Chrysler puts Ally on notice; exec spurns captive finance
Apr 30, 2012 | 11:46 AM
| Corinna Petry
Tags
Chrysler,
Fiat,
Ally Financial,
Sergio Marchionne,
corinna petry
CHICAGO — Chrysler Group LLC has told Ally Financial Inc. that when its lending agreement ends in 12 months, the automaker will shop around for its consumer financial-services needs.
Unlike other automakers, Chrysler did not have Detroit-based Ally as a captive finance arm of the company. Chairman and chief executive officer Sergio Marchionne spoke in strong terms against such arrangements, blaming easy credit for the recession that struck automakers so severely.
"I never believed it was a requirement that we own captive finance to support our manufacturing and distribution," said Marchionne, noting that outside banks have readily supported parent Fiat SpA’s commercial operations.....
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