Checked with a friend who is an Inuit, and her job is as a translator English-Inuit and back.
No such word.
None of the Inuit dialects have any words with the ch sound.
or so she says. Urban legend.
FWIW 

    On Monday, November 30, 2015 11:48 PM, don spence <dkspence@TELUS.NET> wrote:
 

 "Chimo"is a greeting in inuktituk, the language of the Inuit of northern Canada.  It was also used in an attempt to establish a distinctly Canadian substitute for "Cheers" or "Skoal" as in making a toast with a beverage. It has since been adopted by organizations as diverse as a softball team, the Canadian Army engineers Mascot, and a youth employment agency as well as the dealership mentioned.

"Charisma is the ability to influence without logic."    Quentin Crisp

On 2015-11-30, at 10:00 PM, Automatic digest processor wrote:

> Date:    Mon, 30 Nov 2015 10:55:56 -0800
> From:    Neil N <musomuso@GMAIL.COM>
> Subject: Re: [WetWesties] '72 VW Van "Chimo Camper" FS Vancouver BC
> 
> Hi Lloyd.
> Yes. That may be it. But as pointed out by another
> list member, "chimo" could simple be an expression denoting
> "cool", "boss" or other dated expression.    ;)
> 
> Neil.