Just weeks after granting GMAC LLC bank-holding-company status and providing it with $6 billion in TARP funds, the Treasury Department today approved $1.5 billion of funds for Chrysler Financial LLC. The capital infusion will be used to finance consumer auto loans, in a move meant to help restore the faltering auto industry.
Click here to read Treasury’s announcement of the funding and its terms.
I think it makes sense for lenders to speed up the repo process to take advantage of higher used vehicle prices. Allowing someone to continue to drive a vehicle for months after they stopped paying for it never made sense to me. the longer they keep the vehicle after stoppong payments the worse condition it is in. Grab the collateral quickly and sell it at the auction while it still has some value,