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
"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
"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
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.