Chrysler is No Longer Leasing

DETROIT (AP) - Chrysler says its financial arm will get out of the auto leasing business.

The automaker says economic conditions have made leasing more expensive than buying, for both consumers and the company.

The move comes as Chrysler Financial is in the process of renewing a 30 billion dollar credit line with banks.

The value of trucks and sport utility vehicles are dropping as they come back to automakers when their leases expire. Chrysler takes a loss when it tries to resell the vehicles.

Vice Chairman and President Jim Press says today that the company wants to allocate limited resources to retail incentives and financing, which make up 80 percent of the market. Leasing makes up 20 percent of the U.S. market.