GMAC ‘Working Aggressively’ to Support Chrysler Dealers
Responding to reports that it suspended wholesale financing for some of the roughly 2,400 surviving Chrysler dealers, GMAC Financial Services said on Friday that it is “working aggressively” to support the Chrysler dealer body at large.
Responding to reports that it suspended wholesale financing for some of the roughly 2,400 surviving Chrysler dealers, GMAC Financial Services said on Friday that it is “working aggressively” to support the Chrysler dealer body at large.
“We began interim wholesale financing in May, and have begun our process of underwriting for the longer term. That process will take approximately six months,” said GMAC in a statement.
Shortly after U.S. Bankruptcy Judge Arthur Gonzalez’s May 12 ruling to allow GMAC to provide wholesale and retail financing to 60 percent of Chrysler’s dealers, the finance company said it would begin vetting dealers over a 180-day period to determine which dealers were eligible for long-term credit lines. According to media reports, the process resulted in approximately 6 percent of Chrysler’s remaining dealers having their wholesale financing suspended.
“We fully expect the vast majority of Chrysler dealers for which we are providing interim financing to be approved for longer - term wholesale agreements,” read the GMAC statement. “However, we did notify some Chrysler dealers that they did not qualify for long-term wholesale financing based on our credit criteria.”
Mike Stoller, GMAC spokesperson, said the company is moving toward permanent underwriting for the vast majority of Chrysler dealers. He would not say how many dealers did not meet the company’s credit requirements, but did say the company is ready to receive retail contracts from all Chrysler dealers.
The same day Chrysler filed for bankruptcy protection under Chapter 11 on April 30, the Obama administration issued a statement detailing the agreement between Chrysler and GMAC. The White House said in the statement that it would provide the capitalization GMAC required to support the Chrysler business.
The first injection came on May 21, when the U.S. Treasury provided GMAC with a $7.5 billion capital investment. While a portion of the investment was aimed at helping the finance company withstand further economic deterioration, $4 billion of that money was earmarked for Chrysler dealer and retail financing.
GMAC also gained approval by the Federal Deposit Insurance Corporation (FDIC) to participate in the Temporary Liquidity Guarantee Program, as well as an expanded exemption granted by the Federal Reserve to originate GM-related assets at GMAC’s bank, which will operate as Ally Bank.
To date, GMAC has received $13.5 billion in government funding. The company also announced on June 1 that it was seeking to further strengthen its liquidity position by offering $4.5 billion of debt guaranteed by the FDIC’s Temporary Liquidity Guarantee Program.
“We have been straightforward in our approach and desire to provide solutions. Going back to December, we immediately made financing available after receiving investments from the federal government,” said GMAC’s Stoller. “We continue to support all of our dealers and customers by appropriately extending credit.”
More F&I

Why Your F&I PVR Is Misleading You
Here’s a handy checklist of the numbers to track in 2026 instead.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →
Humble and Hungry: 12 Rules for an F&I Life
Dustin Gingerich, with a decade in the F&I business under his belt, shares his thoughts on leadership, building trust with customers, and the importance of learning and innovation.
Read More →
Focus on the Opening
F&I managers must learn as much as possible about their customers, starting before they walk into their offices. The bulk of today’s consumers expect that, and good results will follow.
Read More →
F&I Reaches for the Sky
The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.
Read More →
Timing the Market Can Hurt Long-Term Program Performance
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
The 90/10 Rule
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
Your Office Is Talking
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →
F&I Training Fundamentals
How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
Read More →
Not Just Any Tire Will Do
More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
Read More →