http://cache.jalopnik.com/assets/base/img/thumbs140x140/jalopnik.com.png http://jalopnik.com/tag/chrysler financial http://jalopnik.com/tag/chrysler financial Toronto-based TD Bank will purchase Chrysler Financial for $6.3 billion. Despite being named Chrysler Financial, the company is no longer owned by the automaker, but held by former owner and destroyer of worlds — Cerberus. If you do the math, Cerberus paid $7.4 billion for 80% of Chrysler, then easily shed it in the bankruptcy/bailout, kept the finance arm, and just sold that for almost the price they paid for the whole thing in the first place. [Reuters] More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=5715590&view=rss&microfeed=true Chrysler Financial refuses $750 million federal loan due to limits on pay. [WashingtonPost] More »
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Following the suspension of leasing by Chrysler Financial, Chrysler LLC has announced a new strategy to lower vehicle purchase payments to about the same price point that consumers were accustomed to with leasing. In addition to a model year-end promotion called "Shop 'Til You Drive," Chrysler will be expanding the vehicles eligible for 72-month loans, expanding cash incentives, in some cases to as much as $2,000, and providing additional cash incentives to customers coming off-lease. Automotive News reports that some Ram trucks will be getting discounts of as much as 40% off sticker price in an effort to clear inventory, and that Chrysler dealers will be encouraged to "think in terms of the kinds of clearance sales that department stores have." Full release below the jump. More »
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Afraid that Chrysler Financial's recent decision to suspend leasing would result in an influx of profit-draining lease contracts, the Detroit News reports Chase Financial will no longer offer leases on Chrysler products. "Leasing is a small part of our portfolio and we intend to keep it that way," said Chase spokeswoman Mary Kay Bean. The decision is another blow to Chrysler/Jeep/Dodge dealers who have been hit with poor-selling vehicles and now a severe lack of low-cost financing options. So, if you're a Chrysler dealer, what do you do now? More »
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Yeah, we just heard Chrysler Financial will no longer be offering auto leases. We're just as stunned as everyone else. Hit the jump for the full report and our analysis including what this means for Cerberus-owned GMAC. More »
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A man from the Canadian city-to-the-south-of-Detroit, Windsor, Ontario, is miffed at Chrysler (or more likely Chrysler Financial Canada) for losing a data tape and potentially making the possibility of identity theft happen sooner rather than later. Seems a tape containing the names, addresses and Social Insurance Numbers of some Canuckian Chrysler lessees was lost in transport by UPS. The carrier informed Chrysler of the loss by March 12th, and in turn, letters to folks with compromised identities were sent by March 27th. This chap from Windsor didn't get his note till April 21st and it's rubbing him the wrong way. More »
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