The Chrysler Group, which has recently become profitable and confident once again through revamping its products will soon become financially independent of the United States government after they were bailed out before going bankrupt.

Fiat, an Italian car maker has stated that they will buy the US treasury’s 6% stake in Chrysler for $500 million. Once the deal is complete, the United States government will no longer have any stake in the car company, but officials within the treasury said it could take up to three months to make the agreement final after all the regulatory approvals go through. Upon completion,

It is expected that President Barack Obama will make an official announcement regarding this sale of stock by the treasury when he visits a Chrysler facility in Toledo, OH on Friday.

However, the US government will not get back all of the $12.5 billion they gave Chrysler in loans at the end of 2008. But this is something the government was expecting because they stated earlier that they didn’t expect to get the full amount back. “We didn’t do this to maximize return. We did it to save jobs”, said secretary of the treasury Timothy Geithner.

“The operational benefits to Chrysler from Fiat’s oversight and management and product integration could become even more significant over time”, said S&P in a statement.