Chrysler six years ahead of schedule on loan repayments

Chrysler has secured $7.5 million in new auto financing to repay loans that were granted to it by the U.S. and Canadian governments, according to The Windsor Star. In 2009, both entities assisted the Auburn Hills, Michigan-based car company with approximately $5.9 million in loans following a massive drop in auto sales. The Detroit News reports that in total, Chrysler will pay the U.S. Treasury $5.1 billion, accompanied by $800 million in interest and fees. In addition, the Canadian government will receive approximately $1.6 billion in loans and interest. Chrysler was able to re-pay the loans six years ahead of schedule, the news source adds. "My understanding is they will be paying us back well ahead of schedule, Dwight Duncan, Ontario, Canada finance minister, told The Windsor Star. "I look forward to receipt of the payment." Duncan added that Chrysler will wire the payment to the province on Tuesday. The money will enter a consolidated revenue fund where it will be credited for this fiscal year.