Chrysler Won't Renew Deal With Ally
Chrysler Group LLC notified Ally Financial Inc. that it will not renew its auto finance agreement with the former captive lender. Officials, however, left open the possibility of a future partnership.
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.”
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