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Inside this issue
Elizabeth Warren Driving Solo So Far on Auto-Loan Fight
FCA and GM Sales Rise in May, Ford Sales Fall
Record Number of Americans Leasing Autos
Analysts: Stock Prices for Detroit Carmakers Looking Up
Takata to Phase Out, Replace Some Air Bags
Fiat Chrysler Answers NHTSA Recall Questions
Ford Shortens Summer Shutdown to Make More Trucks, SUVs
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Top Stories
Elizabeth Warren Driving Solo So Far on Auto-Loan Fight

No fellow Democrats on the Senate Banking Committee have yet agreed to co-sponsor the legislation.

Elizabeth Warren is ready to go to battle against her latest foe — auto dealers. Only problem — no one has rushed in to join her. Warren, the fist-pumping, bank-bashing, Obama-needling senator from Massachusetts, has a reputation as a polarizing force. But her desire to take on a sacred cow has her in an unusually isolated position.  She is now trying to drum up support for a measure to bring lending at dealerships under the control of the Consumer Financial Protection Bureau.

None of Warren’s fellow Democrats on the Senate Banking Committee have agreed to co-sponsor the legislation yet, several industry and congressional sources confirmed for POLITICO. Warren has approached Sens. Chuck Schumer, Mark Warner, Heidi Heitkamp and possibly others, the sources said.
Schumer said recently he was “looking at” the issue. His office didn’t respond to additional requests for comment. Warner and Heitkamp are even less enthusiastic, sources said.

“This was settled five years ago by a broad bipartisan consensus in both the House and Senate, so it’s not surprising that there’s virtually no interest in Congress for relitigating Dodd-Frank, particularly when there’s no substantive rationale for doing so,” said Jared Allen, spokesman for the National Auto Dealers Association.

A House bill, sponsored by Colorado Democrat Rep. Ed Perlmutter and New Hampshire Republican Rep. Frank Guinta, would repeal the agency’s 2013 warning guidance and force the agency to collect comment before issuing that kind of guidance again.
Source: POLITICO
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FCA and GM Sales Rise in May, Ford Sales Fall

Detroit’s Big Three automakers are reporting better-than-expected sales results in May, driven by hot-selling segments like utilities and trucks. General Motors Co. and Fiat Chrysler Automobiles reported 3 percent and 4 percent sales gains, respectively, while Ford sales fell 1.3 percent. Analysts had expected an overall sales dip thanks to one fewer selling day compared to May 2014. GM posted its best May since 2007 thanks to strong performances by the Chevrolet and GMC brands.
Source: The Detroit News
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Record Number of Americans Leasing Autos

With new vehicle prices climbing to all-time highs, a record number of Americans are turning to leases in a bid to keep monthly payments as low as possible. "The difference between a monthly payment for those leasing a new vehicle versus those who buy new is almost $100," said Melinda Zabritski, senior director of Experian Automotive. Officially, the latest report on automotive lending by Experian Automotive found the average new vehicle lease monthly payment in the first quarter was $405 while the average monthly payment for a new vehicle loan was $488.
Source: CNBC
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Analysts: Stock Prices for Detroit Carmakers Looking Up

The stock price for Fiat Chrysler Automobiles NV is climbing steadily, and while Ford Motor Co. and General Motors Co. share prices have bumped around this year, analysts say now might be the time to buy into all three. Shares of FCA, which began trading on the New York Stock Exchange at $8.92 in October, closed Monday at $16.29 outpacing Ford shares, which ended Monday at $15.36. Stock prices for GM — which closed Monday at $36.18 — and Ford have remained relatively flat for months, due to issues including costs of rolling out new models and, for GM, the ignition switch recall.
Source: The Detroit News
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Takata to Phase Out, Replace Some Air Bags

Embattled Japanese air bag manufacturer Takata Corp. will tell Congress on Tuesday it will phase out one type of driver-side air bag inflator and replace some that already were replaced in an earlier recall. At a House Energy and Commerce subcommittee hearing, Takata Executive Vice President of North America Kevin Kennedy will say the firm will halt production of a driver-side air bag inflator with a "batwing" design linked to six deaths.
Source: The Detroit News
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Fiat Chrysler Answers NHTSA Recall Questions

Fiat Chrysler Automobiles NV on Monday said it has responded to detailed demands from federal auto safety regulators who want information about 20 recalls covering more than 10 million vehicles since 2013. The National Highway Traffic Safety Administration said last month it was ordering Fiat Chrysler to attend a July 2 hearing to explain its handling of auto safety recalls in an unprecedented public hearing. It gave the company until 5 p.m. Monday to respond to questions. Since the demand for information, Fiat Chrysler has taken a more conciliatory tone with NHTSA.
Source: The Detroit News
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Ford Shortens Summer Shutdown to Make More Trucks, SUVs

Short summer shutdown at F-150 plants helps make up for cancelled overtime shifts due to frame shortage.

Ford will build an extra 40,000 trucks and utility vehicles by shortening the summer shutdown at six assembly plants and another 12 powertrain and stamping plants this summer. Top of the list: more F-150 pickups from the Dearborn Truck and Kansas City, Missouri, assembly plants which will have a single week of downtime in July instead of the traditional two weeks.
Source: Detroit Free Press

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Quotable
"This is still a very healthy auto market with strong fundamentals."

   
-- Melinda Zabritski, senior director of Experian Automotive, commenting on the record number of Americans leasing new vehicles, CNBC, June 1

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