According to published reports Chrysler will announce today that it is paying back $7.5 billion dollars to the Federal government.
Chrysler is planning on announcing the repayment at an auto assembly plant in the Detroit area later today.
On Monday Chrysler CEO Sergio Marchionne said that Chrysler will save $300 million in interest a year in interest when it repays the government loans. After paying back $7.5 billion, the U.S. government will still be owed about $2 billion in bailout loans.
Chrysler borrowed $12 billion dollars from the U.S. government as part of the U.S. auto industry bailout. Chrysler paid about 1.2 billion in interest last year to the Fed, and without that loan repayment the company would have been profitable according to Marchionne.
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