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I've read recent scary news bites re: Chrysler Posted by MI-Roger [Email]  (#882) [Profile/Gallery]
(more from MI-Roger) on Wed, 14 Jan 2009 06:11:57
In Reply to: OT//Chrysler in sale talks, TG, Wed, 14 Jan 2009 05:49:44 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Chrysler Financial (their equivalent of GM's formerly in-house GMAC financing company) financed only 3,800 auto purchases in December '08, down from 50,000 in December '07. A thirteen fold decrease!
December sales for Chrysler were down nearly 60% compared to a year ago.
Chrysler is now asking for an additional $3 Billion Bridge Loan payment, less than one month after receipt of the first $4B installment.
What baffles me is that Cerebus, who owns both GMAC and Chrysler, applied for financial assistance/reorganization for GMAC in a timely manner yet did not do the same for Chrysler Financial. Was it Cerebus' intent with the Chrysler acquisition to be a "corporate raider" rather than a short term reorganizational owner? Buy it cheap, shut it down/let it die, then sell the remnants for a profit?
The Jeep brand has value. The MoPar parts/performance brand probably has value. Chrysler is rumored to be contracted to build a new full size pick-ups for Nissan. Chrysler is building the new mini-van for VW. Chrysler's dealer network would have value for an existing brand that does not have a US distribution presence. Obviously great value for specific pieces of the pie, even if no one wants the entire thing.
posted by 198.208.25...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
, Wed, 14 Jan 2009 06:11:57 <-- Viewing This Message
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