Chrysler Wants Another $1.5 Billion to Give Out More Auto Loans

Chrysler Chief Executive Bob Nardelli is asking for another $1.5 billion from the US government to fund the company's financial arm, which would allow for more loans to individuals that haven't been able to qualify.

Due to the credit crunch it has become increasingly harder for individuals to receive financing, since banks are now requiring better credit scores and higher down payments.

In January the US government gave $1.5 billion to Chrysler Financial, which allowed Chrysler to subsidize zero percent interest loans on new vehicles.

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Chrysler officially hops on board 12-state credit union loan band wagon

Filed under: Chrysler, LLC., Dodge, Jeep, Earnings/Financials

Last week, GM partnered with credit unions in four states to offer up to $10 billion in new car loans and incentives. Not one to be left shivering alone in the cold, and with November sales down nearly 28% compared to last year, Chrysler LLC has just announced their own 12-state credit union program allowing its customers access to upwards of $12 billion in auto loan financing. The partnership (also called "Invest in America") gives participating credit union members additional $500 to $1,000 rebates on most Chrysler, Jeep, and Dodge vehicles. Steven Landry, Chrysler's executive VP of North America sales, says, "We are confident that the Invest in America program and credit union member cash will provide significant value for our customers and the economy as a whole during these challenging times." While additional cash on the hood of a new Chrysler sounds appealing, we really don't think that buyers are avoiding showrooms due to a lack of financial incentives -- it's been a buyer's market for months.

[Source: Automotive News - Sub. Req.]

Chrysler officially hops on board 12-state credit union loan band wagon originally appeared on Autoblog on Fri, 19 Dec 2008 07:31:00 EST. Please see our terms for use of feeds.

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