Bailout Watch 524: C11 Chrysler Busy Bouncing Checks
May 11th, 2009 7:23 AM Share
Chrysler’s stiffed a member of our Best and Brightest:
When I purchased my ’09 300C I traded in an ’05 that had a Chrysler extended service contract with time and mileage remaining. I called Chrysler and they gave me all of the information for obtaining a pro-rata refund as per the contract. I faxed it over and got very quick service. I had a check from Chrysler in the amount of $363.62 in under two weeks. I cashed it at my bank and today my bank mailed it back to me: Insufficient Funds! The check was drawn on a JP Morgan Chase account. I guess the bankruptcy is going to strike close to home.
Published May 9th, 2009 7:04 PM
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GS650G: More likely the banks on that list do business in areas with high unemployment. To avoid the cost of bounced checks, they are likely targeting the banks that have clients who are bouncing checks. No banks will have liquidity problems. The FDIC prevents it. On another blog I read, a guy was denied a credit card based on his zip code. The letter from Capital One said that they didn't even run his credit score.. They just looked at the zip code and said no thanks.
If Chrysler shirks its warranty and service obligations (that would include lemon law buybacks, as well as all existing warranties--including those which predate the Obama guarantee), they might as well close down their plants. Same goes for GM.