- The Washington Times - Monday, April 20, 2009

WASHINGTON (AP) - A published report says Chrysler’s finance arm turned down a $750 million loan from the federal government because some top executives refused to accept new federal limits on executive pay.

Chrysler Financial is denying the report posted Monday on The Washington Post’s Web site. The company says in a statement that it has adequate private capital to cover short-term financing needs for dealers and customers, and it doesn’t need federal money.

Chrysler Financial received a $1.5 billion loan from the government’s bank bailout program in January and said it would use the money to provide low-rate financing to more car buyers.

That money is separate from the $4 billion the government has lent to Chrysler LLC to aid the Auburn Hills, Mich., automaker’s struggling manufacturing operations.

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