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Inside this issue
Subprime Auto-Loan Bonds Called Small Part of Loan Growth
Death Toll From General Motors Ignition Switches Rises to 52
Top GM Lawyer to Retire in July as Successor Sought
More Recalls From 6 Different OEMs
Audi, Mercedes January Sales Beat BMW for Luxury-Car Lead
Fiat Chrysler Readies Canada Plant for 14-Week Shutdown
Senators Urge Currency Manipulation Crackdown
Detroit Man Who Walked 21 Miles to Work Gets a Car From Local Ford Dealership
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Subprime Auto-Loan Bonds Called Small Part of Loan Growth

The ability to bundle car loans into securities isn't fueling a credit bubble, said Chris Pink, a managing director at Wells Fargo & Co.'s securities arm. About $30 billion to $40 billion of subprime car loans are held within asset-backed securities, compared with the $203 billion of such loans outstanding, Pink said [Monday] during a panel discussion at a conference in Las Vegas. While subprime volumes are growing, borrowing by the weakest-credit borrowers represents only about 20 percent of auto-loan originations, compared with a peak of about 30 percent before the 2008 financial crisis, he said. “I don't think you'd come away” from looking at those figures “saying it feels like the ABS market is driving a resurgence of subprime,” Pink said. His comments reflect an industry seeking to temper concern that securitization is creating a new lending bubble.
Source: Bloomberg
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Death Toll From General Motors Ignition Switches Rises to 52

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
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Top GM Lawyer to Retire in July as Successor Sought

General Motors Co.'s top lawyer Michael Millikin, who GM last year said would retire early this year, will stay on with the company until July, the automaker disclosed last week in a regulatory filing. Millikin, GM's general counsel, will retire in July and will be “available for consulting services to the company through 2015,” according to the filing. GM in October had said Millikin was choosing to retire in the first quarter of 2015. “The search is in great shape,” GM spokesman Jim Cain said in an email.
Source: The Detroit News
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More Recalls From 6 Different OEMs

The National Highway Traffic Safety Administration recently shared details about recalls from a half-dozen different makes, adding up to a little more than 200,000 units. The largest portion of that figure is associated with a campaign to correct the system controlling airbags on the Jeep Cherokee from the 2014 and 2015 model-years.
Source: Auto Remarketing
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Audi, Mercedes January Sales Beat BMW for Luxury-Car Lead

Audi and Mercedes-Benz both outsold BMW in January, bumping the world's best-selling luxury car brand from its perch for the month. Audi, the second-biggest luxury brand globally last year, took the top spot for the first time since June 2014 as January sales rose 10 percent to 137,700 vehicles. Daimler AG's Mercedes, which was No. 3, delivered 125,865 cars, a 14 percent jump as it outsold its Munich-based rival for the first time since September 2010. BMW AG's namesake brand increased sales 6.3 percent to 124,561 cars.
Source: Bloomberg
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Fiat Chrysler Readies Canada Plant for 14-Week Shutdown

A $2 billion investment by Fiat Chrysler Automobiles NV into the development and production of its next-generation minivan will mean the largest retooling for the Windsor Assembly Plant since the 1980s. The investment includes more than 860 new robots, 800 feet of flexible production lines and retooling of about 80 percent of its general assembly area. The significant retooling also means temporarily layoffs for most of the plant's more than 4,570 hourly workers during a 14-week shutdown period that starts Saturday and continues through late May. Workers will get paid a percentage of their wages.
Source: The Detroit News

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Senators Urge Currency Manipulation Crackdown

The battle over a proposed free-trade agreement is heating up as a group of influential senators on Tuesday will unveil legislation seeking to crack down on currency manipulation. U.S. automakers, the United Auto Workers and the AFL-CIO have made the issue of currency manipulation a top priority as they seek to convince the Obama administration to include currency provisions in the 12-nation Trans-Pacific Partnership agreement. They also hope to influence legislation expected in coming weeks that would give the administration "fast track authority" to negotiate a free trade deal and get an up or down vote from Congress.
Source: The Detroit News
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Detroit Man Who Walked 21 Miles to Work Gets a Car From Local Ford Dealership

James Robertson, the Detroit resident who made headlines for walking 21 miles to work each day, has received a brand new car as a gift from a local dealership, less than a week after his story went viral. Suburban Ford of Sterling Heights on Friday reportedly invited the 56-year-old Michigan resident to test drive vehicles. Employees then surprised him with his favorite ride, a 2015 red Taurus. In less than a week, at least 12,500 people raised more than $335,500 for Robertson. His story, first published in The Detroit Free Press on Feb. 1, inspired Evan Leedy, a 19-year-old student studying computer science at Wayne State University in Detroit, to create a crowd-funding campaign for him, just hours after the local newspaper posted the article to its Facebook page.
Source: MSNBC
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