Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’s CEO told CNBC. The initial money boosted sales by allowing the company to offer 0% financing, said Bob Nardelli.
“I’m not suggesting we go back to where we were in this country,” said Nardelli, referring to the days of too-easy credit. “But the pendulum has swing dramatically the other way. Our consumers could not get financing. They have had to put from 5% to 15% cash down.”