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Last updated 5:38AM ET
February 26, 2021
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Chrysler Ends Leasing
(2008-07-25)
(wgvu) - DETROIT (AP) - 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 value of leased sport utility vehicles and pickup trucks has
dropped, so Chrysler takes a loss when it tries to resell the
vehicles when the leases are over.
Chrysler spokesman Stuart Schorr declined to comment on the
issue but said Chrysler executives will hold a conference call
Friday afternoon.
The Chrysler dealer did not want to be identified because the
company had not made an official announcement.
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.
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