The Truth About Cars » Government http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 19 Oct 2014 11:58:25 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » Government http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com/category/news-blog/government-news-blog/ Michigan May Ban Tesla Direct Sales Pending Governor’s Signature http://www.thetruthaboutcars.com/2014/10/michigan-may-ban-tesla-direct-sales-pending-governors-signature/ http://www.thetruthaboutcars.com/2014/10/michigan-may-ban-tesla-direct-sales-pending-governors-signature/#comments Thu, 16 Oct 2014 12:00:00 +0000 http://www.thetruthaboutcars.com/?p=931978 Sitting on Michigan governor Rick Snyder’s desk is a bill that would add the state to the list of places where Tesla cannot sell its vehicles directly to the public, waiting for his pen to seal the deal. Automotive News reports Michigan H.B. 5606 was originally meant to determine whether or not automakers could stop […]

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Sitting on Michigan governor Rick Snyder’s desk is a bill that would add the state to the list of places where Tesla cannot sell its vehicles directly to the public, waiting for his pen to seal the deal.

Automotive News reports Michigan H.B. 5606 was originally meant to determine whether or not automakers could stop their dealership networks from charging consumers certain fees when it was introduced in May, only for the anti-Tesla language to be appended to the bill by the state senate prior to passage — and without notice or debate — during the first two days of October. The bill then returned to the state house, passing 106 to 1 before landing on Snyder’s desk.

On the third day, Tesla contacted the governor’s office to have “a very open and productive dialogue” with those in the Snyder administration, according to vice president of business development Diarmuid O’Connell. He added that the automaker had been watching the bill since its introduction, citing its experience with other bills where anti-Tesla language had been stealthily implemented.

Meanwhile, Michigan Automobile Dealers Association executive vice president Terry Burns applauded the bill, proclaiming that while Tesla are “more than welcome” to do business in Michigan, he would hope they do so based on state law:

One good thing about being governor, you get to do whatever you think is appropriate at the time. We hope and look forward to him signing the bill and clarifying the language, and we hope he does it soon.

As for when the governor would decide the fate of H.B. 5606, a representative said the bill was being evaluated, but nothing has been decided thus far. Snyder has until October 21 to sign.

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EU Withdraws 2020 Electric, Hydrogen Infrastructure Quota http://www.thetruthaboutcars.com/2014/10/eu-withdraws-2020-electric-hydrogen-infrastructure-quota/ http://www.thetruthaboutcars.com/2014/10/eu-withdraws-2020-electric-hydrogen-infrastructure-quota/#comments Tue, 14 Oct 2014 10:00:14 +0000 http://www.thetruthaboutcars.com/?p=930818 The European Union is withdrawing a mandated quota of EV and hydrogen refueling stations that are to be installed in member states by 2020. Instead, the governing body is asking each member install an “appropriate number” of publically accessible EV stations by the start of the new decade, with hydrogen due by 2025 for those […]

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The European Union is withdrawing a mandated quota of EV and hydrogen refueling stations that are to be installed in member states by 2020. Instead, the governing body is asking each member install an “appropriate number” of publically accessible EV stations by the start of the new decade, with hydrogen due by 2025 for those who choose to develop the resource.

Auto Express reports the United Kingdom — as one example — would have fallen 64,000 units short of 122,000 units by 2020, but can now focus instead on its own £9 million ($14.4 million USD) infrastructure program, which will put over 200 electric stations online by the end of this year.

Meanwhile, campaign group Transport & Environment clean vehicles manager Greg Archer lamented the change in the mandate, placing the blame on the member states who “could not accept binding committments for low-carbon charging infrastructure”:

Europe can and should do better and initiate a comprehensive strategy on e-mobility. This continent needs to join the race for clean innovation, cut its €300 billion oil import bill and reduce CO2 emissions as soon as possible.

The Clean Power for Transport mandate will go into effect by the end of October.

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EPA: Mazda Holds Highest MPG, Lowest CO2 Averages For 2013 http://www.thetruthaboutcars.com/2014/10/epa-mazda-holds-highest-mpg-lowest-co2-averages-2013/ http://www.thetruthaboutcars.com/2014/10/epa-mazda-holds-highest-mpg-lowest-co2-averages-2013/#comments Fri, 10 Oct 2014 14:00:17 +0000 http://www.thetruthaboutcars.com/?p=928618 Mazda’s green vibes must just feel right with the Environmental Protection Agency, as the agency has proclaimed the automaker has the highest fuel economy and lowest greenhouse gas emissions of any automaker in 2013. Edmunds reports Mazda’s portfolio netted an average of 28.1 mpg and 316 grams/mile of CO2, followed by Honda (27.4/324), Subaru (26.7/332) […]

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Mazda’s green vibes must just feel right with the Environmental Protection Agency, as the agency has proclaimed the automaker has the highest fuel economy and lowest greenhouse gas emissions of any automaker in 2013.

Edmunds reports Mazda’s portfolio netted an average of 28.1 mpg and 316 grams/mile of CO2, followed by Honda (27.4/324), Subaru (26.7/332) and Nissan (26.2/339). Nissan also had the greatest improvement in both rankings, jumping up 2.2 mpg and cutting down 30 g/mi of CO2 compared to 2012. All four are set to continue their green ways, as well, with Mazda leading the way again for 2014 at 28.8 mpg/309 g/mi CO2.

At the bottom of the list, Fiat Chrysler Automobiles delivered an average of 20.9 mpg/425 g/mi CO2. Volkswagen AG bested the other German manufacturers with 353 g/mi CO2 and 25.7 mpg, while Hyundai and Kia continue to be footnotes due to an ongoing investigation regarding fuel economy numbers.

As stated earlier, the overall average mpg for 2013 came out to 24.1 mpg, while overall CO2 emissions averaged 369 g/mi. The EPA adds that the number of vehicles topping out at 40 mpg and above jumped from three to 26, and that the top three most fuel-efficient models for 2013 are the Chevrolet Spark (119 combined MPGe), Honda Fit EV (118) and Fiat 500e (116).

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Sit Down, Waldo: City Council Disbands Police Over Speed Trap Rep http://www.thetruthaboutcars.com/2014/10/sit-waldo-city-council-disbands-police-speed-trap-rep/ http://www.thetruthaboutcars.com/2014/10/sit-waldo-city-council-disbands-police-speed-trap-rep/#comments Fri, 10 Oct 2014 11:00:57 +0000 http://www.thetruthaboutcars.com/?p=928410 The city council of Waldo, Fla. — population 1,000 — sternly told its police department to take a seat in the shame bus, disbanding the force after its chief and interim chief both resigned amid an investigation into the town’s reputation as a speed trap. Associated Press reports the Alachua County Sheriff’s Office will take […]

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Waldo Florida is Hot For Teacher

The city council of Waldo, Fla. — population 1,000 — sternly told its police department to take a seat in the shame bus, disbanding the force after its chief and interim chief both resigned amid an investigation into the town’s reputation as a speed trap.

Associated Press reports the Alachua County Sheriff’s Office will take up where the Waldo Police Department failed, while AAA will consider taking down billboards warning motorists of the speed trap awaiting them.

The path to disbanding began in August, when Chief Mike Szabo was suspended during a probe into allegations of ticket quotas. The same allegations would later take down interim chief, Corporal Kenneth Smith, a couple of weeks later, with both resigning soon after.

The police force was a cash machine for the city budget, providing half of the $1 million spent annually in Waldo; last year alone, 12,000 tickets between seven officers produced $400,000 in revenue.

Though the country sheriff will oversee law enforcement in the near-term, residents believe speeders and criminals will have carte blanche over Waldo. That said, the residents have recently asked the state government to post a single speed limit for their city; currently, there are six within the two square miles Waldo occupies.

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US New-Car Fuel Economy Improves For 2013, Falls For September 2014 http://www.thetruthaboutcars.com/2014/10/us-new-car-fuel-economy-improves-2013-falls-september-2014/ http://www.thetruthaboutcars.com/2014/10/us-new-car-fuel-economy-improves-2013-falls-september-2014/#comments Thu, 09 Oct 2014 11:00:27 +0000 http://www.thetruthaboutcars.com/?p=927914 Good news: New-car fuel economy in the United States improved to an average of 24.1 mpg in 2013. Bad news: Said economy fell to 25.3 mpg for September 2014. AutoblogGreen reports the 2013 average, as calculated by the Environmental Protection Agency, is not only an improvement of 0.5 mpg higher than in 2012, but is […]

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Good news: New-car fuel economy in the United States improved to an average of 24.1 mpg in 2013.

Bad news: Said economy fell to 25.3 mpg for September 2014.

AutoblogGreen reports the 2013 average, as calculated by the Environmental Protection Agency, is not only an improvement of 0.5 mpg higher than in 2012, but is the highest the yearly average has ever been. It’s also the halfway point to the 2025 CAFE target of 54.5 mpg, which would come out to an EPA sticker value of 40 mpg thanks to improvements in gasoline engines, alternative clean technologies, and the credits such things generate.

Still, it is a long way to the top if the green parade still wants to rock and roll. According to AutoGuide, the University of Michigan Transportation Research Institute reports the September 2014 average is a 0.5 mpg drop from the all-time high of 25.8 mpg recorded in August. The group adds that the last time U.S. new-car fuel economy dropped by 0.5 mpg was in December 2011. Research professor Michael Sivak says the drop “likely reflects the increased sales of light trucks and SUVs, and the reduced demand for fuel efficient vehicles of all types because of the falling gas prices.”

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NADA, CFPB Fight For Future Of Automotive Financing http://www.thetruthaboutcars.com/2014/10/nada-cfpb-fight-future-automotive-financing/ http://www.thetruthaboutcars.com/2014/10/nada-cfpb-fight-future-automotive-financing/#comments Thu, 09 Oct 2014 10:00:13 +0000 http://www.thetruthaboutcars.com/?p=927882 According to National Automobile Dealers Association chair Forrest McConnell, the United States government’s plan to tighten automotive finance regulations amounts to an attempt by said government “to take away the consumer’s right to get a discount.” Autoblog reports the Consumer Financial Protection Bureau wants to further extend its reach in the industry, arguing that a […]

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car salesman battle brigade

According to National Automobile Dealers Association chair Forrest McConnell, the United States government’s plan to tighten automotive finance regulations amounts to an attempt by said government “to take away the consumer’s right to get a discount.”

Autoblog reports the Consumer Financial Protection Bureau wants to further extend its reach in the industry, arguing that a flat-fee system would provide more transparency and prove beneficial to consumers over the current discretionary interest rate system, which the agency claims can be used to discriminate against certain groups of customers.

McConnell returned fire, proclaiming the CFPB’s reasoning as “flawed,” and that dealers are against discrimination:

Dealers have to discount those rates to be competitive. The current system saves customers money. Period.

At stake are 87.4 million outstanding loans worth over $900 billion as of Q1 2014, 90 percent of which originate from 38 auto finance companies that would fall under the proposed CFPB regulations.

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European Auto Execs Warn Too Stringent CO2 Regs Could Kill Local Industry http://www.thetruthaboutcars.com/2014/10/european-auto-execs-warn-stringent-co2-regs-kill-local-industry/ http://www.thetruthaboutcars.com/2014/10/european-auto-execs-warn-stringent-co2-regs-kill-local-industry/#comments Wed, 08 Oct 2014 11:00:56 +0000 http://www.thetruthaboutcars.com/?p=927626 While hot hatches and hypercar hybrids caught the attention of everyone at the 2014 Paris Auto Show, senior executives for some of Europe’s major automakers warned all who would listen that potentially stronger greenhouse-gas regs could prove “fatal” to the European auto industry. The Detroit Bureau reports European Union legislatures are considering issuing targets of […]

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While hot hatches and hypercar hybrids caught the attention of everyone at the 2014 Paris Auto Show, senior executives for some of Europe’s major automakers warned all who would listen that potentially stronger greenhouse-gas regs could prove “fatal” to the European auto industry.

The Detroit Bureau reports European Union legislatures are considering issuing targets of 65 grams of carbon dioxide per kilometer driven by 2025, a 30-gram drop from the target of 95 grams/km in 2021. The drop would be the equivalent of a vehicle in the United States netting 84 mpg, nearly 30 miles per gallon more than the CAFE target of 54.5 mpg set for the U.S. market at the same time as the 65-gram/km mandate would go into effect.

To make this a possibility, senior execs, like Volkswagen’s Martin Winterkorn and Fiat Chrysler Automobile’s Sergio Marchionne, claim significant investments would need to be made to meet the mandate. Winterkorn specifically stated that for every gram of CO2 cut to meet the target, his company must spend €100 million ($140 million USD) “without knowing when these investments pay off.” Observers also claim that while bigger automakers can handle the investment, smaller ones would likely be crippled if not die-off in doing the same.

On the other side, critics proclaim that automakers have been obsessed with the apocalypse of their industry since the 1970s, when the first clear air bills became law. Every time, the industry has been able to meet the challenges before it, and continue to do so today with the use of turbos, direct injection and advanced transmissions.

Marchionne acknowledged those statements, but added that it would ultimately be put on the backs and wallets of the consumers who want the latest and greatest, emphasizing that it would be delusional to think otherwise.

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State, Federal Authorities Target Subprime Liar Auto Loans http://www.thetruthaboutcars.com/2014/10/state-federal-authorities-target-subprime-liar-auto-loans/ http://www.thetruthaboutcars.com/2014/10/state-federal-authorities-target-subprime-liar-auto-loans/#comments Mon, 06 Oct 2014 10:00:39 +0000 http://www.thetruthaboutcars.com/?p=926369 The same subprime lending practices in the mortgage industry that fueled the run-up toward the Great Recession have found a new market to infect: used-car auto lending. According to The New York Times, state and federal authorities are investigating used-car dealerships who finance subprime consumers by creating liar loans, loans where an applicant’s information is […]

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Ameriquest Mortgage NASCAR Nextel Cup Series Ford Fusion

The same subprime lending practices in the mortgage industry that fueled the run-up toward the Great Recession have found a new market to infect: used-car auto lending.

According to The New York Times, state and federal authorities are investigating used-car dealerships who finance subprime consumers by creating liar loans, loans where an applicant’s information is misrepresented, such as inflating one’s income or falsifying their employment information.

Thus far, the investigations have found hundreds of such loans, including a case in Odessa, Texas where two employees at a dealership created over 300 liar loans; the employees are now serving time in federal prison. Meanwhile, 15 states — including Florida, New York, Alabama, Ohio, Texas and Tennessee — have lawsuits pending against dealerships whose subprime lending tactics have financially damaged borrowers who would have otherwise been passed over.

Liar lending also damages lenders and investors — the latter including public pension funds and insurance companies — who buy the loans from the dealerships who commit to such tactics, eroding confidence in the securities generated by the loans. That said, more lenders are falling head over heels to have more loans in their portfolio — sometimes paying dealers in full immediately for them — fostering the sin that led some mortgage companies to the guillotine years ago.

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Sen. Reid Calls Upon Congress To Raise EV Tax Incentives http://www.thetruthaboutcars.com/2014/10/sen-reid-calls-upon-congress-raise-ev-tax-incentives/ http://www.thetruthaboutcars.com/2014/10/sen-reid-calls-upon-congress-raise-ev-tax-incentives/#comments Wed, 01 Oct 2014 10:00:16 +0000 http://www.thetruthaboutcars.com/?p=922273 For the past three years, President Barack Obama has called upon Congress to raise tax incentives for electric vehicles from $7,500 to $10,000, with those calls going unanswered. This year, the top Democrat in the U.S. Senate is taking the charge. The Detroit News reports Senate Majority Leader Henry Reid of Nevada pushed Congress to […]

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Harry Reid

For the past three years, President Barack Obama has called upon Congress to raise tax incentives for electric vehicles from $7,500 to $10,000, with those calls going unanswered.

This year, the top Democrat in the U.S. Senate is taking the charge.

The Detroit News reports Senate Majority Leader Henry Reid of Nevada pushed Congress to boost the incentives — and, therefore, EV sales — proclaiming the government needed to do more to encourage sales:

In order to truly promote innovation, we must as a Congress create opportunities for consumers to invest in advanced technologies, and we haven’t done that yet. We need more tax incentives for that. In 2008, we encouraged America to invest in the growth of the electric car industry with tax credits for qualified electric vehicles.

The extra $2,500 would provide dealers an opportunity to claim credits so long as they disclosed that info to their customers, which would then give said customers a chance to claim the credits at the point of sale, instead of filing a claim with their taxes the following year.

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CFPB Brings The Hammer Down On Captives, Dealer Reserve http://www.thetruthaboutcars.com/2014/09/cfpb-brings-hammer-captives-dealer-reserve/ http://www.thetruthaboutcars.com/2014/09/cfpb-brings-hammer-captives-dealer-reserve/#comments Tue, 30 Sep 2014 14:00:47 +0000 http://www.thetruthaboutcars.com/?p=921689 The hammer has fallen on captive automotive lenders, such as GM Financial, Ford Motor Credit and Toyota Financial Services: The Consumer Financial Protection Bureau began officially asserting its authority over them as the feds and the lenders battle over allegations of discrimination in the latter’s loan products. Forbes reports the captives — regulated at the […]

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CFPB - Consumer Financial Protection Bureau Sign

The hammer has fallen on captive automotive lenders, such as GM Financial, Ford Motor Credit and Toyota Financial Services: The Consumer Financial Protection Bureau began officially asserting its authority over them as the feds and the lenders battle over allegations of discrimination in the latter’s loan products.

Forbes reports the captives — regulated at the state level until this month — will be used indirectly by the agency to regulate dealerships as far as financing is concerned; the new-car dealer lobby won exemption from oversight in 2010.

The focus? Dealer reserve. Lenders allow dealers to add a few percentage points to the former’s loan packages as compensation for generating the leads, generally capped between 2 to 3 percentage points by most lenders. However, the allegations claim dealerships use their dealer reserve to charge more on loans made to protected classes, such as women and minorities.

The CFPB plans to address the issue by “pushing lenders to switch to some form of dealership compensation that takes away dealer discretion, such as a fixed, flat rate for every customer.” The agency also suggested lower caps could also do away with the alleged variations in dealer pricing.

For its part, the National Automobile Dealers Association claims competition “keeps rates low,” that dealership compensation is lower than the rate caps suggested, and by moving to a fixed, flat rate with even lower caps, dealers would no longer be able to offer discounts on financing.

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Valet Mode Data Recorder In 2015 Corvettes Could Bring Legal Trouble For Some http://www.thetruthaboutcars.com/2014/09/valet-mode-data-recorder-2015-corvettes-bring-legal-trouble/ http://www.thetruthaboutcars.com/2014/09/valet-mode-data-recorder-2015-corvettes-bring-legal-trouble/#comments Tue, 30 Sep 2014 10:00:29 +0000 http://www.thetruthaboutcars.com/?p=921601 Not too long ago, General Motors brought comfort to many a new 2015 Corvette Stingray owner with a feature that would do for them what teddy-bear cams did for concerned parents, recording audio, video and vehicle data when the key was given to the valet. Alas, the spyware could land the owner in legal hot […]

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Not too long ago, General Motors brought comfort to many a new 2015 Corvette Stingray owner with a feature that would do for them what teddy-bear cams did for concerned parents, recording audio, video and vehicle data when the key was given to the valet. Alas, the spyware could land the owner in legal hot water in a dozen states, to say the least.

Automotive News reports GM and Chevrolet will send a software update in October to address the problems that could await owners in two-party states — California, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Montana, New Hampshire, Pennsylvania and Washington — were the data recorder used without the consent of the valet. The automaker also notified dealers to inform their customers to not use the system until the update goes through.

The proposed fix could include removing audio recording from the feature, adding a warning informing valets that they’re being recorded, or another method under consideration.

Another notification, signed by GM senior vice president for global quality and customer experience Alicia Boler-Davis, instructs customers to refrain from using the valet mode, or to inform the valet they would be recorded upon taking the car, and to “obtain their consent.”

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California Planning EV Charging-Friendly Building Codes For 2015 – 2016 http://www.thetruthaboutcars.com/2014/09/california-planning-ev-charging-friendly-building-codes-2015-2016/ http://www.thetruthaboutcars.com/2014/09/california-planning-ev-charging-friendly-building-codes-2015-2016/#comments Mon, 29 Sep 2014 11:00:27 +0000 http://www.thetruthaboutcars.com/?p=921193 Should you one day find yourself heading off to make a new life in California, and you own a plug-in vehicle, your home or apartment will already have the minimum infrastructure needed to install a charging port. The Long Tail Pipe reports the California Building Code is set to receive an update sometime between 2015 […]

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Should you one day find yourself heading off to make a new life in California, and you own a plug-in vehicle, your home or apartment will already have the minimum infrastructure needed to install a charging port.

The Long Tail Pipe reports the California Building Code is set to receive an update sometime between 2015 and 2016, mandating new housing and parking lots must at least have “the conduit and electrical system calculations required to prepare for charging stations.” This would not only knock down installation costs — current installations require extensive work as far as wiring and upgrades are concerned, with a price tag to match — but could help spur greater adoption of electric cars and motorcycles.

Though installation would be made easier with the standards in consideration, charging could still be a pain. In a study b the state’s Department of Housing and Community Development, grid operator California ISO proclaimed the grid could handle the increase in load so long as the ports are limited to 40 amp charging capacity. The fear is that were the amps to be doubled without upgrades to local transformers, the grid could overload.

The trade-off in limiting amps to maintain grid integrity is longer charging times, which could be made longer when longer-range EVs and their 60-plus kWh packs arrive sometime in 2017. The Long Tail Pipe says 40 amp would deliver times of 10 hours or greater to bring the packs to full. Though the study suggests 120-volt charging, the draft building code makes no mention of using that particular method.

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EU Orders Germany To Cease Use Of R134a Within Two Months http://www.thetruthaboutcars.com/2014/09/eu-orders-germany-cease-use-r134a-within-two-months/ http://www.thetruthaboutcars.com/2014/09/eu-orders-germany-cease-use-r134a-within-two-months/#comments Fri, 26 Sep 2014 12:00:30 +0000 http://www.thetruthaboutcars.com/?p=920050 After months of investigation regarding the German government’s support of Daimler’s continued use of R134a — in violation of a law mandating use of refrigerants “with a global warming potential no more than 150 times that of carbon dioxide” — the European Commission has given Germany two months to comply with the law, or be […]

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Mercedes SL With R134a

After months of investigation regarding the German government’s support of Daimler’s continued use of R134a — in violation of a law mandating use of refrigerants “with a global warming potential no more than 150 times that of carbon dioxide” — the European Commission has given Germany two months to comply with the law, or be fined and taken to court.

Reuters reports the Commission sent its formal request to the Bundesregierung this week, stating that if the government fails to comply, “the Commission may decide to refer the matter to the European Court of Justice.”

Meanwhile, Germany still believes it is not in violation of European Union law, and that the government would reply within two months to the Commission.

As for Daimler, a representative says the company’s position on the use of R134a has not changed, and is still at work on a CO2 replacement expected to arrive in 2017. Daimler’s stance is based on its concerns over the EU-compliant R1234yf refrigerant made by Honeywell, claiming the alternative creates a toxic gas when burned.

The edict comes a few months after Daimler successfully won the right to continue to sell R134a-equipped vehicles in France, when a ban issued by the nation’s economy minister, Ségolène Royal, was found unjustified.

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Privacy Concerns By Auto Lenders Shape SEC Asset-Backed Security Rule http://www.thetruthaboutcars.com/2014/09/privacy-concerns-auto-lenders-shape-sec-asset-backed-security-rule/ http://www.thetruthaboutcars.com/2014/09/privacy-concerns-auto-lenders-shape-sec-asset-backed-security-rule/#comments Thu, 25 Sep 2014 13:00:25 +0000 http://www.thetruthaboutcars.com/?p=918546 It took four years, but the Securities and Exchange Commission has put the final touches on a rule regarding asset-backed securities — including auto loans and leases — and what information is given when a company or investor takes on an ABS. Juan Barnett of DC Car Geek reports the work on the rule began […]

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SEC - Securities and Exchange Commission HQ

It took four years, but the Securities and Exchange Commission has put the final touches on a rule regarding asset-backed securities — including auto loans and leases — and what information is given when a company or investor takes on an ABS.

Juan Barnett of DC Car Geek reports the work on the rule began in 2010, re-proposed with the inclusion of Dodd-Frank Act requirements in 2011, and brought up for consideration again earlier this year. Barnett adds that a total of 240 comments — the majority from financial institutions — were submitted to the SEC in the same period.

As far as the automotive finance industry goes, a consortium dubbed Vehicle ABS Sponsors delivered a 97-page comment in 2012, bringing up numerous concerns about the rule.

One concern in particular focused on privacy issues. Were the then-proposed framework to be enacted, the consortium feared competitors from within and outside the ABS market would use the massive amounts of data collected by its members to upend the industry as a whole:

Ordinarily, we would consider someone appropriating our data to be wrongfully taking our private property and harming us in the marketplace. We think it is highly inappropriate for a government-mandated program to permit, and indeed facilitate, this practice.

Earlier this year, SEC Commissioner Michael Piwowar acknowledged those and similar concerns, suggesting those who do participate in the ABS market “simply follow the statute and require disclosure of asset-level data only if such data is necessary for investors to independently perform due diligence.”

Thanks to a rule modification regarding the sharing of loan-level data, both sides of the ABS game — issuers and investors — can use a private database to talk amongst themselves. Previously, the data would have been made readily available through the SEC’s public database, EDGAR.

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German Government Unveils Bill To Spur ZEV Adoption http://www.thetruthaboutcars.com/2014/09/german-government-unveils-bill-spur-zev-adoption/ http://www.thetruthaboutcars.com/2014/09/german-government-unveils-bill-spur-zev-adoption/#comments Thu, 25 Sep 2014 11:00:50 +0000 http://www.thetruthaboutcars.com/?p=918418 Should you happen to call Germany home and are shopping for a car, the government would like to offer you free parking, tax exemptions for 10 years, and bus-lane privileges if you purchase an EV, FCV or PHEV. Bloomberg reports the bill, known in English as the Electric Mobility Act, would bestow those incentives through […]

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mercedes-benz-sls-amg-electric-drive

Should you happen to call Germany home and are shopping for a car, the government would like to offer you free parking, tax exemptions for 10 years, and bus-lane privileges if you purchase an EV, FCV or PHEV.

Bloomberg reports the bill, known in English as the Electric Mobility Act, would bestow those incentives through the municipalities on drivers who go green in a move meant to bolster demand for such vehicles. The German government has a goal of 1 million EVs by 2020, both to further prove the nation’s engineering might, and to meet tightening greenhouse gas emission regs.

Getting there will likely become easier over the next few months. According to industry group VDA, 17 electric models from BMW, Smart and Mercedes will enter showrooms by the end of 2014, with 12 more coming out of the factories in 2015.

The Electric Mobility Act will come into force by the spring of 2015.

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Real-Time Data May Lead To Greater Automated Law Enforcement http://www.thetruthaboutcars.com/2014/09/real-time-data-may-lead-greater-automated-law-enforcement/ http://www.thetruthaboutcars.com/2014/09/real-time-data-may-lead-greater-automated-law-enforcement/#comments Wed, 24 Sep 2014 11:00:08 +0000 http://www.thetruthaboutcars.com/?p=917562 Presently, V2V (vehicle to vehicle) and V2I (vehicle to infrastructure) technologies are meant to allow a vehicle so-equipped to better navigate its surroundings, and to exchange data with other vehicles like it. If law enforcement has its way, however, the red and blue lights in the rearview mirror could soon give way to the electric […]

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V2V

Presently, V2V (vehicle to vehicle) and V2I (vehicle to infrastructure) technologies are meant to allow a vehicle so-equipped to better navigate its surroundings, and to exchange data with other vehicles like it. If law enforcement has its way, however, the red and blue lights in the rearview mirror could soon give way to the electric eye of automated enforcement.

Autoblog reports the National Highway Traffic Safety Administration acknowledges as much in the agency’s report on the technologies. Though the current framework isn’t meant for law enforcement, and data transmitted by current intelligent transport systems don’t provide enough to link speeding calculations to drivers, deputy administrator David Friedman says the possibility is there:

I know there is potential for law enforcement to optimize some of these things, but if we go too far, too fast in that direction, it could create some consumer backlash that could hurt its adoption. The technology is there, but our initial design is not focused on that.

Of course, automated enforcement wouldn’t obtain its information from ITS data alone, as it would augment a whole assortment of tools meant to nail speeders. Phoenix-based RedFlex is developing a camera network that would measure one’s speed between two points, while Colorado-based Laser Technology Inc. is building a dual laser/camera system that will both calculate speed and record video of the offender.

That said, the allure of real-time data may prove too great to contain on the enforcement front, putting the onus on the consumer to maintain vigilance in keeping data private, as National Motorists Association communications director John Bowman explains:

I hope people start to take notice of this stuff. We’re essentially tracked everywhere we go in almost everything we do. If people don’t push back against it like they’ve started to do with red-light cameras, I just think people will be surprised when they wake up one day and realize they have no privacy left.

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US District Court Orders Discovery For Some GM Ignition Switch Suits http://www.thetruthaboutcars.com/2014/09/us-district-court-orders-discovery-gm-ignition-switch-suits/ http://www.thetruthaboutcars.com/2014/09/us-district-court-orders-discovery-gm-ignition-switch-suits/#comments Mon, 22 Sep 2014 14:00:32 +0000 http://www.thetruthaboutcars.com/?p=916226 Last Friday, U.S. District Judge Jesse Furman issued from his bench in the Southern District of New York an order for discovery to begin on a number of cases related to the February 2014 General Motors ignition switch recall. Reuters reports the order covers suits not tied to an ongoing case regarding GM’s battle to […]

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A recalled Chevy Cobalt ignition switch is seen at Raymond Chevrolet in Antioch

Last Friday, U.S. District Judge Jesse Furman issued from his bench in the Southern District of New York an order for discovery to begin on a number of cases related to the February 2014 General Motors ignition switch recall.

Reuters reports the order covers suits not tied to an ongoing case regarding GM’s battle to maintain its liability shield as erected in bankruptcy court back in 2009. Furman added that discovery should only focus on requests made to the automaker for supporting documents on a “reasonable, but aggressive schedule,” with depositions to be obtained at a later date.

The order comes as 131 fatality claims were filed thus far with the compensation fund established by GM, and maintained by attorney Kenneth Feinberg and his team of experts. The fund also identified a total of 19 fatalities linked to the ignition switch found in 2.6 million Chevrolet, Pontiac and Saturn compact vehicles, up from the automaker’s original count of 13.

Meanwhile, the bankruptcy protection case won’t have a verdict until sometime in 2015. The automaker’s lawyers had requested discovery be delayed until after the case was resolved.

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Howes: No Escape Yet From Recall Woes For General Motors http://www.thetruthaboutcars.com/2014/09/howes-escape-yet-recall-woes-general-motors/ http://www.thetruthaboutcars.com/2014/09/howes-escape-yet-recall-woes-general-motors/#comments Fri, 19 Sep 2014 12:00:07 +0000 http://www.thetruthaboutcars.com/?p=915162 After running the gauntlet of congressional hearings, numerous recalls and personnel firings under the dark cloud of scandal created in the wake of the February 2014 recall crisis, General Motors believes it’s ready to turn the page, that everything is now in the rear view. Not so fast. The Detroit News‘ own Daniel Howes states […]

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GM RenCen Storm Clouds

After running the gauntlet of congressional hearings, numerous recalls and personnel firings under the dark cloud of scandal created in the wake of the February 2014 recall crisis, General Motors believes it’s ready to turn the page, that everything is now in the rear view.

Not so fast.

The Detroit News‘ own Daniel Howes states that the next chapter of the story has just begun, with the combination of this week’s congressional hearing — where National Highway Traffic Safety Administration director David Friedman experienced the lash from the Senate Commerce Committee — and the revelation of 131 fatality claims submitted to the victim compensation plan GM hired compensation expert Kenneth Feinberg to run.

The transparency and independence granted to Feinberg — including weekly updates on the number and types of claims submitted and approved/rejected — and the open-ended nature of the fund itself as far as compensation is concerned are both likely to further dent the automaker’s reputation until the last claims are put through the paces mid-2015.

Further, with investigations by the U.S. Justice Department and the Securities and Exchange Commission nowhere near close to completion, as well as the possibility of Attorney General Eric Holder bringing the hammer down on GM or its lower-level execs in the same manner as Toyota suffered, it may be a long time before the automaker’s reputation recovers to what it once was.

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Tesla Appeals NJ Franchise Statute, May Win Via Legislation http://www.thetruthaboutcars.com/2014/09/tesla-appeals-nj-franchise-statute-may-win-via-legislation/ http://www.thetruthaboutcars.com/2014/09/tesla-appeals-nj-franchise-statute-may-win-via-legislation/#comments Fri, 19 Sep 2014 11:00:38 +0000 http://www.thetruthaboutcars.com/?p=915130 Months after the New Jersey Motor Vehicle Commission forced Tesla to stop directly selling its vehicles to the public, the automaker’s appeal moves closer to its day in court. Automotive News reports the appeal, made in March of 2014, proclaims that Tesla has a right to sell its cars with its business model, as the […]

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Tesla Model S Burnout

Months after the New Jersey Motor Vehicle Commission forced Tesla to stop directly selling its vehicles to the public, the automaker’s appeal moves closer to its day in court.

Automotive News reports the appeal, made in March of 2014, proclaims that Tesla has a right to sell its cars with its business model, as the state’s franchise statute does not apply to the automaker — no franchise agreements were ever made — the MVC overstepped its bounds by enforcing the statute, and the statute itself violates the state’s constitution in part.

That said, the case may not need to see the light of day, as two bills in the state senate would allow Tesla to continue doing business its way, with some limits. The first would give the automaker four stores to itself — two of which are already in operation — with any more to be franchised. Two service facilities would also be required of Tesla were the bill to pass. The second bill would update the franchise statute.

Both bills are expected to be voted upon by late September at the earliest.

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IRS Plug-In Vehicle Credit Cap Data Lacking Accuracy, Detail http://www.thetruthaboutcars.com/2014/09/irs-plug-vehicle-credit-cap-data-lacking-accuracy-detail/ http://www.thetruthaboutcars.com/2014/09/irs-plug-vehicle-credit-cap-data-lacking-accuracy-detail/#comments Fri, 19 Sep 2014 10:00:28 +0000 http://www.thetruthaboutcars.com/?p=915098 In 2008, Congress passed a tax bill that would provide a credit of up to $7,500 for customers who purchase plug-in vehicles as a way to encourage adoption of cleaner vehicles. The credit would last in full for the first 200,000 units an automaker sold, then phased out over the course of 12 months. The […]

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A general view of the Internal Revenue Service Building in Washington

In 2008, Congress passed a tax bill that would provide a credit of up to $7,500 for customers who purchase plug-in vehicles as a way to encourage adoption of cleaner vehicles. The credit would last in full for the first 200,000 units an automaker sold, then phased out over the course of 12 months.

The problem? The agency responsible for handling the credit, the Internal Revenue Service, has no clue as to where things stand as far as that cap is concerned, despite every automaker that sells a plug-in model reporting the figures every quarter, as required by law.

AutoblogGreen reports that despite the fact that no automaker has yet to hit the cap, the IRS website meant to help consumers in their decision as to whether or not to purchase a plug-in vehicle is as dysfunctional as the legislative branch that passed the tax credit in the first place.

From the vehicles listed on the site — only six out of 24 vehicles from various manufacturers are listed — to the reported number of vehicles sold not matching up with what the automakers send to the agency per quarter, the IRS is dropping the ball on consumers who might want a plug-in in part because of the credit. This lack of attention to detail could knock new owners upside the head when the credit they thought they were going to receive ends up being less than desired.

When asked why the current situation exists, along with how the IRS receives and interprets its data regarding the credit cap, a representative stated that for a model to be listed on the site, a waiver must be submitted to the agency by the automaker in question. Both Chevrolet and Tesla, however, would beg to differ, as best explained by Tesla representative Liz Jarvis-Shean:

We’re compliant with reporting our quarterly US sales to the IRS and submit this information to the IRS shortly after each quarter’s close. One would assume that if Model S owners were having issues with this, you’d have heard about it.

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House Dems Take Republicans To Task Over NHTSA Report http://www.thetruthaboutcars.com/2014/09/house-dems-take-republicans-task-nhtsa-report/ http://www.thetruthaboutcars.com/2014/09/house-dems-take-republicans-task-nhtsa-report/#comments Thu, 18 Sep 2014 13:00:54 +0000 http://www.thetruthaboutcars.com/?p=914338 In the wake of a report written by Republican members of the United States House of Representatives regarding the National Highway Traffic Safety Administration inability to find and link evidence regarding General Motors’ involvement in the design and implementation of an ignition switch now linked to 54 accidents and 19 fatalities, two Democrat members took […]

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Henry Waxman

In the wake of a report written by Republican members of the United States House of Representatives regarding the National Highway Traffic Safety Administration inability to find and link evidence regarding General Motors’ involvement in the design and implementation of an ignition switch now linked to 54 accidents and 19 fatalities, two Democrat members took the report’s authors to task.

The Detroit News reports Representatives Henry A. Waxman of California and Diana DeGette of Colorado, both members of the House Energy and Commerce Committee whose Republican majority penned the report, proclaim the report ignores GM’s role in the problems leading up to the February 2014 recall crisis that saw 2.6 million vehicles recalled in one go, placing the blame squarely upon the automaker’s shoulders.

The duo also laid criticism upon Republicans in both houses of Congress for not moving faster on legislation meant to prevent disasters like the one experienced by GM:

There is still time to improve auto safety in this country and to demand more from both car companies and regulators. Republicans should act quickly to pass legislation that solves the auto safety problems they identified in their report.

Meanwhile, Rep. Fred Upton of Michigan, who had planned to bring automotive safety legislation up for consideration back in July, said he wasn’t decided on the matter. He explained that while Congress would continue to look for answers and build toward solving them, the “NHTSA was part of the problem and is going to have to be part of the solution.”

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Friedman: GM, Not NHTSA, Most To Blame For Recall Crisis http://www.thetruthaboutcars.com/2014/09/friedman-gm-nhtsa-blame-recall-crisis/ http://www.thetruthaboutcars.com/2014/09/friedman-gm-nhtsa-blame-recall-crisis/#comments Wed, 17 Sep 2014 11:00:00 +0000 http://www.thetruthaboutcars.com/?p=913658 It was a long day for David Friedman and the National Highway Traffic Safety Administration during congressional testimony Tuesday, admitting before a Senate panel that his agency has more work to do to improve itself, and that General Motors made “incredibly poor decisions” as far as recalls were concerned. Automotive News reports Friedman and the […]

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David Friedman

It was a long day for David Friedman and the National Highway Traffic Safety Administration during congressional testimony Tuesday, admitting before a Senate panel that his agency has more work to do to improve itself, and that General Motors made “incredibly poor decisions” as far as recalls were concerned.

Automotive News reports Friedman and the NHTSA came under harsh criticism before the U.S. Senate Commerce, Science and Transportation committee’s consumer protection subcommittee during this second round of testimony. Senator Claire McCaskill of Missouri made the deputy administrator aware of the panel’s overall frustration with the excuses for why the NHTSA did not act swiftly in forcing GM to recall vehicles affected by an out-of-spec ignition switch now linked to 19 deaths and 31 injuries.

In turn, Friedman deflected criticism of the agency by placing the blame upon the automaker, proclaiming the execs “were more worried about [the NHTSA] getting information about problems than they were about actually fixing problems.” He added that a “new normal” has since been established upon all automakers, whereupon any defect is immediately reported to the agency, and that it would have “zero tolerance” on those who fail “to act quickly and aggressively” on reporting such flaws.

Regarding the original case, Friedman said that his agency lacked “ample information” in 2007 to determine whether or not a defect was to be found in the aforementioned ignition switch, despite a report by a House committee issued earlier in the day stating the opposite.

After testimony, Sen. McCaskill stated she found Friedman’s statements troubling, proclaiming he was more concerned with rebutting the news media than with taking responsibility for his and his agency’s role in the GM recall crisis.

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US Treasury Begins Second Divestiture Plan Of Ally Stock http://www.thetruthaboutcars.com/2014/09/us-treasury-begins-second-divestiture-plan-ally-stock/ http://www.thetruthaboutcars.com/2014/09/us-treasury-begins-second-divestiture-plan-ally-stock/#comments Mon, 15 Sep 2014 12:00:51 +0000 http://www.thetruthaboutcars.com/?p=912722 Ally Financial, the lending artist formerly known as GMAC Financial, inches closer to freedom from government ownership as the United States Treasury begins a second trading plan to shed its shares. Automotive News reports the plan would allow the U.S. Treasury “to continue exiting the investment in a manner that balances speed of exit with […]

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Ally at NYSE

Ally Financial, the lending artist formerly known as GMAC Financial, inches closer to freedom from government ownership as the United States Treasury begins a second trading plan to shed its shares.

Automotive News reports the plan would allow the U.S. Treasury “to continue exiting the investment in a manner that balances speed of exit with maximizing the taxpayer’s return,” according to CFO Charmian Uy.

The first plan saw the Treasury sell 8.9 million shares for $218.7 million in ROI for taxpayers, adding to the $18 billion recovered since the department first took majority ownership at the beginning of the Great Recession six years ago.

At the time, $17.2 billion was given to the floundering lender via the Troubled Asset Relief Program to prevent falling into the same abyss that took Lehman Brothers, Washington Mutual and a number of small banks, giving the Treasury 74 percent of the shares then available. Currently, it holds just 13.8 percent — or 66.2 million shares — of Ally common stock, all of which may be sold by the end of 2014.

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Nevada Governor Signs Tesla Tax Package Into Law http://www.thetruthaboutcars.com/2014/09/nevada-governor-signs-tesla-tax-package-law/ http://www.thetruthaboutcars.com/2014/09/nevada-governor-signs-tesla-tax-package-law/#comments Mon, 15 Sep 2014 11:00:27 +0000 http://www.thetruthaboutcars.com/?p=912674 A week after the announcement, and through two days of deliberation by the state legislature, Nevada governor Brian Sandoval signed into law September 11 the $1.25 billion tax package that won over Tesla enough to bring its Gigafactory to the Silver State. Reno Gazette-Journal breaks down the complete package as follows: $725 million: 20-year, 100 […]

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Elon Musk and Brian Sandoval

A week after the announcement, and through two days of deliberation by the state legislature, Nevada governor Brian Sandoval signed into law September 11 the $1.25 billion tax package that won over Tesla enough to bring its Gigafactory to the Silver State.

Reno Gazette-Journal breaks down the complete package as follows:

  • $725 million: 20-year, 100 percent sales tax abatement
  • $332 million: 10-year, 100 percent property tax abatement
  • $120 million: Transferable tax credits
  • $75 million: $12,500/job transferable tax credits (up to 6,000 jobs)
  • $27 million: 10-year, 100 percent modified business tax abatement
  • $8 million: Discounted electricity rates for eight years

In addition, the state will buy Tahoe Reno Industrial Center’s main road, the USA Parkway, for $43 million, and will extend the road to U.S. Highway 50 at a cost yet to be determined.

Finally, the legislature had to agree to give Tesla and other EV manufacturers the right to directly sell their wares to customers in Nevada without going through the traditional dealership model.

In exchange, Tesla will provide $7.5 million annually to the state for education funding over the next five years beginning in 2018, as well as invest $3.5 billion in manufacturing equipment and real estate in Nevada.

Meanwhile, the insurance and film industries lost on their respective tax incentive programs as funds were siphoned into the Tesla deal. The former loses a $27 million/year credit that had been a mainstay for 40 years; the latter sees a hard-won $80 million/year credit meant for movie production over the next four years reduced to just $10 million/year.

As for economic impact, the state expects $100 billion over the next two decades, ranging from 6,500 employees making $25/hour assembling the battery packs meant for all of Tesla’s vehicles and others interested in them, to a 4 percent increase in the state’s gross domestic product.

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Dongfeng Nissan Launches Leaf-Based Venucia e30 http://www.thetruthaboutcars.com/2014/09/dongfeng-nissan-launches-leaf-based-venucia-e30/ http://www.thetruthaboutcars.com/2014/09/dongfeng-nissan-launches-leaf-based-venucia-e30/#comments Mon, 15 Sep 2014 10:00:02 +0000 http://www.thetruthaboutcars.com/?p=912650 After 3.1 million miles of pilot testing, Dongfeng Nissan last week launched its version of the Leaf for the Chinese EV market, the Venucia e30. Prior to the official launch, around 300 of the ¥267,800 ($43,460 USD) e30s went through a quality and safety pilot program in Guangzhou, Xiangyang and Dalian, logging 3.1 million “failure-free” […]

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venucia-E30-1

After 3.1 million miles of pilot testing, Dongfeng Nissan last week launched its version of the Leaf for the Chinese EV market, the Venucia e30.

Prior to the official launch, around 300 of the ¥267,800 ($43,460 USD) e30s went through a quality and safety pilot program in Guangzhou, Xiangyang and Dalian, logging 3.1 million “failure-free” miles in so doing. Six more cities — Beijing, Shanghai, Shenzhen, Wuhan, Tianjin and Hangzhou — join the original three locations as part of the initial launch before sales go nationwide next year.

As for what consumers will get out of the reworked original EV for the masses, the e30 is expected to deliver up to 35 miles in range after using the quick-charge option, with normal charging also available. In addition, the EV comes with government subsidies, as well as lower running costs of 85 percent compared to similar gasoline models.

Though it remains to be seen how well the e30 hits it off with the Chinese public, the Leaf is doing well for itself as of late, with Nissan selling 3,186 units in the United States last month, and year-to-year U.S. sales jumping 34 percent to 18,841 units.

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