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Chrysler Financial asking dealers to cut back on loan requests | detnews.com | The Detroit News |
As the wait continues for government assistance for Chrysler LLC, anxious dealers have made inordinately higher requests for loans from Chrysler Financial to stock up on inventory.
That has prompted a warning that loans may have to be temporarily suspended, according to a Dec. 12 letter from Chrysler Financial Chief Executive Officer Thomas Gilman obtained by The Detroit News.
The letter states that daily requests by dealers from a fund used to pay off those loans were approaching $60 million, "well above our historical daily advances." The figure since July is more than $1.5 billion.
Dealers were asked to not seek funds beyond what is absolutely necessary as the automaker awaits a bailout loan from the federal government.
[source]
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