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Financial Arm Suspends Financing
Source: Agencies |
May 4, 2009, Monday
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Print Edition
Print Edition
CHRYSLER Financial says it is temporarily suspending financing for Chrysler dealers effective immediately.
The financial arm of Chrysler LLC said that the move is a result of the auto maker's filing for bankruptcy reorganization protection on Thursday.
In its court filings, Chrysler said 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 customers that buy Chrysler cars certain discounts.
In January, Chrysler Financial received US$1.5 billion in federal loans to help it weather the economic downturn.
The financial arm of Chrysler LLC said that the move is a result of the auto maker's filing for bankruptcy reorganization protection on Thursday.
In its court filings, Chrysler said 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 customers that buy Chrysler cars certain discounts.
In January, Chrysler Financial received US$1.5 billion in federal loans to help it weather the economic downturn.
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