GMAC Approves 94% of Chrysler Dealers for Wholesale Financing

DETROIT – GMAC Financial Services has completed the formal underwriting for 1,474 U.S. Chrysler dealers who applied for standard wholesale credit lines, approving 94 percent:

• 1,377 dealerships have obtained wholesale financing, or are approved and in the process of final term negotiations, documentation or onboarding.
• 14 dealerships have conditional approval, pending acceptance of loan stipulations.
• 83 dealerships were declined for failure to meet credit standards. Most of these dealerships previously were on “finance hold” with Chrysler Financial and were notified by GMAC in June of 2009. Many have been in liquidation for some time.

In May of 2009, GMAC was selected as the preferred financial provider and extended interim wholesale financing to Chrysler dealers previously funded by Chrysler Financial.

“We approved the vast majority of Chrysler dealers who applied for wholesale credit lines, and are continuing to work with the few remaining dealers that have conditional approval,” said Bill Muir, GMAC president. “GMAC is pleased to support these dealerships that are important to the Chrysler Group and their respective communities.”