Fiat Chrysler must offer to buy back 500000 Ram pickups; biggest such action ... - Minneapolis Star Tribune
The Ram pickups, which are the company's top-selling vehicle, have defective steering parts that can cause drivers to lose control. Both the Jeep and Ram measures are part of a larger settlement between the government and the automaker over allegations of misconduct in 23 recalls covering more than 11 million vehicles. FILE - This July 13, 2011, file photo shows the Ram logo on a Ram pickup truck at a dealership in Hillsboro, Ore. Fiat Chrysler will buy back about 500,000 Ram pickup trucks in the biggest such action in U. S. history as part of a deal with U. S. safety regulators to settle legal problems in about two-dozen recalls, two people briefed on the matter say. According to Kelly Blue Book, a 2010 Dodge Ram 1500 — one of the smaller, less-expensive trucks involved in the recalls — could fetch $20,000 in a dealer trade-in, assuming the truck has 60,000 miles on it and is in "good" condition. At that rate, if Chrysler had to buy back even a quarter of the trucks at issue, it could spend $2. 5 billion. Still, the total could strain the parent company, Fiat Chrysler Automobiles NV. The company posted a first-quarter net profit of $101 million and had more than $20. Source: www.startribune.com
