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Position: Auto Articles - [Auto News] - Chrysler cutting the interest rate
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Chrysler cutting the interest rate
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The more things are changing at Chrysler, the more they`re staying the same. "Our credit-challenged customers are always trying to find a car. They’re on the doorstep every day wanting to buy a vehicle and trying like heck. So we’re trying like heck to get them bought." That’s from Steven Landry, executive vice president for North American sales at Chrysler. "In the marketplace today, monthly payment is the most critical part for the customer that comes into the showroom. Their monthly payment is what’s going to drive their purchase. A lot of times we’re working internally at providing tools with Chrysler Financial to make the risk portfolio of customers be better and make that customer viable."
To accomplish this, Chrysler lowered their interest rate in new auto loans to people having poorer credit ratings. “B Tier” credit clients will now get 6.9% rates, rather than the old 12%. That ranking equates for a 620 to 680 credit score.
But, companies short in cash don’t have that much choice. They have now to worry about tomorrow, because there is nothing else worth worrying if they do not make it through tomorrow.
This seems to be the situation at Chrysler.
The omens are not that good.
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