The New Chrysler Financial

-- Key Ingredient in Driving Brand and Customer Loyalty

-- Continued Commitment to Dealers and Customers

-- Strong Management Team

FARMINGTON HILLS, Mich., Aug. 6, 2007 -- The New Chrysler Financial, created as a result of the transfer of assets from DaimlerChrysler AG to an affiliate of Cerberus Capital Management,L.P., begins operations today as a stand-alone company supporting the sales operations and dealer network of "The New Chrysler," Chrysler LLC.

"Our role at Chrysler Financial is crystal clear," said Paul Knauss, President and Chief Executive Officer, "to continue providing competitive financing services to our Chrysler, Jeep and Dodge dealers and to help them build customer loyalty to their brands. Our new status as a stand-alone company will help us do that more effectively and make us an even more valuable partner to Chrysler."

"We also have the opportunity to expand beyond our traditional boundaries within automotive financial services," said Knauss.

Knauss stated Chrysler Financial will offer the same level of service and programs as in the past and that thanks to a comprehensive transition plan there will be no disruption to any programs or services formerly offered. He added that the company hopes to be able to draw on the expertise of its new parent to potentially offer additional programs and services in the future.

Headquartered in Farmington Hills, Mich. and with offices throughout North and South America, the company's 4,200 employees will continue to manage a global portfolio of $75 billion covering dealer and consumer financing.

Approximately 800 employees will remain in the company's headquarters at 27777 Inkster Road. Chrysler Financial will continue to operate its eight business centers in major markets across the United States as well as four customer service locations, in addition to its operations in Canada, Mexico, Puerto Rico and Venezuela.

"It is our employees who make the difference and who will drive us into the future," Knauss added. "Their enthusiasm about our future combined with the strong management team we've put in place will drive our innovation to make us the first-choice provider of financial services and keep us sharply focused on delivering results. We can't wait to get started."

  The New Chrysler Financial Management Team

  Paul Knauss, President and Chief Executive Officer
  William F. Jones, Jr., Chief Operating Officer
  Gino Cozza, President and Chief Operating Officer - Canada
  Jim Haan, Vice President - Insurance Company
  Tracy Hackman, Vice President and General Counsel
  Mark Manzo, Vice President - Sales and Marketing
  Machelle McAdory, Vice President - Human Resources and Administrative
   Services
  Karla Middlebrooks, Vice President - Finance and Controlling
  Pat Milantoni, Vice President- Customer Service and Collections
  Johannes Riesterer, President - Mexico
  Frank Werner, Vice President - International