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Fiat Chrysler agrees to new $3.8 billion credit facility with banks

MILAN — Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor, which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops. FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets. "This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement, without making any explicit link between the new facility and the impact the virus is having on the global economy. The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said. FCA is in merger talks with Peugeot owner PSA to create the world's fourth biggest carmaker. The deal is expected to be finalized by the first quarter of next year. Equita's analyst Martino De Ambroggi said that, based on his new assumption of a 10% drop of global auto market this year, the crisis triggered by the coronavirus would impact the merged automaker's free cash flow by over 5 billion euros. Earlier this week, General Motors announced it will draw about $16 billion from its credit lines in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak. And last week, rival Ford abandoned its 2020 forecast and said it was drawing down $15.4 billion from two credit facilities to bolster its balance sheet. Related Video:

Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

LH, like new: 1994 Chrysler Concorde on eBay Motors has just 987 miles

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. The fortunes of Chrysler Corporation have been on a roller coaster going back decades. If we look to the recent past, one particularly dramatic renaissance occurred in the early-to-mid 1990s. That's when Chrysler emerged from more than a decade of peddling K-car-based products to field a dramatically styled modern new lineup. The headline vehicle for that turnaround was the company's trio of LH-platform cars, among them the Chrysler Concorde. To get a sense of exactly what that car was like, we can't imagine there's a better example than this 1994 Chrysler Concorde for sale right now on eBay Motors. The Concorde was introduced for 1993 alongside the Dodge Intrepid and the Eagle Vision (remember Eagle division?). The cars introduced a new "cab-forward" architecture that instantly made the big sedans' competitors look old. Impressed by the LH sedans' spacious interiors and competent handling, and enthralled with brash-talking, cigar-chomping Chrysler executive Bob Lutz, the automotive media heaped praise on the trio. The LH cars were Automobile Magazine's Automobile of the Year for 1993, and the Concorde ended up on Car and Driver's 10 Best lists in '93 and '94. This second-year Concorde, finished in period-appropriate two-tone exterior with contrasting-color lower cladding, is a time warp. Check out the blue cloth interior, the mesh alloy wheels, and the Infinity cassette stereo. Incredibly, this show car shows just 987 miles on the clock, and the condition certainly seems to support that odo reading. At this writing, the car is at $7,600 after just two bids. The reserve, however, has not been met. There are still a few more days to go in the auction, so it remains to be seen how the market values a top-flight Concorde. Will these Lutz-era Chryslers someday get their due? If so, the time to buy might be now. Check out the commercial below, to see how Chrysler pitched the '94 Concorde when it was new: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.