Chrysler Will Buy Credit Firm
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DETROIT — Chrysler Corp. will buy a BankAmerica Corp. subsidiary, FinanceAmerica, for $405 million in a transaction that will give the auto maker a greater stake in direct consumer lending, the companies announced today.
The agreement will make Chrysler Financial Corp., the auto maker’s credit subsidiary, a more independent company with potential for significant growth and profitability, Chrysler Chairman Lee Iacocca said. Chrysler Financial this year formed a joint venture with General Electric Credit Corp. and bought E. F. Hutton Credit Corp.
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