Chrysler Financial announced today it has received access to $1.5 billion in loans from the U.S. Department of Treasury’s Troubled Asset Relief Program (TARP).
"We appreciate the Treasury Department’s support and their commitment to increase the availability of financing for consumers," said Thomas F. Gilman, vice chairman and CEO of Chrysler Financial. "This funding will provide us with increased capacity to help Chrysler LLC 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," said Gilman.
So if you wanted to buy a Chrysler, Dodge or Jeep vehicle but were waiting until the credit market thawed out a little bit, now could be a good time to buy as Chrysler Financial now has the ability to lend more money to buyers who need a car loan.