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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.

Friday, 19 December 2008 11:10

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.”

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.

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.

Friday, 12 December 2008 15:05

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.

Wednesday, 10 December 2008 12:49

Democrats and White House Draft Deal for Congress

The White House, Democrats, and Automakers have finalized a deal to shunt $14 billion in emergency loans to the Detroit Three, however the plan negotiated by the White House is being opposed by a group of conservative Republicans led by Sen. John Ensign, R-Nev., who threatened to block the measure.