AP Source: Banks interested in Chrysler Financial
DETROIT — A person briefed on the matter says that several big banks are in talks with Chrysler Financial to buy a stake in automaker’s old lending arm.
The person says the banks are interested in Chrysler Financial because of its large pool of auto loans and leases. Their value has grown as used car prices have climbed and the economy has recovered. The person says the talks are preliminary.
Chrysler Financial is now owned by Cerberus Capital Management LP, which acquired the lender when it bought most of the automaker in 2007.
Cerberus lost Chrysler when the automaker went into government-funded bankruptcy last year, but it kept ownership of Chrysler Financial.
