Chrysler "Driving America" With 0% Financing, following $1.5 Billion Loan

Chrysler Financial is back in action following the approval of $1.5 billion in Federal loans, sourced from the $700 billion financial bailout. To celebrate, the automaker is beginning a new 0% financing promotion for up to 60 months starting tomorrow. The incentive will be available on 2008 and 2009 models in hopes that it will spark more showroom traffic to help offset a dismal December.

"Dealers told us after December that not having Chrysler Financial cost us 20 to 25 percent sales," said Steven Landry, executive vice president for North American sales and service, to Automotive News. "We could see a significant lift."

Chrysler will publicize the promotion with a "Driving America" campaign that starts next week, though it should be noted that leasing a new Dodge or Chrysler through Chrysler Financial is still off the table.

Although the conditions of the financing offer vary by vehicle, here are the vehicles included:

• Chrysler Town & Country
• Chrysler 300
• Chrysler 300C
• Jeep Grand Cherokee
• Jeep Commander
• Jeep Wrangler
• Dodge Grand Caravan
• Dodge Charger
• Dodge Magnum
• Dodge Challenger
• Dodge Ram (regular and Heavy Duty)

Don't expect this to be the last low-interest loan promotion from Chrysler in the near future. The $1.5 billion is just a transitional loan until the Federal Reserve starts a "far larger consumer-lending program," according to Automotive News.