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May 25, 2011 12:13 AM- Mike Driehorst- It’s a day 23 months in the making, six years ahead of schedule, and a day during which Chrysler Group CEO Sergio Marchionne spoke both praise and caution.
And, the highlight transpired at 10:13 a.m. when Marchionne received confirmation from Citigroup that company’s wire and bank transfer of payments to the U.S., Canada and Ontario governments were received and Chrysler Group’s $6.7 billion loan was paid in full, with interest.
Marchionne spoke to Chrysler Group employees at the company’s headquarters at noon (above), and then headed to the Sterling Heights (MI) Assembly Plant for the 2 p.m. public portion of what he called the company’s “Independence Day.”
He was joined there by Assistant to President Obama for Manufacturing Policy Ron Bloom, and Vice President and Director, UAW Chrysler Department General Holiefield. Senior Vice President and Head of Manufacturing Scott Garberding made opening remarks.
During his comments, Marchionne said the “joy” of June 10, 2009, when the loan were made, “was conditioned by the sense of responsibility we all shared.
“Not just for the privilege we had been given of helping get an American icon back on its feet, but more importantly for our moral obligation to justify the support that American and Canadian taxpayers had given us.
“We knew we had to live up to the expectations of those who had made sacrifices on our behalf.”
As he has done so in the past, Marchionne cautioned about celebrating too much:
“Today is a major milestone for Chrysler Group, but our work is by no means finished….
“Repayment of the government loans closes an important chapter in our history, but we still have a great deal left to accomplish before regaining our rightful place in the automotive landscape.”
- Chrysler Group made final payments Tuesday of $7.6 billion for the outstanding loans from U.S. and Canadian taxpayers (via their respective governments).
- Payments consisted of $5.9 billion to the U.S. Treasury and $1.7 billion to Export Development Canada
- In total, Chrysler Group paid U.S. Treasury $6.5 billion and the Export Development Canada $2.0 billion, including interest and additional consideration
- Total loan pay off was $6.7 billion plus $1.8 billion of interest and other considerations. That’s a loan + interest totalling $8.5 billion.
- U.S. and Canada governments made $1.8 billion on the deal
- Paid in full more than six years ahead of payment schedule
- Loans by U.S. and Canadian governments combined with strategic alliance with Fiat leads to:
- 16 all-new or significantly refreshed vehicles currently in dealerships;
- more than $3 billion in facility upgrades; and
- increased employment with the hiring of 6,000 Chrysler Group employees
- The new financing will save Chrysler Group an estimated $350 million a year in interest expenses.
- In June 2009, Chrysler Group borrowed $5.1 billion from the U.S. Treasury and $1.6 billion from Export Development Canada.
- $2.6 billion from the original loan facilities was undrawn and the facilities will be cancelled
Even with such a deep-rooted family tree, the Jeep Compass has emerged as a bold spirit capable of carving out its own destiny and taking on a personality that is youthful, free and embodies a brave American spirit. It is that confidence, independence and freedom that are captured in the new advertising campaign called, “Bloodline.” The new advertising campaign makes its debut this evening on local and national broadcast channels across the country.
“The new 2011 Jeep Compass boasts stunning new styling, with cues coming directly from the brand’s premium icon – the Jeep Grand Cherokee. Because Compass and Grand Cherokee share this premium design – while offering legendary Jeep capability – our new ‘Bloodline’ campaign makes perfect sense, and allows us to demonstrate that Compass is a progressive, fun-to-drive vehicle targeted to consumers that share the passion of the Jeep brand.”
“Bloodline” showcases the Jeep Compass as it masters both urban and off-road adventures – staying true to the brand’s legendary heritage. The campaign also features the illustrious bloodlines of father-daughter athletes, Muhammad and Laila Ali and father-son actors, James and Scott Caan, all of whom have ascended to greatness in their own right.
For 2011, the Jeep Compass offers customers unsurpassed compact-SUV 4×4 capability, courtesy of the Jeep Freedom Drive II® Off-Road package. This available four-wheel-drive system delivers Jeep Trail Rated® capability for the first time in Compass form. The package includes a second-generation continuously variable transaxle with low-range gear that engages when the off-road mode is activated, 17-inch all-terrain tires and aluminum wheels, a one-inch raised ride height, a full-size spare tire, skid plates and tow hooks.
In addition to sophisticated new styling and unsurpassed compact-SUV 4×4 capability, the new 2011 Jeep Compass boasts up to 29 miles per gallon, a host of interior refinements, and improved ride and handling characteristics in all conditions – courtesy of upgraded steering and suspension systems. The new Jeep Compass offers a unique blend of premium styling, capability, efficiency and value that is unmatched in the compact SUV segment.
Delivering the packaging and interior flexibility of an SUV with the performance, handling, fuel economy and price of a compact car, the new 2011 Jeep Compass also boasts more than 30 standard safety and security features.
The 2011 Jeep Compass is available in three configurations: Compass Sport, Latitude and Limited. All are available with front-wheel drive, the Freedom Drive I full-time, active 4×4 system or the Freedom Drive II Off-Road Package full-time, active 4×4 system with low-range capability.
The 2011 Jeep Compass is available in the following exterior colors: Blackberry Pearl Coat, Bright Silver Metallic Clear Coat, Bright White Clear Coat, Brilliant Black Crystal Clear Coat, Deep Cherry Red Crystal Clear Coat and Mineral Gray Pearl Coat.
Check out both the 30 second and 60 second commercials. (The audio issues have been resolved.) Thanks for checking out Chrysler Catchall!