DETROIT -- Ally Financial will be the preferred consumer lender for Fiat vehicles sold in the United States, Chrysler Group confirmed today in a press release.
Chrysler had already told dealers that Ally, formerly known as GMAC, will offer floorplan packages for Fiat dealers, along with real estate and working capital loans.
Ally is also the preferred wholesale and retail lender for Chrysler Group’s brands, Chrysler, Dodge, Jeep and Ram.
After an absence of about a quarter century, Fiat is returning to the U.S. market with the 500 subcompact. The car will start arriving in dealerships in December, and the advertising and market launch is scheduled for March.
Chrysler is now combing through proposals from dealers who applied for Fiat franchises and is expected to announce its Fiat network in mid-October. Chrysler has said it will name 165 Fiat dealers. Those dealers will sign a separate franchise agreement and eventually will need separate Fiat facilities, including showroom space and service bays.
“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,” said Fred Diaz, lead executive for U.S. sales of all Chrysler Group brands, in a prepared statement.
Tim Russi, executive vice president of North American Operations for Ally Financial, also issued a statement: “Ally Financial is accepting applications for wholesale credit lines from dealers who are awarded a Fiat brand franchise. At Ally, we know our primary role is to help dealers buy and sell more vehicles.”