With Chrysler Financial receiving one and a half billion dollars in loans from the Treasure Department Chrysler is ready to roll out a national program with zero percent financing on select vehicles.
Cash infusion gives Chrysler Credit new life
With the ink barely dry on the Treasury Department’s decision to loan Chrysler Credit $1.5 billion, Chrysler is eager to do something – anything – to get buyers back into the buying mode and start moving iron off their lots. Here at Auto Credit Express Car Loans, we think that’s a good idea, especially given the company’s poor sales performance – compared with other automakers – during the last sales quarter.
New finance program announced
Today, company president Jim Press outlined a new finance program designed to lure customers back into dealer showrooms. The program, as outlined by Press, covers three specific issues:
• Credit Scores – According to Chrysler, customers with “a wide range of credit scores” will be immediately eligible for affordable financing.
• Special Incentives – The Company will offer zero percent APR on select vehicles for up to 60 months for qualified buyers.
• Credit Union Partnership – Chrysler will continue its current partnership with credit unions as well as independent lenders.
Comments from Jim Press
“From both a customer and dealer perspective, it is exciting news that the Treasury Department is providing funding to Chrysler Financial. Now our customers, including those with scores in the 620 range, will be able to apply for affordable loans and our dealers will be more competitive in the marketplace,” said Jim Press, Chrysler LLC Vice-Chairman and President. “This will provide a great economic stimulus for car buyers across the country. We have customers who want to buy our vehicles, dealers who want to order vehicles and employees who want to build cars. Now with enhanced financing available in the system we can help our customers get the credit they deserve and help drive America forward.”
11 vehicles qualify
According to Chrysler, the offer of zero percent financing will cover 11 Chrysler, Dodge and Jeep models: Chrysler Town & Country, Chrysler 300 and 300C, Jeep Grand Cherokee, Commander, Wrangler, Dodge Grand Caravan, Charger, Magnum, Challenger, Ram Pickup and Ram Heavy Duty.
The official announcement of the new program will come next week when the Company launches its “Driving America” campaign that will be announced through TV and radio commercials as well as print and digital ads.
The Bottom Line
While there’s no word yet on whether the program will include rebates or other incentives, chances are that it will. In that case, with the combination of competitive pricing and low interest rates, it will surely be the best time in months to purchase a Chrysler vehicle.
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