Wed, January 21, 2009
Chrysler Financial has received access for up to $1.5 billion in loans from the US Department of Treasury's troubled assets relief program.
The funds, which became available under the Emergency Economic Stabilization Act of 2008, will provide the necessary liquidity to support the company's retail finance program.
Thomas Gilman, vice chairman and CEO of Chrysler Financial, said: "We appreciate the Treasury Department's support and their commitment to increase the availability of financing for consumers.
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
Source: http://www.banking-business-review.com
