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Auto retailers and lenders are trying to debunk the notion that a bubble of rapid growth in subprime auto loans will lead to a wave of defaults, tanking the U.S. financial system the way subprime mortgage defaults did before the 2008-09 recession. Mike Jackson, CEO of AutoNation Inc., the largest U.S. auto retailer, dismissed the threat during a conference call last week. “People. Pay. Their. Auto. Loans,” Jackson said, emphasizing each word. He said subprime auto loans don’t threaten the U.S. economy because auto debt is relatively small — about $900 billion of American consumers’ $12 trillion in debt outstanding — and because auto defaults are low. “Lower than mortgages. Lower than credit cards. Lower than student loans.”
Source: Automotive News
The families of 52 people killed in crashes caused by faulty General Motors small-car ignition switches will receive millions in compensation from a company fund. The new total, which is one more than last week, was posted Monday on an Internet site by compensation expert Kenneth Feinberg. Each death claim is worth at least $1 million under guidelines established by Feinberg, who was hired by GM to handle claims and make payments. As of Friday, the fund received 4,237 claims for deaths and injuries.
Source: Associated Press