Posted on September 8th, 2010 • by David Zatz
Following Sergio Marchionne’s stated belief that financing should be kept separate from auto production, Chrysler has signed an agreement to have U.S. Bank provide leases to customers. The move comes after GM started an acquisition of a subprime lender to ease purchases for their own customers and, pundits say, to replace GMAC as an internal [...]
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Posted on May 19th, 2010 • by David Zatz
While General Motors has been talking about regaining ownership of GMAC or starting their own captive loan firm, Chrysler has held true to Sergio Marchionne’s vision of decoupled loan providers and automakers by striking an agreement with Santander Consumer USA. Santander, which is part of the large, Spanish Banco Santander, will provide loans to customers [...]
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Posted on May 26th, 2009 • by David Zatz
While Chrysler was able to negotiate terms with most creditors and stakeholders relatively early in the Chapter 11 process, General Motors appears to have had more hitches. Owners of $27 billion in bonds have refused to sign onto the GM deal, which would give them a 10% stake in a new GM in return for [...]
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Posted on May 7th, 2009 • by Bill Cawthon
Federal regulators have informed GMAC that it must raise $11.5 billion to stabilize its books and replenish its reserves. The new capital requirement does not include additional funding to cover GMAC’s new responsibilities as the financing source for Chrysler vehicles. The order came following a series of stress tests designed to evaluate the health of [...]
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Posted on May 6th, 2009 • by David Zatz
The “Non-TARP lenders” who are still opposing a quick sale of Chrysler, instead favoring liquidation, are listed below (with thanks to sebring96hbg). It is interesting to note that all but one are headquartered in New York, with two in Purchase. There may be some overlap in ownership. The “Arrow Distressed Securities Fund” almost certainly bought the [...]
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Posted on May 5th, 2009 • by David Zatz
Judge Gonzalez rejected a group of Chrysler creditors’ demand to remain anonymous, based on “death threats” which turned out to be general posts in the comments section of a Web site. The secured debt-holders who wish to block the Treasury-Chrysler-Canada-Fiat deal will have to publish their identities.
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