Monday, October 19, 2009

GMAC: Most Chrysler dealers to qualify for new loans

Company says most of Chrysler's 2,400 retailers will get needed financing

GMAC Financial Services President Bill Muir said Sunday that the number of Chrysler dealers expected to close because they don't qualify for new loans through the lender is likely to be small.

GMAC was designated the new finance company for Chrysler Group LLC dealers after the automaker filed for bankruptcy.

The Detroit News reported Saturday that some dealers said they had been told by GMAC and Chrysler officials that hundreds of dealers were at risk of not being able to finance with GMAC.....More

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