Video: Chrysler exists leasing

updated 7/25/2008 4:21:30 PM ET 2008-07-25T20:21:30

Chrysler LLC has told dealers that the automaker's financial arm plans to get out of the auto leasing business before the end of the year.

A dealer who asked not to be identified says the reason is that the company has experienced losses on leased sport utility vehicles and pickup trucks because their residual values have dropped.

Chrysler spokesman Stuart Schorr declined to comment on the issue but said Chrysler executives will hold a conference call Friday afternoon.

Word of Chrysler Financial's move comes a day after Ford Motor Co.'s credit arm took a $2.1 billion charge because of the drop in the residual value of leased vehicles.

The Chrysler dealer did not want to be identified because the company had not made an official announcement.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%