Fed Orders Chrysler To Close Financial Arm

The Treasury Department said Thursday that Chrysler Financial will close its doors by the end of 2011 -- a move that could cost hundreds of jobs in Metro Detroit.

"Chrysler Financial is currently following Treasury's directive to liquidate its business in an orderly fashion," said Kenneth Feinberg, the Treasury Department's special master overseeing pay for top executives at the seven firms that received government bailout money including automakers and Farmington Hills-based Chrysler Financial. "Accordingly, Chrysler Financial is currently pursuing a successful wind down of its operations by Dec. 31, 2011."

Late Thursday, the Treasury didn't back away from its statement that Chrysler Financial would liquidate within 26 months.


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