Tuesday, Oct. 10, 2006, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
FARMINGTON HILLS, Mich. -- Chrysler Financial, a unit of DaimlerChrysler Financial Services Americas, recently announced it has expanded its non-prime financing alliance with CitiFinancial Auto. "Chrysler Financial is delighted to join with CitiFinancial Auto in support of our Chrysler, Jeep and Dodge dealers," said William Jones Jr., vice president of Chrysler Financial.
"Through an agreement with CitiFinancial Auto, Chrysler Financial brings an additional finance source into Chrysler Group dealerships, supporting our fundamental value proposition of providing competitive financing products enabling dealers to sell more cars and trucks," he continued.
Steve Luyckx, senior manager of credit strategies, added, "This alliance leverages the industry-leading systems, programs and relationships that currently exist between Chrysler Financial and its dealers, for example Electronic Fund Transfer (EFT), Electronic Lease Vehicle Inventory System (E.L.V.I.S.), RouteOne and AutOrigination. Additionally, this unique approach to the non-prime market merges the benefits of doing business with a captive finance company and the benefits of doing business with an automotive non-prime lending expert."
Rajive Chadha, president of CitiFinancial Auto, said, "We are proud to have been selected by Chrysler Financial as their exclusive non-prime lender. We feel the growth potential for our non-prime product is outstanding based upon the value it provides to the dealers and the commitment and support of Chrysler Financial."
The Chrysler Financial/CitiFinancial Auto alliance became fully operational in the beginning of August 2006, servicing more than 4,000 Chrysler, Jeep and Dodge dealerships with an existing Chrysler Financial finance relationship, according to executives.