Ally Financial Named Preferred Finance Source in the U.S. for Fiat vehicles
Auburn Hills, Mich., – Chrysler Group LLC has selected Ally Financial to be the preferred financing provider for Fiat vehicles in the U.S. Ally Financial will offer retail financing, leasing, wholesale financing, working capital and facility loans, and remarketing services to the new Fiat dealer network.
“This relationship will help dealers fund their new stores and inventory, while giving Fiat customers the opportunity to obtain retail financing through a trusted company,” said Fred Diaz, president and chief executive Officer – Ram Truck Brand and lead executive for U.S. Sales.
Chrysler Group is reviewing proposals submitted by dealers who are interested in securing a Fiat franchise. Chrysler Group initially wants to place 165 Fiat dealerships in the U.S. and expects to name its Fiat dealers in October.
Tim Russi, executive vice president of North American Operations for Ally Financial, said: “The Fiat 500 is a strategic new entry to the North American market, and we are proud to support Fiat dealers and their customers with financing and related services. As the first step, Ally Financial is accepting applications for wholesale credit lines from dealers who are awarded a Fiat brand franchise. At Ally, we know our primary role is to help dealers buy and sell more vehicles.”
About Chrysler Group LLC
Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep®, Dodge, Ram Truck and Mopar® vehicles and products. With the resources, technology and worldwide distribution network required to compete on a global scale, the alliance builds on Chrysler’s culture of innovation – first established by Walter P. Chrysler in 1925 – and Fiat’s complementary technology – from a company whose heritage dates back to 1899.
Headquartered in Auburn Hills, Mich., Chrysler Group LLC’s product lineup features some of the world’s most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-size cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles.
About Ally Financial Inc.
Ally Financial Inc. (formerly GMAC Inc.) is one of the world’s largest automotive financial services companies. The company offers a full suite of automotive financing products and services in key markets around the world. Ally’s other business units include mortgage operations and commercial finance, and the company’s subsidiary, Ally Bank, offers online retail banking products. With more than $176 billion in assets as of June 30, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com.
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