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Wednesday, December 31, 2014

Recall Alert: 2014 Ford Escape and 2015 Lincoln MKC

15MKC

Vehicles Affected: Ford is recalling about 9,000 model-year 2014 Ford Escape and model-year 2015 Lincoln MKC compact crossovers. In a separate recall, Ford is also recalling approximately 11,000 model-year 2015 Lincoln MKC crossovers.

The Problem: For the first recall, Ford says an issue with the nickel plating on the fuel pump could cause the pump to seize. If this happens, the car may not start or may stall while driving, which could increase the risk of a crash. In the second recall, the MKC is being recalled to move the push-button start's location. Because the button is close to other controls, drivers have inadvertently shut off the engine while driving, which turned off the restraint system. This could increase the risk of injury in a crash.

The Fix: Ford and Lincoln dealers will replace the fuel delivery module for the first recall. For the second MKC recall, dealers will replace the gearshift module with one that has the push-button in a different location and reprogram the power train control module.

What Owners Should Do: Owners can call Ford at 866-436-7332 for more information.

Need to Find a Dealer for Service? Go to Cars.com Service & Repair to find your local dealer.

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2015 Ram ProMaster City First Drive: From Fiat with Love

After decades of rectangular boxes, the shape of urban commercial hauling is evolving, and here is its latest manifestation, fresh from Italy via Chrysler's Ram Truck division. In Europe, this vehicle is known as the Doblò, a successful Fiat offering that has recently freshly embarked on its third generation. In Ram dealerships it's the ProMaster City, a smaller-scale sequel to the big ProMaster, which is also an Americanized Fiat (known as Ducato in Europe). Americanized, in this instance, means slightly higher ride height and heavier suspension components, in recognition of bad road conditions in some urban areas. READ MORE ››

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The Final Tally: It Cost America $9.3 Billion to Save GM and Chrysler

General Motors and Chrysler are profitable, healthy businesses cranking out some of their best products in decades. And they should be—the government intervention to rescue them from bankruptcy cost American taxpayers $9.3 billion.

That's the final number from the U.S. Treasury's Automotive Industry Financing Program, and amounts to all the money spent to float GM, Chrysler, GM's Ally Financial, and the companies' warranty commitments. All told, the federal government sent $79.7 billion to automakers between 2008, when President George W. Bush instated the Troubled Asset Relief Program at the end of his term, and 2014.

Excluding dividends in automaker stocks, loan interest, and other collected fees, the Treasury recorded a $16.6 billion loss, which was well below President Obama's initial estimate of $44 billion. Before he left office, Bush approved $25 billion in loans to GM and Chrysler. Obama then escalated TARP into federal takeovers of some of the country's largest private companies, allowing bureaucrats unprecedented power to control salaries, cut entire divisions (like Pontiac), and shape business plans.

"We've now repaid taxpayers every dime and more of what my administration committed, and the American auto industry is on track for its strongest year since 2005," Obama said at a press conference on Monday.

Strangely enough, it's true. The entirety of the $426.7 billion TARP bailouts—$332 billion of which went to banks and other financial institutions like AIG—has been repaid, and through gains on AIG stock, the Treasury is claiming a $15 billion profit overall. The automakers haven't done as well. When the Treasury sold its final GM stake last December, we were out $10.5 billion. When Chrysler paid its $5.1 billion loan back in May 2011, they left us with a bill for $1.3 billion. Luckily for the Treasury, the Ally Financial stock sale this month netted a positive $2.4 billion, and the warranty expenses—remnants from the pre-bankruptcy GM and Chrysler—brought in $120 million.

GM and Chrysler have no plan to repay the loss and the Treasury has not indicated any attempt to recover the money. As for Ford, while it did accept a $5.9-billion federal loan in 2009 under the Department of Energy's Advanced Technology Vehicles Manufacturing program—the same program that saw Fisker fall to the Chinese—the Dearborn automaker is paying the funds back with interest.

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