Reborn Chrysler Financial to sign up dealers at NADA convention in 2011

Article by Christian Andrei, on December 27, 2010

Under new ownership, Chrysler Financial will look to sign up dealers at the National Automobile Dealers Association convention in San Francisco in February 2011 to boost its new-vehicle financing business to a goal of $1 billion per month by 2013.

With 2,300 dealers in the United States, Chrysler Financial will need about 5,000 dealers in Canada and the U.S. Toronto's TD Bank Group recently said it will buy the former captive finance company from Cerberus Capital Management for about $6.3 billion in cash.

Chrysler Financial CEO, Tom Gilman, said the company wants to hit the ground running after mainly sitting on the sidelines since April 30, 2009, when Chrysler Group filed for Chapter 11 reorganization. As part of its bankruptcy restructuring, Chrysler switched its captive financing relationship to Ally Bank, the former GMAC.

The Chrysler Financial portfolio of existing loans and leases narrowed quickly, since old loans were paid off much faster than the making of new loans.

Chrysler Financial never totally quit making loans, but failed to be competitive since there was no incentive money from Chrysler. [via autonews - sub. required]

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
WM Motor, a new China-based automaker, recently revealed its forthcoming lineup consisting of affordable electric vehicles. While there is a company is the U.S. that has the same name, they...
by - December 8, 2016
Even when Aston Martin has been mum about the upcoming AM-RB 001 hypercar, Marek Reichman at least has something new to say. In a recent interview with Australia’s Motoring, the...
by - December 8, 2016
The people at Mercedes-Benz are rejoicing. This is simply because for the first time since 1979, Mercedes-Benz has assembled 20,000 – and still counting – examples of the Mercedes-Benz G-Class....
by - December 8, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries