrysler customers certain discount financing offers.
In January, Chrysler Financial received a $1.5 billion federal loan designed to help it weather the economic downturn and tight credit markets.
Tags: Bankruptcy, Chrysler, Court, Farmington, Mich., Michigan, North America, United States, Us-chrysler-financial
