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Marchionne considering future of Chrysler/GMAC matchup

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Marchionne considering future of Chrysler/GMAC matchup

Nathan Hurst / Detroit News Washington Bureau

Washington -- Chrysler CEO Sergio Marchionne said the automaker would need "the time, the space" to find a financing alternative should rival General Motors Co. decide to buy back part of former financing arm GMAC.

"We need to transition to a permanent, stable solution for Chrysler going forward," Marchionne said after leaving a meeting with Michigan's congressional delegation this morning. "Once they tell me that GMAC is going to go back into General Motors, we need to have the time, the space to find an alternative solution to the long-term future of Chrysler."

As part of its plan to rescue two of Detroit's Big Three automakers from collapse, the Obama administration forced the closure of Chrysler Financial and appointed GMAC to provide loans for dealers of both GM and Chrysler.

"One of the things that we do not wish under any circumstance is to have an uncompetitive relationship vis-À-vis GM," Marchionne said, noting he hasn't yet approached administration officials about the future of financing for Chrysler dealers, and hadn't scheduled any time to meet with the White House during this trip to Washington.

Instead, he met with a bipartisan, bicameral group of Michigan's delegation to "reaffirm" information about the company's current financial condition and "the prospects of this year."

From The Detroit News: http://detnews.com/article/20100513/AUTO01/5130481/1148/auto01/Marchionne-considering-future-of-Chrysler/GMAC-matchup#ixzz0nwDK9FFE

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