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

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