DaimlerChrysler Corporation today announced it will provide an industry-leading seven year/70,000-mile limited powertrain warranty on its Chrysler, Jeep ® and Dodge brand vehicles.

The warranty, which is fully transferable to subsequent owners at no extra cost, will be provided free of charge on all new Chrysler Group vehicles purchased or leased on or after July 9, 2002. Components covered by the "7/70 Powertrain Warranty" include engines, transmissions/transaxles, transfer cases and axles.

Powertrain component coverage becomes effective following the standard bumper-to-bumper coverage of three years or 36,000 miles on all other components, and extends to seven years or 70,000 miles, whichever comes first.

The 7/70 Powertrain Warranty covers all vehicle lines except select commercial fleet vehicles. Remaining 2002 models also will be covered by the new warranty.

"Simply stated, our overall quality levels have improved substantially while warranty costs have dropped 20 percent in the latest model year, and have been cut in half since 1996," said Dieter Zetsche, Chrysler Group President and Chief Executive Officer. "Our entire management group has a mindset of making quality the top priority, and this program is yet another milestone in our 'disciplined pizzazz' approach.

"Going forward, no one is better positioned to keep this priority in sharp focus as we combine American innovation and design with German quality and technology," added Zetsche. "This new warranty also enables us to break from the pack when it comes to customer peace-of-mind.