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Chrysler Discontinues Lease Option

By: Rachel send a private message
Detroit : MI : USA | about 1 year ago  
Views: 104
  • Chrysler Dealer
    Chrysler Dealer
    Posted by: Rachel
    As resale values fall, Chrysler discontinues the option to lease
Chrysler Dealer

Chrysler told its dealer today that the company would no longer offer customers the option to lease its vehicles through the company's finance arm effective August 1. This decision accompanies falling resale values of gas-guzzling trucks and SUVs continue to add up.

Just yesterday, Ford announced a $8.7 billion second-quarter loss which entailed a $2.1 billion write down related to its lease program.

While Chrysler dealers are still about to offer leases through other financial companies, co-president James E. Press said that they would focus on more traditional financing offers. He also noted that leasing has become less popular that in the past due to low interest rates.

According to Chrysler, one in five customers lease, with higher popularity in certain areas such as Detroit.

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News Stories
 
  • News Source: International Business Times | about 1 year ago
    Automotive Lease Guide Inc., which provides residual value forecasts, attributed the reversal to soaring gas prices and a weak economy that have steered consumers away from gas-guzzling SUVs and trucks and toward more fuel efficient cars. "If you...
  • News Source: Asian Wall Street Journal | about 1 year ago
    Chrysler Lending Arm In Weakened Position As It Refinances Word Count: 496 Companies Featured in This Article: J.P. Morgan Chase A critical deadline is approaching for Chrysler LLC, which must refinance $30 billion of its lending arm's working...
  • News Source: Chicago Tribune | about 1 year ago
    Chrysler LLC , burned by declining resale values on vehicles coming back from leases, particularly trucks, said Friday it would stop writing leases through its Chrysler Financial unit on Aug. 1. Instead, Chrysler has boosted incentives for customers...
  • News Source: Los Angeles Times | about 1 year ago
    Chrysler, the nation's third-largest automaker, said Friday that it would stop offering leases on its vehicles through its in-house financing arm beginning late next week. The surprise move, the first by a car company, is an alarming indicator of how...
  • News Source: The independent | about 1 year ago
    Its Chrysler Finance arm, which leases rather than sells new cars to customers, is in the process of having to refinance $30bn (£15bn) of debt which is due to roll over next month, but the plunging second-hand value of its vehicles, particularly...
  • News Source: Simi Valley - Moorpark Examiner | about 1 year ago
    Chrysler LLC said Friday its financial arm will get out of the auto leasing business by the end of the month because economic conditions have made leasing more expensive than buying, for both consumers and the company. The move comes as Chrysler...
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