Ally Financial will be Chrysler Group LLC’s preferred lender for Fiat vehicles when they arrive in U.S. showrooms. Ally Financial will offer consumer auto loans, consumer auto leases, dealership wholesale financing, working capital and facility loans for the new Fiat dealership network.
"This relationship will help dealers fund their new stores and inventory, while giving Fiat customers the opportunity to obtain retail financing through a trusted company," Fred Diaz, president and CEO – Ram Truck brand and lead executive for U.S. sales, said in a statement.
Chrysler is currently in the middle of choosing its dealership franchisees who will sell Fiat cars in the U.S. Chrysler’s initial goal is to open about 165 Fiat dealerships in the U.S. The automaker is expected to announce its Fiat dealers in October.
"The Fiat 500 is a strategic new entry to the North American market, and we are proud to support Fiat dealers and their customers with financing and related services," said Tim Russi, executive vice president of North American operations for Ally Financial, in a statement.
Ally is currently General Motors’ preferred auto loan lender for shoppers with prime credit scores of about 700 and above. GM recently acquired AmeriCredit, who focused on providing car loans for car shoppers with subprime credit scores. Ally also provides consumer auto loans and leases for Chrysler customers.