Schrempp Criticizes Zero Percent Financing: AP
DaimlerChrysler AG chairman Jurgen Schrempp has expressed his dislike of the no-interest financing that Chrysler and other U.S. auto manufacturers are currently offering on new vehicles, according to a report from the Associated Press.
"If I were the only manufacturer in the United States, I wouldn't have started this," he told the United States Chamber of Commerce Nov. 29. "But unfortunately, that is not the case."
Chrysler reluctantly followed GM and Ford in offering zero percent financing to boost sales after the Sept. 11 terrorist attacks.
Schrempp said it will be difficult to get out of the financing deals and that Chrysler will reduce its offer once profit margins are healthy again, according to AP. The offers were scheduled to end on Halloween, but the automakers have extended them twice. GM's zero percent deals are now scheduled to last through Jan. 2, Chrysler's will be good through Jan. 8, amd Ford's through Jan. 14.
Many auto dealers have expressed concern that sales in coming months would suffer as financing incentives end.
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