GMAC Financial Services issued an update Friday on its efforts to provide nearly 1,500 Chrysler dealers with wholesale financing.
GMAC said it completed the formal underwriting and approved 94 percent (1,377) of the 1,474 Chrysler dealers who applied for standard wholesale credit lines. Additionally, 14 dealerships have conditional approval pending acceptance of loan stipulations.
GMAC said 83 dealerships were declined for failure to meet credit standards. “Most of these dealerships previously were on ‘finance hold’ with Chrysler Financial and were notified by GMAC in June 2009. Many have been in liquidation for some time,” the captive lender said in a statement.
GMAC was selected in May 2009 as the preferred lender for Chrysler dealers previously funded by Chrysler Financial. “We approved the vast majority of Chrysler dealers who applied for wholesale credit lines, and are continuing to work with the few remaining dealers that have conditional approval,” said Bill Muir, GMAC president.