DETROIT -- About 130 to 140 Chrysler Group dealers have not been approved for permanent floorplan financing because of lingering issues with Chrysler Financial, Peter Grady, the automaker's vice president of network development and fleet, said today.
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That represents about 5 percent of Chrysler Group's 2,366 dealers
GMAC spokesman Tony Sapienza said that GMAC is working through issues with most of the remaining dealers, adding that "only a very small percentage" have been declined. About 40 of the dealers have issues regarding real-estate loans, he said.
Grady said he hoped to resolve the problems by the end of the month.
�We're trying to find a solution,� he said on the sidelines of Chrysler's daylong presentation of its five-year plan at the company's headquarters in Auburn Hills, Mich. �GMAC has been pretty creative to find different ways to get their security handled on floor lines and working capital.�
As Chrysler went into bankruptcy, the Obama administration designated GMAC as Chrysler's captive finance company, leaving Chrysler Financial out in the cold.
Chrysler Financial is winding down operations and will go out of business in 2011.
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