According to the U.S. Treasury Department, Chrysler Financial will be out of business by the end of 2011. The liquidation is taking place under a directive of the department. But Cerberus Capital, the equity fund group that owns Chrysler Financial, said that it was unaware of any plan for liquidation. Moreover, it said that closing the company is not a part of its business plans.
via Detroit News
What I want to know is come clarification…if Chrysler financial goes out of business, how will this affect Chrysler?? Does this mean no more financing or is it much worse??
What frightens me most is that the general public is unaware that Chrysler Financial has been “murdered” by this administration. Today we learn another TARP payment
($5.6 bio) is going to GMAC – what was accomplished here? 3,600 people at Chrysler Financial are losing their job, Chrysler Motors will not succeed without a captive finance company – GMAC is a bank and will behave like a bank under government control. Will GMAC ever pay back the TARP Loans as Chrysler Financial has already done – or will the administration “kill” GMAC down the road in order to recoup the TARP funds.
More lay offs to follow….we just have not hit rock bottom yet…but will be coming soon.