With that perspective in mind, Chrysler deputy CEO signed a series of loans, which under the current circumstances can’t repay. Reports say the Internal Revenue Service has already filed a tax lien for $947,409.63 on a house Press owns in Birmingham, Mich., north of Detroit.
The Detroit News reported today his credit union also sued him for defaulting on a $609,000 loan. The same paper mentions Jim Press has also defaulted on a $609,286 loan from Western Federal Credit Union, but this was previously known, as the company already filed a suit against him earlier this summer in Oakland County Circuit Court.
“I am not able to make the November and February payments due to the elimination of bonuses, which was just announced by my company. My employment is not in jeopardy, and I still have monthly income to service the note as president and vice chairman of Chrysler LLC.,” Press wrote in a Nov. 11 letter to the credit union, when he asked for more time to make the payments
But the situation has changed in the meantime and under Fiat S.p.A’s guidance since June 10, Chrysler has sacked most of its senior executive team. In the beginning, the new CEO Sergio Marchionne kept Press as an advisor, but only last month, news of Press leaving the company by the end of the year surfaced.
Press joined Chrysler as vice chairman and president in 2007 upon departing from Toyota. In his effort to repay his debt, Press revealed two banks have declined him credit.
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