Chrysler Financial Given Access to $1.5 Billion in TARP Loans - aftermarketNews
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Chrysler Financial Given Access to $1.5 Billion in TARP Loans

Chrysler Financial offers vehicle wholesale and retail financing to more than 3,600 Chrysler, Jeep and Dodge dealers.

FARMINGTON HILLS, Mich. — Chrysler Financial announced it has received access for up to $1.5 billion in loans from the U.S. Department of Treasury’s Troubled Asset Relief Program (TARP). The funds, which became available under the Emergency Economic Stabilization Act of 2008, will provide the necessary liquidity to support Chrysler Financial’s retail finance program.

Chrysler Financial offers automotive financial products and services to both dealers and consumers of Chrysler, Jeep and Dodge vehicles in the U.S., Canada, Mexico and Venezuela. It also offers vehicle wholesale and retail financing to more than 3,600 Chrysler, Jeep and Dodge dealers.

"We appreciate the Treasury Department’s support and their commitment to increase the availability of financing for consumers," said Thomas Gilman, vice chairman and CEO – Chrysler Financial. "This funding will provide us with increased capacity to help Chrysler LLC and our dealers make new loans available to qualified consumers and sell more cars and trucks."

"This funding will better position us to withstand the current economic challenges until funding becomes available through more traditional commercial sources," added Gilman.

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