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CHRYSLER FINANCIAL COMPLETES SALE OF CHRYSLER FIRST TO NATIONSBANK

 SOUTHFIELD, Feb. 1 /PRNewswire/ -- Chrysler Financial Corporation today announced that it has completed the sale of substantially all of the consumer and inventory financing businesses and assets of its Chrysler First subsidiary to NationsBank. The net proceeds of $2.2 billion approximated the book value of the sold assets at closing.
 The sale increases the amount of nonautomotive businesses and assets sold by Chrysler Financial to nearly $3.2 billion since mid-1992. Net proceeds from the sales will be used to reduce CFC's outstanding indebtedness and support Chrysler's automotive dealer retail and wholesale financing requirements.
 Chrysler First's small business loan operation, called Business Credit, will remain part of Chrysler Financial. It will continue to be headquartered in Allentown, Pa.
 -0- 2/1/93
 /CONTACT: R.B. Heath of Chrysler Financial, 313-948-3890/
 (C NB)


CO: Chrysler Financial Corporation; Chrysler First; NationsBank ST: Michigan, North Carolina IN: FIN AUT SU: TNM

ML-SM -- DE017 -- 1392 02/01/93 12:52 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:158
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