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April 25, 2008

6.9% is meant to help more qualify

As the economy worsens and automakers struggle to sell new vehicles in the United States, Chrysler LLC is working to get people with less than stellar credit in new cars and trucks.

"Our credit-challenged customers are always trying to find a car ... they're on the doorstep every day wanting to buy a vehicle and trying like heck. So we're trying like heck to get them bought," Steven Landry, Chrysler executive vice president for North American sales, said recently at a Northwood University event.

Earlier this month, the Auburn Hills automaker introduced a special 6.9% financing rate for people with B-tier credit. A year ago, people with such credit would get financing at about 12% or higher, executives said.

Jesse Toprak, executive director of industry analysis at Edmunds.com, said a person with a credit score of 680 to 620 would typically get placed in the B-tier.


More Here:Chrysler lowers car loan rate | Freep.com | Detroit Free Press
 
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