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Chrysler Financial Cuts Workforce by Nine Percent

July 1, 2009

FARMINGTON HILLS, Mich. – Chrysler Financial announced June 30 it is reducing its workforce by nine percent, as it restructures its business operations to align with current revenue expectations.

There will be workforce reductions in each of the company’s eight business centers and at the corporate headquarters in Farmington Hills, Mich.

Through this restructuring, all U.S. retail credit acquisition activities will be consolidated into the Great Lakes Business Center in Auburn Hills, Mich. In addition, the company also announced the closure of its Kansas City Customer Contact Center in Overland Park, Kansas , effective August 31, 2009.

“While these were difficult decisions to make, they are necessary in light of our declining portfolio,” said Tom Gilman, chairman and CEO of Chrysler Financial. “We have made every effort to limit the number of job losses and to ensure the affected employees are treated fairly.”

As a standalone financial services organization, the company continues to offer dealership insurance and consumer retail financing products, and to service and collect on its on-going loan portfolio of about $45 billion. Chrysler Financial will continue to evaluate its business operations to ensure operating expense targets are in proper alignment with revenue opportunities.

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