U.S. Forces Fiat Chrysler to Buy Back Trucks in Rarely Used Move - Bloomberg

Of the 23 Fiat Chrysler recalls that U. S. regulators investigated, three were so dangerous that the government invoked its most potent power: requiring the company to buy back the vehicles. In addition, owners of about 1 million older Jeeps with exposed fuel tanks could be able to trade them in for $1,000 above fair market value toward another Fiat Chrysler vehicle. Forcing automakers to repurchase defective vehicles is a rarely used requirement by regulators and hasn’t been invoked on this scale in decades. The move is part of a corrective action and $105 million penalty against Fiat Chrysler Automobiles NV announced Sunday following a Transportation Department investigation into how the company handled fixes on 23 recalls involving more than 11... Ram Pickups The vehicles subject to repurchase -- mostly Ram pickups -- have defective suspension parts could cause a loss of control, according to the NHTSA. Fiat Chrysler estimates more than 60 percent of the estimated 500,000 vehicles involved have already been repaired, leaving fewer than 200,000 eligible for a buy back. NHTSA compelled Fiat Chrysler to repurchase the vehicles because. Source: www.bloomberg.com