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Consumer Warranty Rights to Chrysler, Dodge and Jeep Owners
Sales Agreement Initially Created Confusion As To Whether Consumers Would Receive Protection Under Manufacturers Warranty; Now Revised to Protect All Present and Future Drivers
Attorneys Robert M. Silverman and Amy L. Bennecoff of the Northeast Lemon Law Firm of Kimmel and Silverman have been successful in revising the Master Sales Agreement between Chrysler and Fiat to specifically include a provision that all present and future warranty claims, including lemon law and breach of warranty matters, will be assumed by the New Chrysler when the sales order is scheduled to go into effect on or before Monday, June 15, 2009.
Think Tank says Auto rescue is good news
The Economic Policy Institute (EPI) is an independent, nonprofit, nonpartisan research institute – or “think tank." EPI’s vice president Ross Eisenbrey said Dec. 19 on learning of the TARP bailout for Detroit Three, “The auto rescue announcement is good news. Failure to provide the bridge loan would have cratered the economy, which is already in a deep hole. The Big 3 automakers and the United Auto Workers have a tough road ahead, but with support from the Obama administration, they – and the communities they operate in -- can survive and prosper.”
U.S. Treasury to Increase Availability of Auto Loans
Treasury Department announces new initiative under the Troubled Asset Relief Program (TARP)
Addressing a key request from the National Automobile Dealers Association (NADA), the U.S. Treasury Department announced a new program to increase the availability of auto loans on Dec. 15. NADA represents about 20,000 new-car and -truck dealers holding nearly 43,000 separate franchises, both domestic and international.
Pres. Bush Authorizes TARP Loans For Detroit Three
The White House announced Dec. 19 that it would extend $13.4 billion in loans from the Troubled Assets Relief Program to the Detroit Three auto makers, with another $4 billion likely available in February, citing the need to avoid "disorderly liquidation" during an already troubled economic period. The loans will be allocated from the $350 billion TARP being managed by the U.S. Treasury Department, subject to approval of bank capital applications.
The President MUST Act
Amid the greatest financial crisis of our time, President George W. Bush can show leadership and statesmanship by using a small percentage of the U.S. government's financial bailout money to keep the American automobile industry alive.
Democrats and White House Draft Deal for Congress
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Stimulus Needed, as well as Loans, to Save Detroit Three
"Getting the loan is an important first piece of the puzzle, but will not be enough on its own," says Jeremy Anwyl, Edmunds.com's CEO . "There are other actions that need to be taken to preserve taxpayers' investment in the automotive industry." Anwyl said he believes the government should provide some sort of stimulus to move leery consumers back to the marketplace.
Dear Mr. President:
On December 4, 2008 the following letter was sent by Rep. Nancy Pelosi, Senator Harry Reid, Rep. Barney Frank and Senator Christopher J. Dodd to President Bush urging immediate action under EESA and TARP to prevent "severe impacts to our economy".
GM Submits Plan for Long-Term Viability to the U.S. Congress
GM has requested a total of $18 B in liquidity loans from Congress. Their plan
* Reaffirms GM’s commitment to energy-saving vehicles and technologies
* Outlines the need for Federal bridge loans and line of credit
* Requests Federal board to oversee loans, assist with restructuring
* Aggressive plan details GM actions to support long-term success
General Motors Corp. submitted a plan on Dec 2 to use Federal bridge loans to create a leaner, more competitive company, one that is profitable and self-sustaining for the long term.
Auto industry faces 'massive' job losses without aid: Ghosn
Countries face massive job losses unless they move quickly to provide financial assistance to their carmakers, Renault-Nissan head Carlos Ghosn warned Dec. 1.