In an effort to eliminate high-interest debt and regain consumer confidence, Chrysler CEO Sergio Marchionne announced yesterday that Chrysler has repaid its $7.6 billion debt to the U.S. and Canadian governments.

“The early repayment, about six years ahead of schedule, is expected to save Chrysler $300 million or more a year in interest charges,” Edmunds reports. Additionally, Fiat increased its stake in Chrysler by $1.27 billion, which increases its share of the automaker from 30 to 46 percent.

While the payoff is an accomplishment for Chrysler, Marchionne warns that there’s still a lot of work to be done. "Repayment of the government loans closes an important chapter in our history, but we still have a great deal left to accomplish before regaining our rightful place in the automotive landscape,” says Marchionne in a news release.

The automaker hopes to gain the trust of car shoppers. “Now that its government loans are repaid, Chrysler Group LLC hopes consumers will measure it — and make it solidly profitable — by buying its cars and trucks,” writes The Detroit News.

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