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Chase Terminates Chrysler Dealer Loans
by
Robert Farago
(IC: employee)
Published: May 6th, 2009
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One of our sources reports that Chase has just told Chrysler dealers that it will no longer loan them money to buy Chrysler products.
Just got the call. Chase has officially terminated the floorplanning of Chrysler vehicles. Given the freeze at CFC [Chrysler Finance], now nobody can buy cars. Supposedly the haulers won’t deliver units because of payment concerns. A suggestion: see if the sales projections match the dealer network. My take is they aren’t even close . . . meaning, the expected losses to the taxpayer are going to be through the roof.
Robert Farago
More by Robert Farago
Published May 6th, 2009 11:37 AM
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Ferrygeist : The tax break is on almost any vehicle http://www.irs.gov/newsroom/article/0,,id=205863,00.html dror
"Very very true. And that’s why most Americans only borrow and don’t save. No, they are not stupid. The savers are stupid and being gradually phased out by Darwinism." I don't think most Americans have the wherewithal to realize this is the case. Most of them are thinking "how much can I afford a month"