Posts Tagged ‘chrysler’

GMAC Gets $3.5B From U.S. Treasury

Wednesday, December 30th, 2009

After months of talks, the Treasury Department has announced that it will be giving $3.5 billion to Detroit-based finance company GMAC. The amount is in addition to the $13.4 billion already invested in GMAC last year.

This year has been a turbulent one for GMAC according to personnel at Manchester Used Cars. The company has been evaluating its automotive and residential mortgage financing programs to ensure its growth and ability to repay government loans in the future. Despite setbacks, GMAC continues to be the main lender for GM and Chrysler dealerships and their customers. (more…)

Auto Lending Improves at GMAC

Wednesday, June 10th, 2009

Buying a car image

GMAC has struggled due challenges in both the housing and automotive sectors. Luckily, GMAC’s auto lending division appears to be getting back into shape.

While recent earnings reports from GMAC showed far steeper losses in Q1 of 2009 compared to earning a year prior, it did show that the first quarter also saw an increase in new auto loans compared with the stagnant fourth quarter of 2008.

What is also good news for GMAC auto financing is that the company will begin serving Chrysler retailers this month says New Jersey Dodge, following GMAC’s decision to diversify its auto finance business. Previously, Chicago Chevrolet dealers points out that GMAC’s auto finance business has revolved exclusively around sales of General Motors vehicles.

In the fourth quarter of 2008, GMAC saw its most turbulent performance. With dealers closing their doors, car buyers refraining for new car purchases, and the ongoing credit freeze, GMAC was finding difficultly in raising funds. With no new loans coming in, Fort Lauderdale Commercial Vehicles says GMAC was able to become a bank holding company and also received funds from the U.S. Treasury Department via the Troubled Asset Relief Program.

The Treasury purchased about $5 billion shares of GMAC, while also loaning money to GM. While the auto finance company is far from being out of the woods, one commercial equipment leasing company says there are certainly positive signs that the auto lending business has seen its worst performance. (more…)

New Chrysler Incentives Introduced

Monday, May 11th, 2009

Chrysler image

Incentives are currently dominating the automotive industry. Most car companies and dealers are offering a range of unique incentives, including rebates, cash back, competitive rates for qualified buyers, and even the ability to return the vehicle without penalty. Chrysler, amid aggressive bankruptcy restructuring, is also looking forward to offering attractive incentives.

The big challenge for Chrysler is convincing consumers to buy a vehicle from a company that they know is in bankruptcy admits Chrysler Dallas dealers. The immediate way Chrysler plans to reverse this perception is by cutting prices on new Chrysler vehicles. Among the new incentive is a rebate of up to $6,000.

In addition to rebates, Chrysler will now offer $4,000 cash back on 2009 models. Chrysler is also offering $1,000 consumer loyalty for existing Chrysler drivers, as well as $1,000 for those financing through credit unions. With these discounts, Car Loans Chattanooga say that 2009 Chrysler, Dodge, and Jeep models can be had at dramatically reduced prices. The only vehicles excluded from these offers are the Dodge Challenger, Sprinter van, and Viper sports car. Vehicles excluded from the consumer loyalty program include the Chrysler PT Cruiser & Sebring, Jeep Patriot & Wrangler, and Dodge Caliber & Avenger. Lastly, the Chrysler Aspen/Dodge Durango both are excluded from the credit union discount.

Economy conscious consumers want good deals these days. Luckily, the bad credit car loans Chicago specialists recommend that those who don’t mind the stigma of buying a car from a bankrupt company, Chrysler, Dodge, and Jeep vehicles can certainly be had for outstanding prices. (more…)