Chrysler Financial has received access to up to US$1.5bn in loans from the US Department of Treasury’s Troubled Asset Relief Program (TARP).
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The funds “will provide the necessary liquidity to support Chrysler Financial’s retail finance programme”, the automaker said in a statement.
“We appreciate the treasury department’s support and their commitment to increase the availability of financing for consumers,” said Chrysler chairman and CEO Thomas Gilman.
“This funding will provide us with increased capacity to help Chrysler and our dealers make new loans available to qualified consumers and sell more cars and trucks.”
“This funding will better position us to withstand the current economic challenges until funding becomes available through more traditional commercial sources,” added Gilman.
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