{"id":741,"date":"2009-08-20T01:30:54","date_gmt":"2009-08-20T08:30:54","guid":{"rendered":"http:\/\/www.kineticdiecasting.com\/kdc\/?p=741"},"modified":"2012-06-21T12:09:43","modified_gmt":"2012-06-21T19:09:43","slug":"chrysler-financial-pays-off-15b-in-tarp-loans","status":"publish","type":"post","link":"https:\/\/www.kineticdiecasting.com\/kdc\/chrysler-financial-pays-off-15b-in-tarp-loans\/","title":{"rendered":"Chrysler Financial pays off $1.5B in TARP loans"},"content":{"rendered":"<div class=\"fblike_button\" style=\"margin: 10px 0;\"><iframe src=\"http:\/\/www.facebook.com\/plugins\/like.php?href=https%3A%2F%2Fwww.kineticdiecasting.com%2Fkdc%2Fchrysler-financial-pays-off-15b-in-tarp-loans%2F&amp;layout=standard&amp;show_faces=false&amp;width=450&amp;action=like&amp;font=verdana&amp;colorscheme=light\" scrolling=\"no\" frameborder=\"0\" allowTransparency=\"true\" style=\"border:none; overflow:hidden; width:450px; height:23px\"><\/iframe><\/div>\n<p>Chrysler Financial pays off $1.5B in TARP loans<br \/>\nby The Associated Press<\/p>\n<p>FARMINGTON HILLS, Mich. &#8212; Chrysler Financial, the former financing arm of automaker Chrysler LLC, said Tuesday that it has repaid in full its $1.5 billion in government loans.<\/p>\n<p>The funds used to repay the TARP loans were obtained through the completion of an automotive asset-backed securitization. Chrysler Financial said its original TARP loan contained provisions that increased its costs over time, motivating the company to pay off the loan quickly.<\/p>\n<p>Amid tight credit markets, Farmington Hills, Mich.-based Chrysler Financial secured the Troubled Asset Relief Program, or TARP, funding in January so it would be able to offer more loans to more consumers.<\/p>\n<p>The hope was that by doing so, the increased loan availability would spur more vehicle sales at Chrysler and help keep the Auburn Hills, Mich.-based automaker out of bankruptcy protection.<\/p>\n<p>Chrysler Financial said it used the TARP money to fund more than 85,000 consumer loans for purchases of Chrysler vehicles.<\/p>\n<p>Chrysler Financial served as Chrysler LLC&#8217;s preferred lender until the automaker filed for Chapter 11 earlier this year and it was replaced by GMAC Financial Services as part of the government-backed restructuring of the automaker.<\/p>\n<p>As Chrysler&#8217;s preferred lender, GMAC is allowed to provide showroom financing to Chrysler dealers and has the right to exclusively offer certain discounted financing rates to Chrysler customers.<\/p>\n<p>Chrysler Financial continues to offer dealership insurance and financial products to consumers. It has a loan portfolio of $45 billion.<\/p>\n<p>Kinetic Die Casting is a <a href=\"http:\/\/www.kineticdiecasting.com\/profile.html\" title=\"california die casting company\">california die casting company<\/a>california die casting company that manufactures die cast parts.  If you would like more information or request a quote, vist our website:<a href=\"http:\/\/www.kineticdiecasting.com\" title=\"Kinetic Die Casting Company\">Kinetic Die Casting Company<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chrysler Financial pays off $1.5B in TARP loans by The Associated Press FARMINGTON HILLS, Mich. &#8212; Chrysler Financial, the former financing arm of automaker Chrysler LLC, said Tuesday that it has repaid in full its $1.5 billion in government loans. &hellip;<br \/> <a href=\"https:\/\/www.kineticdiecasting.com\/kdc\/chrysler-financial-pays-off-15b-in-tarp-loans\/\">Continue reading <span class=\"meta-nav\">&raquo;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[59],"class_list":["post-741","post","type-post","status-publish","format-standard","hentry","category-auto_parts","tag-automotive"],"jetpack_publicize_connections":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/posts\/741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/comments?post=741"}],"version-history":[{"count":6,"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/posts\/741\/revisions"}],"predecessor-version":[{"id":3516,"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/posts\/741\/revisions\/3516"}],"wp:attachment":[{"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/media?parent=741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/categories?post=741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kineticdiecasting.com\/kdc\/wp-json\/wp\/v2\/tags?post=741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}