DETROIT — Providing an update regarding its wholesale financing of Chrysler dealers, GMAC Financial Services said late last week that it has finished the formal underwriting for those who requested standard wholesale credit lines.
Of the 1,474 U.S. Chrysler dealers that applied for this funding, the lender approved 94 percent.
Breaking these numbers down a bit, GMAC said that 1,377 of these dealerships have either obtained wholesale financing or are approved and just going through final term negotiations, while 14 have conditional approval, pending acceptance of loan stipulations.
Meanwhile, the applications of 83 dealerships were declined due to their failure to meet credit standards. Explaining this in further detail, GMAC noted that most of these stores had previously been on "finance hold" with Chrysler Financial and had been notified by GMAC in June.
"We approved the vast majority of Chrysler dealers who applied for wholesale credit lines, and are continuing to work with the few remaining dealers that have conditional approval," stated Bill Muir, GMAC president. "GMAC is pleased to support these dealerships that are important to the Chrysler Group and their respective communities."