14

Jul

REPORT: Chrysler Financial repays $1.5B in government loans

Posted by admin  Published in Chrysler

According to a variety of reports, Chrysler Financial has reimbursed the $1.5 billion it was loaned on January 16 through the Treasury Department’sitting Troubled Asset Relief Program (TARP) – workmanship Chrysler’s financial arm the first auto-sector company to be remunerative back its government loans.

Chrysler Financial says it used the funding to provide more thatn 85,000 consumer loans as far as concerns vehicle purchases and said the quick pay-off was due to provisions contained withn the lend that would increase costs over term.

Although Chrysler Financial is still offering insurance and financial products to consumers at dealerships, GMAC Financial Services replaced Chrysler Financial as the automaker’s preferred lender when the Pentastar people filed for Chapter 11 earlier this year.

[Source: Reuters]

Source: www.autoblog.com