Cerberus Capital Management is seeking buyers for auto lender Chrysler Financial, which the private equity firm acquired as part of its takeover of Chrysler LLC in 2007, said people with knowledge of the matter.
Cerberus in recent days began soliciting interest in Chrysler Financial from large banks, said the people, who spoke on condition of anonymity because the discussions are private.
A sale of Chrysler Financial would represent another step in unwinding Cerberus founder Stephen Feinberg’s bet on the U.S. auto industry. His takeovers of the former General Motors Corp.’s auto lender in 2006, followed by Chrysler the following year, preceded a decline in U.S. auto sales that sent both carmakers into bankruptcy.
Peter Duda, a spokesman for Cerberus, declined to comment. A representative of Chrysler Financial didn’t return a call.