Bloomberg News reports that Chrysler Group LLC is dropping a lifetime powertrain warranty it has offered on most vehicles since July 2007.
The automaker intends to cover engine, transmission and drivetrains with a five-year/100,000-mile warranty, Bloomberg said, citing a Chrysler spokesperson.
The new warranty will be transferable to second owners of Chrysler vehicles; the earlier lifetime guarantee was not. However, Bloomberg said that Chrysler intends to honor all active lifetime warranties.
The automaker is also adding vehicles to the new warranty plan that were not eligible for the lifetime warranty, Bloomberg said.
According to Bloomberg, Chrysler deputy CEO Jim Press, who joined the company two years ago from Toyota, may leave the company by year’s-end.
The lifetime warranty was not available in Canada. The standard warranty here is five years/100,000 km on engines, transmissions and drive systems.
- With files from Bloomberg News