Chrysler is to file for bankruptcy protection, it was announced
– and Chrysler Financial is to be wound up.
In a televised statement on Chrysler’s future, President Obama
said that GMAC will take on the task of providing retail and
wholesale financing for Chrysler’s dealers, as the cost of keeping
Chrysler Financial afloat was more than the US government was
willing to bear.
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Marcie Belles, senior editor of US car finance magazine Auto
Finance News said: “I think it’s important to have a single
company managing Chrysler floorplans, but do we have to assign a
single company to handle retail loans? It seems to me that
opportunity should be made available to any financiers who step up
to the plate.”
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