Chrysler vehicles only represent between 1 and 2% of Chase’s auto finance portfolio, with most of its business involved with Subaru, reports Automotive News. Another reason for the decision was fears that Chases lease program for Chrysler vehicles could be flooded now that the carmaker is no longer offering its own leases.
Chase will end its lease program along with Chrysler on August 1, however the financial firm will continue to offer vehicle loans.
Following on news that Chrysler Financial and Chase is planning to terminate its lease underwriting business, GMAC has also revealed that it will do the same for the Canadian market and is considering cutting its U.S. leases as well. Ford, too, has announced it is having major lease difficulties as well. Unlike its competition, however, Ford will simply price its leases higher by readjusting residual values of several vehicles.