Founded as Chrysler Credit Corporation four decades ago, Chrysler Financial has built upon its long, proud record of excellence with a complete line of world-class automotive financial products and services for both its dealers and consumers of Chrysler, Jeep® and Dodge vehicles.
Chrysler Financial and its trained professionals offer a broad range of financial services including wholesale finance plans, dealer finance plans, dealer services, retail consumer finance plans, lease programs and insurance programs. As an industry leader in support technology, Chrysler Financial provides its customers and staff with the most innovative and efficient methods of doing business.
To be the first choice provider of financial services for our dealers, customers and partners.
We are inspired and empowered to deliver exceptional financial products and services
It was in 1964 that the Chrysler Credit Corporation and Car City Insurance were founded in Detroit. Gordon Areen was the company’s first President and CEO and Betty Kearny was his first hire — his secretary.
As Areen explains it, the companies were organized to “provide much-needed services to our dealers.” Those services included, among others, inventory financing — or “floorplanning” as it was known — and insurance coverage. And while that was certainly sound business motivation and all the reason needed to establish the companies, there was really something much more visionary about it.
Areen and others recognized the potential business, revenue and profit that a captive financial services firm could eventually generate. They saw that down the road, not only would Chrysler, Dodge and Plymouth dealers have a need for their services, but so would consumers. Chrysler Credit could provide financing for dealers and their customers.
The next year proved to be a busy one. Within 12 months of founding, Areen and Kearny saw 506 more employees come on board, 14 Chrysler Leasing offices were converted to Chrysler Credit use and Motor City’s art deco-ish Book Building served as the company's headquarters. By the time 1965 was drawing to a close, the company had 42 offices in 19 states as well as Canada and 15 other countries, and Car City Insurance was issuing policies.
In 1966, Chrysler Credit Canada Ltd. was founded and just one year later Chrysler Credit acquired Redisco, a large finance sales company, and was renamed Chrysler Financial Corporation. The company experienced a dramatic jump in earnings from US $2.9 million to US $9.2 million and in 1972 Car City Insurance was also renamed. It became Chrysler Insurance. Expansion was in the air everywhere. Freightliner Credit Corporation was founded in 1974; the same year that Chrysler Financial moved into Mexico.
And then things got interesting.
In 1980, a combination of factors — including a major recession — created hard times and financial difficulties. Chrysler requested government help to secure its debt. Recognizing the value of keeping Chrysler vibrant and viable, President Jimmy Carter signed the Chrysler Loan Guarantee Act that ensured the company’s solvency and future.
A revitalized Chrysler Financial was moving swiftly ahead and marking its 20th anniversary with a record US $76 million in net earnings. The company expanded its services to dealers and the public — growing its portfolio — in the financial services community.
In 1998, Chrysler and Daimler-Benz merged to form DaimlerChrysler AG and in 1999 Chrysler Financial and Mercedes-Benz Credit merged operations and were renamed DaimlerChrysler Services North America.
The merger realigned and reorganized business units across North America. Chrysler Commercial and Mercedes-Benz Leasing Mexico merged to form DaimlerChrysler Services Mexico. Chrysler Credit Canada and Mercedes-Benz Credit Canada merged to form DaimlerChrysler Services Canada and Mercedes-Benz Credit Freightliner Financial was renamed DaimlerChrysler Services Truck Finance.
In 2001 Chrysler Financial booked one million contracts in a calendar year and DaimlerChrysler Services launched Chrysler/Jeep/Dodge rewards Visa cards. Then, in 2002 DaimlerChrysler Services North America Headquarters relocated to its current home in Farmington Hills, Mich.
Having just celebrated forty years of finance in 2005, DaimlerChrysler Services marked 2006 with another milestone by changing our name to DaimlerChrysler Financial Services. This new name more accurately reflects the services we offer to our automotive and truck dealers and their retail customers. In addition it signals that we are serving our manufacturing partners in the automotive and trucking industries throughout North and South America.
In 2007 Chrysler Financial is established as a standalone company as a result of Cerberus Capital Management taking over a majority interest in the Chrysler and the related financial services business.
It’s been an interesting ride. More than forty years of anything is notable. There’s a lot to look back at and appreciate. But even more important is what lies ahead and what our years of success will lead to.
Upon beginning your journey with Chrysler Financial, we offer comprehensive training, on-going development and a wide open career track, as well as, a complete and unique benefits package including:
• Medical
• Dental
• Vision
• Incentive compensation plans
• 401(k)
• Paid vacation
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