agent Entrepreneur logo
MenuMENU
SearchSEARCH

Ally Eases Credit Threshold for Chrysler Leases

August 4, 2010
2 min to read


DETROIT - Chrysler Group got a boost this week when Ally Bank, the former GMAC, lowered its credit-score threshold for Chrysler customers to qualify for a vehicle lease from 660 to 620, reported Automotive News.


The move by Ally, Chrysler's preferred finance provider, broadens the pool of lease customers. A 660 FICO score is on the lower end of prime, while a 620 score is on the upper end of subprime.

Ad Loading...


In a memo to dealers this week, Chrysler confirmed that Ally had revised its minimum score. Dealers confirmed the 620 figure.


A credit score helps determine what interest rate a bank will charge a customer for a loan. FICO scores range from 300 to 850.


Chrysler's leasing business collapsed in July 2008 when its former captive finance company, Chrysler Financial, left the leasing business when the resale value of its pickups and SUVs plunged amid soaring gasoline prices.


In 2006, when Chrysler Financial was still its captive finance company, leases accounted for about 22 percent of all Chrysler new-vehicle transactions. After Chrysler Financial left the leasing business, along with most of Chrysler's lenders, that percentage plummeted to under 1 percent by mid-2009, according to Ralph Kisiel, a Chrysler spokesman.


“Since then, as lenders have resumed leasing, our corporate average has gradually been increasing to where we're at today, 4 percent to 6 percent,” said Kisiel. “We are now taking a disciplined approach to leasing. We still want to remain competitive by offering a wide variety of financing options.”

Ad Loading...


Leasing will account for less than 22percent of sales, he said, and Chrysler is “comfortable” with leasing levels at their current level.


David Kelleher, owner of David Doge Chrysler Jeep in Glen Mills, Pa., and a member of Chrysler's National Dealer Council, said the shift would be a big help to dealers in extending lease offerings to more customers.


Ally declined to comment on the change in Chrysler credit scores.

More Industry

Photo of two men in suit jackets shaking hands next to new car inside of a dealership
IndustryApril 23, 2026

A New Consumer Culture in the Auto Dealership

Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.

Read More →
Closeup of the side of an Audi car
Industryby Hannah MitchellApril 23, 2026

New-Vehicle Sales Down

A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.

Read More →
Photo of Cadillac Lyriq SUV on road with partly cloudy sky in background
Industryby Hannah MitchellApril 16, 2026

Used Autos Selling for More

A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.

Read More →
Ad Loading...
Photo of facade of Waldorf Toyota car dealership
Industryby Hannah MitchellApril 16, 2026

Maryland Auto Group Sells

A group out West picked up the major D.C.-area collection, putting it in the upper tiers of private automotive groups in the U.S.

Read More →
Line graphic showing Cox Automotive's March Credit Availability Index status
Industryby Hannah MitchellApril 13, 2026

Auto Lending Opens Up in March

Lenders loosened access for subprime borrowers, and consumers with negative equity reached a record high, Cox Automotive reported.

Read More →
electric vehicle next to an urban charging station. EV Demand Diverges. F&I and Showroom logo
Industryby Lauren LawrenceApril 10, 2026

EV Interest Varies Regionally

U.S. consumer interest in electric vehicles lags behind other countries despite the rising gas prices caused by the ongoing war in the Middle East.

Read More →
Ad Loading...
Photo of the rear of a Mercedes GLC 400 electric SUV with a skyline in the background
Industryby Hannah MitchellApril 10, 2026

Brands Weighed on Projected Recalls

Research reveals the brands and models most likely to have higher recall rates over their lifetimes. While some brands rank high, addressing safety issues can be a selling point.

Read More →
Photo of white 2026 Ford Bronco on a sandy beach
Industryby Hannah MitchellApril 10, 2026

March New-Vehicle Sales Don’t Reflect War

Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.

Read More →
Photo of several cars on lifts in a service center
Industryby Hannah MitchellApril 9, 2026

Franchised Dealers Stand to Gain Service Business

Cox Automotive research shows both the opportunities and the challenges in turning consumers’ growing affordability needs into increased fixed-operations revenue.

Read More →
Ad Loading...
Photo of office desk with open laptop on it and an empty chair next to it
IndustryApril 9, 2026

What Matters Most in Building Your Agency

The partner you choose for growth and expansion is key, because better is the ultimate goal instead of growth for growth’s sake.

Read More →