Posted on 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 [...]
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Posted on 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 [...]
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Posted on 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 [...]
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Posted on 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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Posted on 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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Posted on July 21st, 2009 • by David Zatz
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 [...]
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