DaimlerChrysler Financial Splitting Up

FARMINGTON HILL, MI. – Corporate staffs supporting DaimlerChrysler Financial Services Americas’ Mercedes-Benz Financial and Truck Financial business units will move to a new location as the firm splits up.

That is expected to occur in the third quarter, after the transfer of assets of the firm’s Chrysler Financial business unit to Cerberus Capital Management LP. Cerberus is buying Chrysler from Daimler.

The transfer of Chrysler Financial’s assets will create two separate financial services companies that previously existed as one.

About 400 employees will move to an office building here, while some 800 employees of Chrysler Financial will remain in the company’s present Farmington Hills location.

Chrysler Financial will continue to operate its eight business centers in major markets across the U.S., as well as four customer service locations, officials here say.

Mercedes-Benz Financial will continue to operate its business centers in New Jersey and California, as well as customer-contact and remarketing operations in Dallas.

The Truck Financial business unit will maintain its executive, sales, operations and customer-service offices in suburban Chicago.

The transfer of assets from Chrysler Financial to Cerberus is creating the need for more jobs in the financial services industry, says Klaus Entenmann, president and CEO of DaimlerChrysler Financial Services Americas.

He says that will help the economy of southeast Michigan. The region has suffered job losses this year and last because of cutbacks by domestic auto makers.

“This move, a few miles away from our present headquarters, reinforces our commitment to metro Detroit and keeps our headquarters for the entire Americas region right here in Michigan,” Entenmann says.

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