Oil Prices Tumble Again; Stock Markets Surge [NYT] (Photo: hanapbuhay)

Currency: The Sinking Dollar [GOOD]

"We had decided that money is money and we'll take it and just do the exchange whenever we can with our bank," Robert Chu, owner of East Village Wines, told Reuters television.
...
"We didn't realize we would take so much in and there were that many people traveling or having euros to bring in. But some days, you'd be surprised at how many euros you get," Chu said.

"Now we have to get familiar with other currencies and the (British) pound and the Canadian dollars we take," he said.

"Euros Accepted" signs pop up in New York City [Reuters]
(Photo:strobist)

"I couldn't believe it," said Steven Dentali, who was charged the fee in October after renting a car from Dollar Rent A Car in Manchester, N.H. "I said to them, 'You're telling me I'm penalized no matter what? There's no way around me having to pay something?'"

That's precisely what the rental car agreement said. Here's the exact wording he received in his e-mail confirmation:

"Gasoline Policy: Vehicle must be returned with full tank or local refueling charge applies. If car is returned full a $2.00 top off fee will be applied."

When Dentali started asking questions, he said he was told that the fee was being test-marketed by Dollar at select locations in New England.

Dentali demanded a refund and was told he had to talk with a manager, who in turn told him to call Dollar's corporate offices. He did, and said he was promised a refund. But the $2 never arrived.

"I am unable to advise you as to whether or not this is a permanent policy or what the purpose is for it, but in an effort to regain your confidence in Dollar Rent A Car, I have requested a refund check in the amount of $2.16 to be forwarded to you from our accounting office. Please allow up to three weeks for processing and mailing."

At least it's cheaper than United's $50 fuel surcharge. Has anyone else seen and fought the top off fee? Send your experiences to tips at consumerist dot com.

Sneaky fee alert: rental car 'top off' [The Red Tape Chronicles]
(Photo: fabbio)

Some Canadian shoppers wear their new clothes home to avoid paying a duty when they cross back into Canada. The old clothes get left behind in parking lots, dressing rooms and restrooms at malls and shopping plazas in the Buffalo-Niagara Falls region.

Mall Collects Clothes Tossed Away by Canadian Shoppers [WWTI via Fark]
(Photo:Zanastardust)

First of all, it means that those bottles of Château Lafite-Rothschild are going to cost you more than they did 6 months ago. SmartMoney has a good article about what else to expect from our sagging currency, if you happen to be in the market for some wine, cars and bling.

Here's what they think of jewelry, for example:

The double whammy of a weak dollar and high consumer demand world-wide has sent prices for raw jewelry materials — most notably diamonds and gold — skyrocketing.

The issue with gold is twofold. Typically, when the dollar is beaten down, investors flock to gold as a safe-haven investment. That's definitely been the case in recent weeks. (Gold hit a 28-year high Wednesday as the dollar flirted with record lows.) On top of that, gold is priced in U.S. dollars, which means foreign buyers can buy it at a discount to U.S. consumers as the dollar continues to fall, which drives up demand and therefore prices.

And while some jewelers set prices by what they paid at the time they bought these precious metals and gems, others continuously jack up prices to reflect the going rate. That makes it crucial for consumers to comparison shop, warns Renée Newman, author of "The Jewelry Handbook." "It's no longer a given that a more expensive piece is better," she says. You'll need to research — and then compare — those factors that affect a piece's quality and desirability. An independent appraisal couldn't hurt either if you're eyeing a particularly expensive piece.

What a Weak Dollar Means for U.S. Shoppers [SmartMoney]

Gold's prospects can rise and fall quickly. And, if you're like most investors, you probably don't have that Ph.D. in economics that will help you predict inflation and make a gold fund worthwhile. "The economy can always blindside you," says David Yeske, co-founder of wealth management firm Yeske Buie in San Francisco. "Trying to predict how certain sectors will perform is almost impossible. I don't like making narrow bets like that."

"Is Gold a Safe Haven for Your Portfolio?" [SmartMoney]
(Photo: Getty)

From USA Today:

Among books released in recent weeks, as the currencies approached parity, the list price on Alan Greenspan's The Age of Turbulence: Adventures in a New World is $35 U.S. and $42 Canadian. Suggested retail prices for James Patterson's You've Been Warned are $27.99 and $32.50.

"Before, when there was a 5% or 10% difference (in the currencies), people would ... accept that the Canadian price was higher without making a calculation," says Douglas Porter, deputy chief economist at BMO Capital Markets. "Now that we're spot-on parity, it's tougher to explain away that difference."

Sorry, Canada. We suppose you'll have to visit the library for something to read while you wait in line for your excellent health care.

Dollar parity angers Canadian book buyers [USA Today]
(Photo:TheNose)

Dollar/Thrifty Group has an "unwritten/kinda-written" mandate that each mechanic who is employed by a store must earn at least $5.25 per car in warranty claims per month. This means that even if a car isn't in need of any repairs, the company is forcing the mechanic to "find" something wrong with it. Each of the other rental car companies apparently have similar requirements. Basically they have a corporate mandate to stick it to the big three...

More, inside...

I have been around the automotive repair industry for many years and there are a few things that are pretty much a given when you take your car into a dealer for work. The mechanic will always repair your warranty related issue, but more times than not, he will "find" some other problem that was covered under warranty. Sometimes the problem is legitimate, other times it's not. Warranty "finds" are then billed back to the manufacturer for reimbursement. The problem arises though, when many times, the warranty repair is claimed, a part is ordered, but the work never happened. The mechanic gets to charge more billable hours and earn more pay. This is pretty much standard operating procedure in the industry. It really doesn't hurt the consumer directly, but I'm sure that through a trickle down effect from the factory, they feel the financial pinch somewhere down the line.

Now each of the mechanics is working on commission, and any decision concerning a warranty "find" is generally left to the discretion and conscience of the mechanic. Some play by the book, others push the limits, and yet others blatantly cross the line. But it's always a personal decision by each mechanic. There is (as far as I have heard) no overriding directive from upper management to "find" warranty issues. When asked about that by mechanics who are in the know, the response has been "Wouldn't that be illegal?"

Now on the other side of things we come to the Dollar/Thrifty Group. Like many rental car companies such as Hertz (Ford), DTG has special dealer like relationships with manufacturers (Daimler/Chrysler) where they are classified as dealerships and the staff at their individual stores is approved to perform work on their fleet of cars. This gives them the privilege of being able to claim warranty repairs directly back to the manufacturer rather than taking the car to a standard classic authorized dealer. Depending on the staffing level of each store they choose what level of repair can be performed in-house and what must be sent away to a dealer. Some just do minor repairs, others do full engine rebuilds. Recently, DTG has seen the warranty work as a profit center, and has sent "unwritten/written" mandates that each store must pull in a certain dollar amount per car in warranty repairs. The numbers we had heard were about $5.00+ per car. Some stores have small fleets, others have large fleets of 1500+ cars. What this has done is force the employee's to "find" problems with the cars. If the cars don't have problems, the employees are still required to "find" something to make their quota or risk being written up in reviews with the possibility of losing their job for under performing. This corporate policy forces employees to lie and borders on or goes way beyond fraud.

The mandate isn't actually written into any job descriptions, but it does show up in emails passed back and forth from high up to down below, and in performance reviews that are documented.

The thing that sticks in my craw, is when management is asked if they want the mechanic to "make stuff up" they say absolutely not, but by forcing a quota for earnings from warranty work on vehicles that may or may not have problems is essentially forcing them to "make stuff up".

I would imagine that this tactic is use by other corporate entities around the work to boost profits, but I would like to think they they could be a little smarter about how they went about it.

Like the man says, somewhere down the line this alleged practice might trickle down to the consumers, like in the form of higher car prices. — BEN POPKEN

Whistleblower's Anonymous is a program where employees can report to The Consumerist questionable practices within their industry. All reports will remain strictly confidential. Send yours to tips@consumerist.com.

Dollar, Enterprise, and National have no grace periods. And at Hertz, if you return your car after closing time they're allowed to keep charging you hourly until they open.

Upgrade: Travel Better has a list of each company and their revised policies. Check it before your next rental. — BEN POPKEN

(Photo: Cote)

Higher rental rates for New York City residents may apply as follows:

- for Queens residents rates are USD 15.00 per day higher
- for Bronx residents rates are USD 56.00 per day higher
- for Brooklyn residents rates are USD 34.00 per day higher

Upgrade Travel points out that this looks suspiciously like redlining, which is a nebulously legal form of racism. Since minorities tend to live in the same areas, discriminating by district can be an effective way to move against them, as long as you can't be proven to be taking race into account. No doubt Hertz and Dollar Rent-A-Car have instituted this pricing scheme according to some study that shows residents of the Bronx are significantly more likely to trash their cars. But it certainly raises the bugbear of racism.

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Car Rental Companies Hate New Yorkers [Upgrade Travel]
Previously: Dollar Rent-A-Car Hatin' On The Boroughs

Higher rental rates for New York City (Brooklyn, Bronx, and Queens) resident renting in New York, Newark, NJ and Philadelphia may apply as follows:

• For Brooklyn residents the rates will be $55.00 higher per day.
• For Bronx residents the rates will be $53.00 higher per day.
• For Queens residents the rates will be $11.00 higher per day.

It's true after all, Brooklyn will kill you. Then the Bronx, then Queens.

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