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AutoBlog: REPORT: Chrysler Financial repays $1.5B in government loans

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Filed under: Government/Legal, Chrysler, LLC.

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According to a variety of reports, Chrysler Financial has reimbursed the $1.5 billion it was loaned on January 16 through the Treasury Department's Troubled Asset Relief Program (TARP) - making Chrysler's financial arm the first auto-sector company to pay back its government loans.

Chrysler Financial says it used the funding to provide more thatn 85,000 consumer loans for vehicle purchases and said the quick pay-off was due to provisions contained withn the loan that would increase costs over time.

Although Chrysler Financial is still offering insurance and financial products to consumers at dealerships, GMAC Financial Services replaced Chrysler Financial as the automaker's preferred lender when the Pentastar people filed for Chapter 11 earlier this year.

[source: Reuters]

REPORT: Chrysler Financial repays $1.5B in government loans originally appeared on Autoblog on Tue, 14 Jul 2009 17:34:00 EST. Please see our terms for use of feeds.

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