Chrysler’s Jim Press owes $1 million in back taxes, being sued by credit union

Posted: Sep 19, 2009
 Email 3 Comments

Jim Press, who will retire as deputy CEO by the end of this year, owes almost $1 million in back taxes and is being sued by his credit union for defaulting on a $609,000 loan, according to records obtained by The Detroit News.

The IRS has filed a tax lien for $947,409.63 on a house Press owns in Birmingham, Michigan. On the other hand, Western Federal Credit Union says that Press has defaulted on a $609,286 loan. The company filed a suit against him earlier this summer.

The Detroit News says that Press blames his money problems on Chrysler’s decision to end year-end bonuses for executives.

In a letter sent to Western Federal Credit Union Press wrote: In this terrible credit environment, I have exhausted other avenues of getting a new loan which would allow me to pay you off. My last and least desirable alternative is to notify you of the situation.”

“I am not able to make the November and February payments due to the elimination of bonuses, which was just announced by my company,” Press wrote.

Press and Chrysler spokeswoman Shawn Morgan declined comment.

- By: Stephen Calogera

Source: Detroit News


Share |  Email  Print |

Tags:




Subscribe & Connect

Connect with us on any of our social profiles below.

Subscribe to our e-mail newsletter to receive updates.

  • zermatt

    I read the story in the WSJ over the weekend and it appears that Jim was spending like a drunken sailor leading up to the meetings with Congress. Once Congress began to beat on the Detroit 3 it became difficult for him to maintain all of his payments. Now Jim is leaving the company at the end of the year and I would expect that he may have a difficult time finding another job quickly.

    There is also the matter of the place in Manhattan that he recently acquired for $12 million with a loan from Cerebus. From what I was reading, it will be difficult for him to avoid personal bankruptcy.

  • aljallbertt

    Thanks you for information.nfcu

  • aljallbertt

    Thanks you for information.nfcu