The US Treasury Department this past week okayed a $1.5 billion loan to Chrysler specifically to provide loans to consumers. After a thirty percent drop in sales this past year, the news could not come at a better time for the US automaker. The five year loan starting with a $100 million installment last week will come from money in the Troubled Asset Relief Program that was created late last year in an effort to help bolster failing financial institutions. Following the news of the loan, Chrysler announced that they will ease off on credit standards for customers purchasing new cars, and will be offering zero percent, 60 month financing on 11 of their vehicles such as the Dodge Ram pickup and the Chrysler Town & Country minivan. With the massive loan, the hope is that Chrysler will be more willing and able to lend to potential car buyers and restore faith in the consumers; which should be good news for the people over at Goss Dodge in Burlington. The auto industry and the rest of the economy are certainly not out of the woods yet, but it’s a good sign that things are pointing in the right direction and help is on its way.
Source: http://www.nytimes.com
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