FARMINGTON HILLS, Mich. May 1 /PRNewswire/ -- In response to Chrysler LLC's April 30, 2009, decision to file for protection under Chapter 11 of the U.S. Bankruptcy Act, Chrysler Financial today emphasized that it continues in business as an independent and separate legal entity from the automobile manufacturer, and remains focused on running its business operations.
Chrysler Financial will continue to provide standard rate financing for retail consumers and to service its existing portfolio. However, as a result of Chrysler LLC's bankruptcy filing, Chrysler Financial is now required to temporarily suspend dealer wholesale financing in the United States and Canada, effective immediately, as it works to implement new procedures with its lenders. Also, the Company will suspend participation in Chrysler LLC's subvented A.P.R. programs while assessing the situation.
"In support of the decision made by President Obama and the Automotive Taskforce to move forward with the Chrysler Financial and GMAC transition, the Company is committed to working with our lenders, employees, dealers and customers to manage through the results of this decision," stated Tom F. Gilman, Chairman and CEO - Chrysler Financial.
Chrysler Financial customers should expect no disruption to the servicing of their account as a result of these announcements.
About Chrysler Financial
Chrysler Financial offers automotive financial products and services to both dealers and consumers of Chrysler, Jeep(R) and Dodge vehicles in the U.S., Canada, Mexico and Venezuela. In addition, it offers vehicle wholesale and retail financing to more than 3,600 Chrysler, Jeep and Dodge dealers. Currently, nearly three million drivers in the United States enjoy the benefits of financing with Chrysler Financial. Chrysler Financial has an employee base of 3,400 and supports a global portfolio of nearly $50 billion. For more information, visit corp.chryslerfinancial.com.
SOURCE Chrysler Financial
