FARMINGTON HILLS, Mich., Aug. 3 /PRNewswire/ -- Chrysler Financial today announced that it has completed the renewal of its annual credit facilities. The $24 billion credit facilities provide funding for the company's dealer and consumer financial services products. Originally, the company was seeking a renewal of its conduit credit facilities in the amount of $30 billion. Chrysler Financial reduced the amount required due to conditions in the credit markets and changes in the company's retail strategy. "We are pleased with the completion of our credit facilities renewal and the continuing confidence in our company demonstrated by the banking community," said Tom Gilman, Executive Vice Chairman - Chrysler Financial. "Ninety percent of all banks that were part of the original conduit participated in the renewal. The liquidity provided by these facilities will enable us to support our dealers and their retail customers." "I would like to thank our investors who have continued to support us through the renewal. And, I would like to acknowledge the skilled leadership of Citi, JPMorgan and the Royal Bank of Scotland who led the syndication of the loan facilities and partnered with us to manage such a large transaction," added Gilman. "Getting this world-class financing done in this market is a validation of Chrysler Financial and Chrysler, their management and their strategic plans," said James B. Lee, Jr., Vice Chairman of JPMorgan. "The depth and breadth of participation in this transaction was impressive, particularly in the current market environment," said Chad Leat, Chairman of Citi's Alternative Asset Group. About Chrysler Financial Chrysler Financial offers automotive financial products and services to both dealers and consumers of Chrysler, Jeep(R) and Dodge vehicles in the U.S., Canada, Mexico and Venezuela. In addition it offers vehicle wholesale and retail financing to more than 3,600 Chrysler, Jeep and Dodge dealers. Currently, nearly three million drivers in the United States enjoy the benefits of financing with Chrysler Financial. Chrysler Financial has an employee base of 4,000 and supports a global portfolio of $70 billion. For more information, visit corp.chryslerfinancial.com.
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