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Chrysler Won't Renew Deal With Ally

April 26, 2012

AUBURN HILLS, Mich. — Chrysler Group LLC notified Ally Financial Inc. that it will not renew its auto finance agreement with the former captive, according to the carmaker’s April 25 filing with the Securities and Exchange Commission.

The three-year-old agreement between the two companies is set to expire on Monday, April 30. Since the deal was announced on April 30, 2009, Ally has provided wholesale financing to the carmaker’s dealer network and retail financing to its U.S. and Canadian customers. The SEC filing, however, indicated that Chrysler hasn’t closed the door on teaming up with Ally going forward.

“We are currently pursuing various ways to optimize the financial products and services available to meet the needs of our dealers and customers in the U.S. and Canada,” ready the SEC filing. “We have already begun discussing these alternatives with a number of financial institutions, including Ally.”

Comments

  1. 1. Joeby [ April 26, 2012 @ 02:35PM ]

    It's about time! Ally, AKA GMAC has always treated the Chrysler dealers like step-children! This is the perfect time to align with another bank and cut the ties with the GM archaic mentality.

  2. 2. Bill D [ April 27, 2012 @ 04:57AM ]

    Many Chrysler Jeep Dodge Dealers have had a great relationship with Ally and are disappointed in the latest news. Last thing they need is a change during this surge in sales, and they feel Ally has been a great partner and has contributed to their success.

 

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