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Treasury to Back GM, Chrysler Warranties

Program aimed at salving concerns of nervous domestic buyers.

by on Mar.30, 2009

Treasury Dept. will provide the bulk of funds for the Warranty Commitment Program, designed to cover GM, Chrysler warranties in the event of a bankruptcy.

Treasury Dept. will provide the bulk of funds for the Warranty Commitment Program, designed to cover GM, Chrysler warranties in the event either makes goes into bankruptcy.

The White House and U.S. Treasury Department have announced a new program that guarantees the warranty of every new GM and Chrysler car and truck sold during the companies’ restructuring efforts, even if one or both of the companies becomes unable to honor warranty claims during that period.

According to the Obama administration’s automotive assessment and restructuring plan:”If you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always,” asserted President Barack Obama, during his speech on the automotive bailout, Monday morning. “Your warranty will be safe. In fact, it will be safer than it’s ever been. Because starting today, the United States government will stand behind your warranty.”

Consumers won’t have to do anything to qualify for the warranty guarantee. Enrollment will be automatic when a vehicle is purchased. (more…)