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Business Briefing / Automotive

Chrysler Financial to close

October 23, 2009|Times Wire Reports

The U.S. Treasury Department says Chrysler Financial will go out of business by the end of 2011, costing the Detroit area thousands more jobs.

The automaker's former financial arm is in the process of shifting much of its loan business to GMAC under orders from the government. GMAC is becoming the preferred lender for both General Motors Co. and Chrysler Group.

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