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.”
More Auto Finance
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →