03-26-2009, 07:40 AM | #1 |
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They are going to put us all out of business
March 20, 2009
To all Chrysler Financial Wholesale Dealers: Throughout our history, Chrysler Financial has been committed to supporting our wholesale dealer partners. Your wholesale financing needs remain our priority today. As you are aware, the situation in the financial markets has not improved and our cost of funds continues to rise. We have done our best to avoid passing the increases on to you. However, our most recent increase in cost of funds necessitates a rate increase in our wholesale financing. Effective May 1, 2009, Chrysler Financial rates for Chrysler LLC and non-Chrysler LLC wholesale floorplan will increase. The rate increase will be presented in your billing on May 30, 2009, with payment due by June 30, 2009. The specifics of the rate increase will be communicated to each dealer individually by members of the Chrysler Financial field organization. There is no change to the aged inventory fee/reduction policy that went into effect on February 1, 2009. In an effort to help you manage your new vehicle inventory and lessen your overall floorplan expense, we are introducing a Dealer Rewards Q2 2009 incentive. This incentive is available to Chrysler Financial floorplan dealers who pay off their “NEW” 2008MY or older floorplan balances by June 30, 2009. Consistent with our curtailment policy, specific vehicle models are exempt from this requirement. Floorplan dealers who meet the incentive criteria will have their earned CF penetration level increased to the next tier rate reduction. Chrysler Financial field personnel will be in contact to further discuss and answer questions. You will also find detailed Dealer Rewards Q2 2009 incentive program rules on CF Connect early next week. We understand you’re challenged by these difficult times, as are we. We are confident that through a strong commitment to partnership, together we will prevail. Sincerely, Tom Gilman Chairman and Chief Executive Officer |
03-26-2009, 07:46 AM | #2 |
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I like the individual basis $#!t too...
Home cooking from Chrysler Financial! MMM, MMM, good! |
03-26-2009, 08:31 AM | #3 |
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it gets to the point that i am afraid to open any emails from cfc because they are laden with bad news for us. all i can do is keep my chin up knowing that it will get better....right?
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03-26-2009, 08:44 AM | #4 |
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I agree, It is getting better.It is getting better.It is getting better.It is getting better.
It is getting better.It is getting better.It is getting better.It is getting better. It is getting better.It is getting better.It is getting better.It is getting better. Maybe if I say it enough we will all believe it! |
03-26-2009, 08:46 AM | #5 | |
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Quote:
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03-26-2009, 09:57 AM | #6 |
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I'm a little confused....
While I'm not an expert, the impression I get is that the credit markets are improving. The actions taken by the Treasury over the past two weeks have driven 30 Year Mortgage Rates to near record lows.
Additionally, the Treasury's TALP program has finally started and it seems that Ford and Nissan were able to issue Asset-Backed paper for the first time in months. I wonder why they're bumping rates now? |
03-26-2009, 10:00 AM | #7 |
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'cause they can, they want to "thin the herd" a little...
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03-26-2009, 10:00 AM | #8 | |
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Quote:
If all the dealers pay the same rate across the country, why is it necessary to review these changes on an individual basis? You can bet there's some bean-counter at CF that would love to tier flooring rates based on dealership capital structure. |
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03-26-2009, 12:57 PM | #9 |
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Just when Dealers order up all the allocation in order to help our "partner", the floor rate goes up. Are we really surprised?
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03-26-2009, 01:44 PM | #10 |
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mine went up .55 basis points...
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03-26-2009, 06:50 PM | #11 |
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Thanks for sharing the information.
There has to be a reason why they're reviewing the rate changes on an individual basis. Perhaps they're altering flooring rates based on Business Center location or dealership size? I remember being surprised how much varience CF had between Business Centers when we did a comparison of their Retial Rates - maybe the same will hold true with thier flooring rates? |
03-26-2009, 06:52 PM | #12 |
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03-27-2009, 04:09 AM | #13 |
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Question, don't certain people get paid money after this happens to them ? And don't they get extra when it comes up the back door ?
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03-27-2009, 05:12 AM | #14 |
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yeah a dodge dealer is the best little whore house in Texas...
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03-27-2009, 08:24 AM | #15 |
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LOL
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