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DETROIT (Nov. 5, 2009) – GMAC Financial Services has ramped up quickly as the preferred financing source for the Chrysler Group, its dealers and customers.

Retail Financing 

• GMAC is now the top provider of consumer financing for Chrysler vehicles in the U.S., originating approximately $720 million of Chrysler retail loans in the third quarter of 2009.
   
• In October, GMAC financed 24 percent of Chrysler’s U.S. retail sales, up from 10 percent in June.

Wholesale Financing

• As of September 30, GMAC’s outstanding balance of wholesale financing of Chrysler dealers was approximately $3.3 billion.
   
• When selected as the preferred finance company for Chrysler in May, GMAC quickly provided interim wholesale financing for the majority of dealership inventory that had been funded by Chrysler Financial. The process of formal underwriting for wholesale credit lines was expected to take six months. GMAC currently provides wholesale financing for 67% of Chrysler's U.S. dealership inventory and 85% of Chrysler’s inventory in Canada, and that percentage grows daily.
   
• GMAC received 1,474 applications for post-interim wholesale financing from Chrysler dealerships previously financed by Chrysler Financial in the U.S. The vast majority of these dealerships have been approved.  Status as of Nov. 5, 2009:
  
  
  • 1,247 dealerships (85%) are already being provided wholesale funding or have been approved by GMAC.
     
  • 84 dealerships (6%) are in final negotiations and are expected to obtain approval and post-interim wholesale financing soon.
     
  • 58 dealerships (4%) have obtained conditional approval, pending the ability to meet the wholesale financing terms and conditions. This number includes 41 dealerships that have problematic real estate or working capital loans currently with Chrysler Financial.
     
  • 85 dealerships (less than 6%) have been declined for failure to meet credit standards. The majority of these dealerships were previously on “finance hold” with Chrysler Financial and were notified in June, and many have been in liquidation for some time.

Therefore, we expect more than 90 percent of the dealerships that originally applied will receive wholesale financing.

In addition to providing retail and wholesale financing, GMAC has brought new technology and services to the Chrysler dealer body, such as the SmartAuction remarketing tools for pre-owned vehicles.  We expect to finalize the remaining Chrysler inventory financing agreements soon, and look forward to building GMAC’s relationship with Chrysler dealers and customers.

Contacts:
Sue Mallino
313-656-6970
sue.mallino@gmacfs.com

Tony Sapienza
313-656-5005
tony.sapienza@gmacfs.com