Automotive News reports that part of the restructuring of Chrysler involves switching their wholesale and retail financing to GMAC, which is partly owned by General Motors:
Chrysler LLC will switch to GMAC Financial Services for its financing as part of its bankruptcy reorganization, a senior White House official said today.
“GMAC will become the financing source for new Chrysler cars,” the official said on background. GMAC will handle both wholesale and retail financing.
“We made the determination that Chrysler Financial did not have the resources” to meet a reorganized Chrysler’s needs, he said.
This is not as unusual as it sounds. Cerberus, the private equity company that owned Chrysler, also owned 51% of GMAC. General Motors controlled the other 49%.