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Old 04-17-2009, 02:54 AM   #1
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Default Chrysler Financial won't get more federal loan money

Chrysler Financial won't get more federal loan money

Washington -- Chrysler Financial LLC confirmed Thursday it will receive no additional government loans.
The disclosure may hinder Chrysler's struggling auto sales. Last week, Chrysler President Jim Press told reporters at the New York Auto Show he was confident Chrysler Financial would soon get additional loans.

In January, Chrysler received $1.5 billion in loans from the Troubled Asset Relief Program to fund auto loans. As a result, the company was able to lower credit requirements and boost incentive spending, in its efforts to spur sales"Chrysler Financial has determined that it has adequate private capital funding to cover the short-term needs of our dealers and customers and as such, no additional TARP funding is necessary at this time," spokeswoman Amber Gowen said Thursday.

Chrysler had complained that rival auto lending arm GMAC had received nearly $6 billion in aid, undercutting its ability to underwrite auto sales.

The initial $1.5 billion, delivered in $100 million increments, has all but run out. Chrysler Financial and the Obama administration's auto task force had been in intensive talks to extend the loan program in recent weeks.

Those talks ended this week after the two sides couldn't reach agreement on additional loans.

Separately, Chrysler LLC has received $4 billion in government loans and is in talks to complete a tie-up with Fiat SpA. The Obama administration has agreed to loan the joint venture up to $6 billion.
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