President Bush has approved a $17.4 billion auto bailout, with $13.4 billion in emergency loans to prevent the collapse of GM and Chrysler and another $4 billion to be handed out in February.
Here’s a bleak list from Forbes — America’s 10 Fastest-Dying Towns. Many of the towns have something in common — manufacturing jobs moving overseas or to cheaper, more rural, areas.
General Motors took out an advertisement apologizing for “disappointing” consumers on Monday, asking your forgiveness for years of incompetance. Do you forgive them?
Oil is now nearing a 4-year low as the world’s economic crisis keeps on truckin’, says the Wall Street Journal. Light, sweet crude (don’t you just love that term?) is now trading at 44.56 a barrel on the New York Mercantile Exchange. “The price was the lowest since January 2005 and more than $100 below oil’s record close July 3,” says the WSJ. So, what does that mean for travelers?
Two years ago, an arbitrator ordered a car dealership in Queens, NY to refund a customer’s money under the “lemon law.” You’d think that would be the end of the story, but no… it’s the beginning. Jessica Harrison says she returned the “lemon” 2004 BMW to “Planet Auto Mall” but the dealer claims that they don’t know what happened to the vehicle. Now Jessica has to keep making payments on the missing BMW.
Hey, here’s a new and exciting deal. Buy a car; get 100 shares of GM stock. “Join us in jump starting America,” says the sales pitch. Unfortunately, GM’s shares are trading at 66 year low today as a bailout looks doubtful.
It looks like the auto industry bailout doesn’t have the votes. [NYT]
Over at Slate they’ve realized that the Tom Hanks movie from the 80s “The Money Pit” is actually just a documentary about our current financial crisis and the bailout of AIG. Specifically, the scene in which the kitchen catches fire and the bathtub falls through the floor. (Video, inside…)
GM is running out of money and may not have enough cash to continue running its business. They’ve burned through $6.8 billion in the last quarter and will exhaust their reserves by the end of 2008 without government intervention or a significant increase in auto sales. Which sounds more likely to you?
Consumer Reports has compiled a list of common car shopping mistakes from their Smart Buyer’s Guide to Buying or Leasing a Car, which, of course, you can find in bookstores.
After the failure of the nation’s largest Chevy dealerships brought the plight of the car dealer to everyone’s attention, the bleeding hasn’t stopped. The California New Car Dealers Association says dozens of dealerships in CA have also closed.
The American Consumer Satisfaction Index released it’s Q2 results today and the news isn’t good for domestic car manufacturers. The folks at the ASCI say that customer satisfaction for the entire industry is at an all time high — but no American car companies are represented in the top four — and the bottom three in the industry are all American brands.
A hybrid vehicle might be more fuel efficient than the non-hybrid version of the same car, but some hybrid vehicles can get as few as 19mpg. Check out this list of the least fuel efficient hybrid vehicles before you head out to the dealership.
Consumer Reports wants you to know that it’s OK to sleep in, because you’re not going to save money by pumping gas in the early morning. Why not?
Reader Andrew says he’s certain that Jiffy Lube purposefully filed down his oil plug so that he couldn’t change his oil himself. Conspiracy? Or incompetance? You decide.
If you’re from Chicago and have ever parked an automobile, this has probably already happened to you 6 times and you’ll be wondering why this story is even newsworthy. Feel free to go get a sandwich. For the rest of the country… The Chicago Sun-Times is reporting that hundreds of people who drove to the 79th annual Bud Billiken Parade got a nasty surprise when they found that a towing company had posted a notice after the parade started and towed all of their cars.