Chrysler Won't Offer Auto Leases

DETROIT -- Chrysler LLC has started telling dealers it will no longer offer auto leases through its lending arm Chrysler Financial, people familiar with the matter said Friday. Chrysler is expected to brief dealers formally later in the day in a conference call, these people said. The move comes as auto makers and their financing units have been piling increasing losses stemming from leases, mainly as a result of falling resale values of trucks, sports-utility vehicles and other less fuel-efficient models that many consumers now shun. • Finance Arm Drags on Chrysler On Thursday, Ford Motor Co. took a write-down of $2.1 billion related to unprofitable lease deals made by Ford Motor Credit. Chrysler's announcement also comes as Chrysler Financial has been trying to persuade more than 20 banks to renew a $30 billion credit... [read full story]