Word: carred
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President Barack Obama made clear at his press conference on Monday that the U.S. government would stand behind warranties on cars purchased while the automakers restructure. "Let me say this as plainly as I can: If you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired just like always," Obama said. "Your warranty will be safe. In fact, it will be safer than it has ever been. Because starting today, the United States will stand behind your warranty...
That surely boosted the confidence of prospective car buyers and sent a strong message to the United Auto Workers union and bondholders that the government is dead serious about implementing a major restructuring of both companies - and won't wince at bankruptcy if that's what is required to get the job done. GM's new CEO, Frederick A. Henderson, basically repeated that message at his Tuesday-morning press conference, even going so far as to say that bankruptcy was now "more probable," though not desirable. (See pictures of the remains of Detroit...
...many current and future GM or Chrysler car owners - and more than a few car dealers - the government promise is a bit of a head spinner. For example, if you're the happy owner of a GM or Chrysler car now, does the new government backing pertain to you? (No.) If you purchase a GM or Chrysler car today, are you covered? (Yes.) Last week? (No.) And if you buy while either company is in bankruptcy...
...precise language. When carmakers say three years and 36,000, they mean exactly three years and 36,000 miles. Any changes or extensions, while not uncommon because of pressure from state lemon laws, are reviewed by senior management. Dealers get some leeway but not much, and taking a car to an unauthorized repair center can effectively negate the warranty. "None of this is clear," said one dealer, referring to the many nuances of warranty work that are yet to be defined in the government's plan. He also noted that if GM is forced into bankruptcy, dozens of dealerships could...
...Chrysler - a fear that the Administration did little to calm. President Obama, in his speech announcing the deal on Monday, tried to put a good face on things, laying out measures to save the companies, soften the blow to autoworkers and encourage auto sales with guaranteed warranties and car-buying tax incentives. But, he said, "these efforts, as essential as they are, are not going to make everything better overnight. There are jobs that won't be saved. There are plants that may not reopen...