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 finance company.

"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 said.

“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
North 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.