Chrysler Picks Ally For Fiat Financing
Ally Financial will be Chrysler's lender of choice when it begins selling Fiat vehicles in the U.S. later this year. Chrysler will begin naming its Fiat dealers in October and hopes eventually to launch 165 Fiat dealerships in the U.S.
Ally Financial Inc., formerly called GMAC, is already main lender for Chrysler dealers and customers. Chrysler dealerships who get Fiat franchises will be asked to set up separate showrooms and will start by selling the Fiat 500 minicar in December. Larger models from Italy's Lancia brand may come later.
Chrysler Group LLC has been run by Fiat CEO Sergio Marchionne since it emerged from bankruptcy protection last year.
"The Fiat 500 is a strategic new entry to the North American market, and we are proud to support Fiat dealers and their customers with financing and related services," said Tim Russi, Executive Vice President of North American Operations for Ally Financial.
"As the first step, Ally Financial is accepting applications for wholesale credit lines from dealers who are awarded a Fiat brand franchise. At Ally, we know our primary role is to help dealers buy and sell more vehicles," he said.
Chrysler said they're currently reviewing proposals submitted by dealers who are interested in securing a Fiat franchise.
(Copyright 2010 by WWJ Radio. All Rights Reserved. The Associated Press contributed to this report.)
