Officials at Chrysler Financial Services reportedly see little chance of a merger with GMAC Financial Services, even though the two vehicle finance companies soon will be majority owned by Cerberus Capital Management.
Chrysler Financial Services spokeswoman Amber Gowen told Dow Jones: “At this time, there isn’t a possible financial merger” on the table.
The news agency noted that Automotive News had published excerpts from an interview with Chrysler Financial CEO-designate Paul Knauss, saying, “I can’t imagine Cerberus would try to integrate these companies.” He added that there is a greater chance of winning “a big lottery” than a merger with GMAC.
GMAC spokeswoman Toni Simonetti declined to comment to Dow Jones on speculation surrounding Chrysler Financial, but said “we’re open to any opportunities to working with Cerberus’s other portfolio companies.”
Following a speech last week in Detroit, GM chief executive Rick Wagoner was reported to have said he sees opportunities for GMAC to “work together” with Chrysler Financial, but insisted it was “premature” to say how closely Chrysler Financial and GMAC could collaborate.
According to Dow Jones, he noted GM and Cerberus hadn’t discussed how the two units could collaborate, but said GM has some “input” in determining how much collaboration there will be between the two lending companies.