Appeals court cuts Chrysler Financial sales tax refund

January 23rd, 2010 by Bill Cawthon

Chrysler Financial took a potentially multi-million-dollar hit when the Michigan Court of Appeals cut a $3.8 million state sales tax refund.
A lower court had ordered the refund based on Chrysler Financial’s claim that 24,423 loans, dating back to the late 1990s, went into default and the company either was due a refund of the sales [...]

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Chrysler may cut more dealers in credit crunch

November 19th, 2009 by Bill Cawthon

Chrysler Group may have to cut another 145 dealers unless they can find a new source of financing. That’s because the dealers have been unable to qualify for financing from GMAC, Chrysler’s primary financing source.
The dealers have been caught in the in the transition from Chrysler Financial to GMAC. They have existing mortgages and floorplan [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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Tag Archive for 'Chrysler Financial'

Appeals court cuts Chrysler Financial sales tax refund

Chrysler may cut more dealers in credit crunch

40 Chrysler dealerships at risk over financing flap

Government, Cerberus at odds over fate of Chrysler Financial

GMAC says most dealers will qualify for financing

Dealers trapped in GMAC, Chrysler Financial Catch-22

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