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Press: Most Chrysler Dealers Ready for GMAC

May 28, 2009

AUBURN HILLS, Mich. — Close to 90 percent of Chrysler LLC’s U.S. dealers are ready to conduct

business through GMAC Financial Services, according to Chrysler Group vice

chairman and president Jim Press.

The announcement from Press was issued Friday, a day after

GMAC said the U.S. Treasury will invest $7.5 billion capital investment in the

finance company.

"With nearly 90 percent of our U.S. dealers now

activated for retail business through GMAC Financial Services, we're very

pleased about the U.S. Department of the Treasury's announcement yesterday to

invest in GMAC, to originate new loans to Chrysler dealers and consumer," Press

said.

"As Chrysler transitions our dealer network, we are also

very pleased with the speed and professionalism that GMAC Financial Services

has demonstrated to Chrysler and our dealers. We look forward to a successful

partnership that benefits both our consumers and dealers."

Earlier in the month, Chrysler signed a financial services agreement with GMAC

to provide the automotive financing products and services to Chrysler’s dealers

and customers. GMAC will be the preferred lender in
North

America for Chrysler, Jeep and Dodge dealer and consumer business,

including wholesale of new and used vehicles as well as retail. GMAC will be

able to offer long-term finance options for Chrysler LLC dealerships and

customers, and is established as a bank holding company with access to a

variety of funding sources.

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