Posts Tagged ‘Financial Crisis’
Saleen Inc.: Disbanded
Saleen Inc. has disbanded.
The American car manufacturer was put in the market by most of its owners, the Hancock Park Associates, last fall. A company known as MJ Acquisitions purchased a part of Saleen Inc. and is presently on the market of selling their full array of operating parts for numerous trucks and cars. Everything that is bought from the MJ Acquisitions-owned operating parts of Saleen is bounded with a 12-month or 12,000 –mile warranty, if purchased on or after February 2. You may log in to www.saleen.com for more details.
Ever since Saleen Inc. has stopped all their operations, all products bought from the manufacturer are not covered with the warranty if purchased before February 2.
MJ Acquisitions had some items which are not included in their purchased Saleen products. The list includes the S5 Raptor, Saleen S7, Saleen’s paint shop or SC. Those are still owned by Saleen Inc.
Chrysler granted $1.5 billion federal loan
The new arm of Chrysler Financial Services LLC will receive $1.5 billion worth of federal loan, the US Treasury Department announced.
The five-year loan from the country’s bailout funds will be used to accommodate more loans to potential vehicle buyers. The loan, which was a part of the $700 billion Congress fund to rescue financial institutions, is contracted under a flexible interest rate.
Chrysler Financial was not the sole benefactor of the funds. Automotive companies like General Motors and Chrysler LLC were also given emergency loans. GMAC Financial Services, likewise, was also given financial aid.
Chrysler received its $4 billion in federal funding last January 2. The company announced that it will use the money to pursue its current automotive operations. Chrysler Financial received funding after it suddenly backed out of business in August. The said break down in the company’s financial arm cost Chrysler LLC more than 20 percent of its expected sales.