GMAC: 93% of Chrysler dealers have financing agreements

Chrysler dealers seem by and large to be in pretty good financial shape, as GMAC financial has approved 93% of Chrysler Group dealers who have applied for wholesale credit lines. GMAC has taken over as the captive finance arm for Chrysler by order of the government, and Chrysler dealers seem pleased to date with the change.

“We approved the vast majority of Chrysler dealers who applied for wholesale credit lines and are continuing to work with the few remaining dealers that have conditional approval,” GMAC President Bill Muir said in a statement this morning.

The United States Treasury now owns 56% of GMAC by way of a recent deal whereby the financial company received a $3.79 billion infusion.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)