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Old 01-16-2009, 05:12 PM   #1
XDCX
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Default Press Release implies that CFC will accept 620+ FICO Scores

A Press Release from Chrysler implies that Chrysler Financial will be extending loans to customers with FICO Scores from 620+ in response to the $1.5 Billion TARP loan.

Here's a quote from the Press Release: "From both a customer and dealer perspective, it is exciting news that the Treasury Department is providing funding to Chrysler Financial. Now our customers, including those with scores in the 620 range, will be able to apply for affordable loans and our dealers will be more competitive in the marketplace," said Jim Press, Chrysler LLC Vice-Chairman and President

It will be interesting to see how CFC responds to the flood of paper they're going to receive. If they only bought 3,800 deals last month, their buying practices will have to change if they want more volume.

My guess is that everyone's a little skeptical, but there's certainly good reason to be positive. At least now they actually have some money they can loan out...

Here's a link to the Press Release: http://sev.prnewswire.com/auto/20090...6012009-1.html
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