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Cerberus Capital Management and DaimlerChrysler Divide Assets

August 17, 2007

AUBURN HILLS, MI – As Chrysler Financial, LLC begins operations as a stand-alone company, the new Cerberus affiliate makes an effort to uphold the financial service standards of DaimlerChrysler.

Paul Knauss, president and CEO of the Cerberus affiliate, told The Oakland Press that his company will continue to provide competitive financing services to Chrysler, Jeep, and Dodge dealers, as well as help them build customer loyalty to their brands. This will make them even more valuable as a partner to Chrysler.

Chrysler Financial will continue to operate its eight business centers around the United States, as well as four customer service locations, in addition to its operations in Canada, Mexico, Puerto Rico, and Venezuela.

Chrysler Financials’ 4,200 employees will manage a portfolio of $75 billion covering dealer and consumer financing. According to Knauss, approximately 800 employees will remain in the company's headquarters in Farmington Hills.

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