Seeking Alpha

All calm so far at General Motors hearing

  • Shares of General Motors (GM -0.7%) are only mildly lower as CEO Mary Barra testifies at a House hearing in Washington, DC.
  • The most compelling anecdote from Barra so far is that the issue of GM vehicles losing value due to the ignition switch recall won't be addressed by the fund maintained by Kenneth Feinberg.
  • Barra indicates more recalls could be announced by the automaker.
  • GM dealers are holding up under the recall onslaught, says Barra. Some vehicles are cleared through a quick visual inspection.
  • House hearing live C-Span stream
Comments (7)
  • 1980XLS
    , contributor
    Comments (3311) | Send Message
     
    The very notion of owners of $2K cars having such a claim is absurd.

     

    The entire car is not defective.

     

    It is a $40 switch, less than the cost of a new tire.

     

    Would a car needing a new tire lose value. or would you just replace the tire?

     

    Lawyers gone wild, with the help of the media, all in which have zero comprehension of the scope alleged problem.

     

    Despicable.

     

    http://bit.ly/1sojJKn
    18 Jun, 11:40 AM Reply Like
  • funfun
    , contributor
    Comments (2017) | Send Message
     
    So if you buy a deadly defective GM car, say a Chevy CoBALK, and the resale or trade-in value is slashed as a direct consequence of the gross negligence and dirty play of GM Management, you won't get a dime of redress…unless attorneys are successful in obtaining redress.

     

    What a way to do business…hardly inspiring to would-be customers and investors alike. General Motors will not stand behind their shoddily built and deadly designed products.

     

    …funfun..
    18 Jun, 03:03 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3311) | Send Message
     
    funfun,

     

    I know you're not big on actual facts and data, so I have provided some for you.

     

    Actually Mercedes-Benz has the most depreciation and poorest resale value along with the highest repair cost & poor reliability.

     

    http://bit.ly/Z5pUoU

     

    Mercedes flagship, S Class,

     

    Poor value, huge depreciation, below average reliability

     

    http://cnnmon.ie/1pgFdTL

     

    As a note.

     

    GM won the JD Powers 2014 vehicle reliability survey, by a very big margin.

     

    Cadillac & Buick scored #1 & 2 respectively in the 2014 consumer service satisfaction category.

     

    Well above Mercedes-Benz
    18 Jun, 03:32 PM Reply Like
  • funfun
    , contributor
    Comments (2017) | Send Message
     
    Folks, we do not put much credence in Parade Magazine-style surveys and U.S.A type pie charts.

     

    And we're sure owners and drivers of S-Class Mercedes wish they had purchased Chevy Cobalts instead.

     

    …funfun..
    18 Jun, 03:40 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3311) | Send Message
     
    Mercedes owned and Built, Chrysler ignition switches now under NHTSA investigation.

     

    Pot, meet kettle.

     

    This should be quite "fun" indeed.

     

    http://seekingalpha.co...
    18 Jun, 05:05 PM Reply Like
  • lemm
    , contributor
    Comments (285) | Send Message
     
    I have said this a number of times,most of the recalls are for old used cars that don't have much resale value in the first place.Sites that track these things have said the cars haven't lost much if any value because of the recall.First of all GM is going to replace the switch,and if you don't want to drive it they will give you a loaner until they fix it.IMO this is a bunch of lawyers looking to make a fast buck,and will probably have a hard time proving that they have lost a lot of value.As far as the deaths that have happened in accidents,that is a whole different story,and from what I am reading, GM is going to compensate people for that.
    18 Jun, 06:14 PM Reply Like
  • User 26022023
    , contributor
    Comments (10) | Send Message
     
    It's an interesting theory, however as mentioned funfun does not deal in facts, the resale value according to Kelly Blue Book has not dropped. Recalls happen on many vehicles, they are repaired or inspected and cleared and the vehicles have lost no value, same in this case. Sorry sadsad.
    18 Jun, 06:15 PM Reply Like
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