April 30, 2009
New York, New York – GMAC Financial Services will provide automotive financing products for Chrysler dealers and customers. Formerly known as General Motors Acceptance Corporation, the company will be the preferred provider of new wholesale financing for Chrysler dealer inventory, and has a four-year agreement for incentivized retail financing with limited exclusivity.
The U.S. government has agreed to provide GMAC with the capital it needs to support the Chrysler business.
“GMAC is pleased to be part of the solution to restructure and stabilize the U.S. auto industry,” said Alvaro de Molina, GMAC CEO. “Providing financing options to dealers and consumers is critical as we work through one of the most challenging periods in the global auto sector. We will leverage our strengths and capabilities as the leading automotive finance company to serve our new customers, while maintaining our commitment to current customers.”
GMAC will provide customer service for the newly-originated assets, and has not acquired the existing assets or liabilities of Chrysler Financial.