Chrysler's dealers haven't yet entered the portion of the game wherein they can catch a break. As if the dearth of inventory and lack of new vehicles weren't enough, nearly 150 dealers haven't been able to finalize floorplan financing. Since Chrysler Financial has exited that business, GMAC stepped in, but dealers are having a hard time meeting its terms: 85 have been turned down flat, another 60 or so are still working on it.

In some cases GMAC has asked for more collateral; in at least one other case, GMAC is looking for the dealer to alter the lending structure of his mortgages (not floorplan), held by Chrysler Financial. The former Pentastar piggy bank, again accused of trying to wind down its operations, said it "continues to cooperate" with all involved. If the rumored number of dealers does fall, it would take Chrysler's planned closures up to nearly 1,000, after the 789 announced earlier this year.

[Source: Bloomberg | Image: Mark Ralston/Getty]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X