Chrysler Discontinues Lease Option
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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