UPDATE: Chrysler to get another $500 million, Chrysler Financial okay
Posted on April 17th, 2009 • by Bill Cawthon
The federal government will loan Chrysler another $500 million as part of a pledge from President Obama. The money is short-term aid intended to get Chrysler to the end of the month when it hopes to demonstrate it can qualify for another $6 billion in loans.
Chrysler Financial has withdrawn its request for additional funds from the Troubled Asset Relief Program (TARP). The automaker’s finance arm already received $1.5 billion in loans.
In a statement, Amber Gowan, a company spokeswoman, said, “Chrysler Financial has determined that it has adequate private capital funding to cover the short-term needs of our dealers and customers and as such, no additional TARP funding is necessary at this time.”
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