40 Chrysler dealerships at risk over financing flap

October 27th, 2009 by Bill Cawthon

The National Automobile Dealers Association says as many as 40 Chrysler dealerships may be threatened with foreclosure because of the ongoing dispute between GMAC and Chrysler financial.
“The parties have taken inconsistent positions and dealers are stuck in the middle,” said Forrest McConnell, an official with NADA. The dealer group says the affected dealerships are viable [...]

Tags: Chrysler Financial, Chrysler Group, dealers, GMAC, National Automobile Dealers Association. Cerberus, Chrysler Financial, Dealers, GMAC

Government, Cerberus at odds over fate of Chrysler Financial

October 23rd, 2009 by Bill Cawthon

The U.S. Treasury’s special master and Cerberus Capital Management LP reportedly have a difference of opinion when it comes to the future of Chrysler Financial.
In a document issued yesterday, Kenneth Feinberg, the special master overseeing executive compensation at the seven firms that received government bailouts, said, “Chrysler Financial is currently pursuing a successful wind down [...]

Tags: Cerberus, Chrysler Financial, GMAC, U.S. Treasury. Cerberus, Chrysler Financial, GMAC

GMAC says most dealers will qualify for financing

October 20th, 2009 by Bill Cawthon

Responding to concerns that a lack of financing may cause more Chrysler dealers to close up shop, GMAC Financial Services President Bill Muir says the number of dealers that don’t qualify for new loans through the lender is likely to be small. According to Muir, the vast majority will be approved as GMAC takes over [...]

Tags: Chrysler, Chrysler Financial, dealers, GMAC. Chrysler, Dealers, GMAC

Dealers trapped in GMAC, Chrysler Financial Catch-22

October 17th, 2009 by Bill Cawthon

Chrysler dealers who survived the purge earlier this year now face a new challenge: getting financing in the midst of a dispute between GMAC and Chrysler Financial. Hundreds of dealerships that Chrysler Group says are critical to its success could go out of business because they can’t get floorplan funding from GMAC until they have [...]

Tags: Chrysler Financial, Chrysler Group, dealers, GMAC. Cerberus, Chrysler, Chrysler Financial, Dealers, GMAC

Chrysler Rewards credit card dropped?

July 21st, 2009 by DaveAdmin

The Chrysler, Dodge, and Jeep credit card programs are all coming to an end on October 30, 2009; Bank of America, which was handling the programs, has sent notifications to cardholders. Participants can order Dealer Dollars certificates through August 31 and can earn rewards points for purchases through September 30, but must redeem points by [...]

Tags: Chrysler, Chrysler Financial, credit, Dodge, Dodge Ram, Jeep. Chrysler, Chrysler Financial, Dodge, Incentives, Jeep

Chrysler Financial V-P heads to GMAC

July 8th, 2009 by Bill Cawthon

Mark Manzo, 44, vice president of sales and marketing for Chrysler Financial, has resigned his position to take a job with GMAC.
Manzo, who had been with Chrysler Financial for 22 years, will be working with the Chrysler dealers brought into GMAC when Chrysler Financial got out of commercial lending in May. GMAC is now the [...]

Tags: Chrysler Financial, GMAC. Chrysler Financial, Executives, GMAC

Chrysler Financial cuts workforce

July 1st, 2009 by Bill Cawthon

Faced with a tough credit market, declining vehicle sales and the loss of Chrysler Group’s wholesale financing business to GMAC, Chrysler Financial cut nine percent of its 3,900-person staff yesterday. In addition, the company will consolidate retail credit acquisitions into the Auburn Hills Great Lakes business center and is closing its customer contact center in [...]

Tags: Chrysler Financial, GMAC, layoffs. Chrysler Financial, GMAC

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