Fiat Chrysler to buy back Ram pickups as part of settlement with US - Los Angeles Times
In a rare demand that Fiat Chrysler Automobiles buy back as many as 193,000 flawed vehicles, the top U. S. traffic safety agency signaled a tougher stance on automakers that don’t identify and quickly repair defects. The National Highway Traffic Safety Administration, criticized for its slow response to past auto problems, also wrestled admissions from Fiat Chrysler that it violated safety regulations and ordered the automaker to pay a record $105-million fine. Other automakers, notably Hyundai and Honda, have faced fines and sanctions for not moving fast enough to recall vehicles, but they weren’t forced to admit safety violations and to repurchase vehicles, analysts said. Fiat Chrysler said it would improve its handling of recalls and “re-establish the trust our customers place in us. ” It also agreed to hire a NHTSA-approved independent monitor to track, assess and report the company’s recall performance for the... Customers can keep their trucks and opt to have Fiat Chrysler make repairs of potential suspension problems, which can cause the pickups to veer suddenly out of control. Even so, the cost of the program could swamp the automaker’s earnings for the year, said Efraim Levy, who follows the auto industry for S&P Capital IQ. He noted that the agreement allows the automaker to repair and resell the vehicles, further... Source: www.latimes.com
