History
1964 – The Chrysler Credit Corporation and Car City Insurance were founded in Detroit with Gordon Areen as President and CEO, and Betty Kearny, his secretary, as his first hire. As Areen explains it, the companies were organized to “provide much-needed services to our dealers.” Those services include, inventory financing and insurance coverage.
Areen and others recognize the potential business, revenue and profit a captive financial services firm can eventually generate. They foresee that not only do Chrysler, Dodge and Plymouth dealers have a need for their services, but so do consumers.
1965 – 508 employees come on board; 14 Chrysler Leasing offices convert to Chrysler Credit use; and Detroit’s art deco Book Building serves as the company's headquarters. By the end of 1965, Car City Insurance is issuing policies and the company has 42 offices in 19 states, as well as offices in Canada and 15 other countries.
1966 – Chrysler Credit Canada Ltd. is founded.
1967 – Chrysler Credit acquires Redisco, a large finance sales company, and is renamed Chrysler Financial Corporation. Earnings jump from $2.9 million to $9.2 million.
1972 – Car City Insurance is renamed and becomes Chrysler Insurance.
1974 – Chrysler Financial moves into Mexico.
1980 – A combination of factors – including a major recession – result in hard times and financial difficulties in the industry. Chrysler requests government help to secure its debt. Recognizing the value of keeping Chrysler vibrant and viable, President Jimmy Carter signs the Chrysler Loan Guarantee Act that ensures the company’s solvency and future.
1984 – Now revitalized, Chrysler Financial marks its 20th anniversary with a record $76 million in net earnings. The company expands its services to dealers and the public thereby growing its portfolio in the financial services community.
1998 – Chrysler and Daimler-Benz merge to form DaimlerChrysler AG.
1999 – Chrysler Financial and Mercedes-Benz Credit merge operations and the company is renamed DaimlerChrysler Services North America.
The merger realigns and reorganizes business units across North America. Chrysler Commercial and Mercedes-Benz Leasing Mexico merge to form DaimlerChrysler Services Mexico; Chrysler Credit Canada and Mercedes-Benz Credit Canada merge to form DaimlerChrysler Services Canada; and Mercedes-Benz Credit Freightliner Financial is renamed DaimlerChrysler Services Truck Finance.
2001 – Chrysler Financial books one million contracts in a calendar year and the company launches Chrysler, Jeep® and Dodge Rewards Visa® credit cards.
2002 – DaimlerChrysler Services North America Headquarters relocates to its current home in Farmington Hills, Mich.
2004 – DaimlerChrysler Services celebrates 40 years in finance.
2006 – DaimlerChrysler Services North America changes its name to DaimlerChrysler Financial Services Americas. The name more accurately reflects the services offered to automotive and truck dealers and their retail customers. In addition, it signals the support of manufacturing partners in the automotive and trucking industries throughout North and South America.
2007 – Chrysler Financial is established as a standalone company as a result of Cerberus Capital Management taking a majority interest in Chrysler LLC and the related financial services business.
2009 – Under the Chrysler LLC restructuring plan, the U.S. government decides to partner Chrysler with Fiat and names GMAC Financial Services as Chrysler Group LLC’s preferred lender. As such, Chrysler Financial terminates commercial financing while agreeing to uphold and cooperate in the transition of its current agreements with dealers to GMAC.
2010 – Chrysler Financial continues to offer dealership insurance and consumer retail-financing products, and to service and collect on its ongoing portfolio of approximately $28 billion.