Chrysler "Repossessing" Lee Iacocca's Company Car

One of the perks of being an ex-Chrysler Exec was company cars for life. Not any more. Oh, the cruel irony of repo'ing cars from Lee Iacocca, the person responsible for saving Chrysler from bankruptcy, because of bankruptcy.

In a letter obtained by Fox Business Network, the Chrysler HR division tells execs they can either turn the vehicles back in or purchase them at fair value. This means Iacocca has the choice of either turning back in both the Chrysler Town & Country and the 300C he's driving around in, or buying them both (thus doubling Chrysler's projected sales for the month). The letter ends by noting the "many contributions you have made to Chrysler" but says it's a necessary move.

[Fox Business Network]