Still, Chrysler says it hasn't given up on them yet and is hopeful a solution will be found by the end month. According to Chrysler spokeswoman Kathy Graham, cited by Autonews, most dealers should be able to get funding through GMAC or other lenders for both their inventories and other expenses.
"We are optimistic that none of them are going to have to close," Graham said. Unlike earlier this year, when Chrysler had to let go some 800 dealerships, the company does not plan to end franchise agreements with the dealers now at threat. Still, this doesn't mean Chrysler will save the dealers who are left without financing.
Their salvation may come from GMAC's new CEO, Michael Carpenter, who upon his appointment said the company will from now on focus on the auto business.
“The first priority is to support the auto industry within the bounds of reasonable credit decisions,” Carpenter said. “If it weren't for the mortgage business, I don't think GMAC would have needed federal support. ResCap dragged the company down.”
So far, GMAC has approved most applications from dealers, but also rejected 83 dealerships, while an additional 60 are still under consideration, according to GMAC spokesman Tony Sapienza.