Feds Close Books on Auto Bailout
The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
The U.S. Treasury Department closed out its investment in Ally Financial on Dec. 19, selling an 11.4 percent stake in the auto lender and recovering $2.4 billion more than it invested, reports the Detroit News.
However, the bigger picture wasn't as profitable. Treasury recovered $70.43 billion of the $79.69 billion it gave to General Motors Corp., Crysler LLC, Chrysler Financial, and Ally. Ford Motor Co. declined to take financial assistance when the bailouts began in December of 2008. President George W. Bush allocated $25 billion, and President Barack Obama added another $55 billion.
The federal government's loss was better than initially expected. An early-2009 estimate put the loss at $44 billion. The Treasury Department gave final numbers in a Dec. 29 report on the program.
Originally posted on Automotive Fleet
More Legal & Legislative
ACRA 2026 Annual DC Industry & Policy Conference in Photos
Car rental made its voice heard on Capitol Hill Sept. 22-25.
Read More →
Hertz Settlement Expands Hand-Control Rental Vehicle Availability
A court-approved ADA settlement requires Hertz to add dedicated hand-control minivans, expand reservation access, and, when necessary, offer the least expensive vehicle capable of accepting hand controls.
Read More →
Federal Appeals Court Upholds Colorado’s $3 Rental Car Fee
In a case brought by the American Car Rental Association on behalf of the rental industry, the 10th Circuit ruled that Colorado’s congestion impact fee falls on renters — not rental companies — and can remain in effect.
Read More →
ACRA Carrying Fuller Industry Load As AI and EVs Lurk In Future
The leading car rental professional business group details an active legislative, regulatory, and macro-trends agenda affecting car rental operators.
Read More →
Government Affairs Executive Wins Leading Rental Car Industry Award
Robert Muhs started in the car rental industry with Avis Budget Group two years before the first International Car Rental Show.
Read More →
Using AI To Find Rental Car Damage
Angry car renters are storming social media, the mainstream media, and online ratings platforms to complain about charges they claim are either unfounded or excessive.
Read More →
Bandit Towing A Tough Road For Car Rental Companies
Operators often must spend far too much time and resources trying to recoup rental cars towed away and held hostage to outrageously high fees.
Read More →
Bandit Towing A Tough Road For Car Rental Companies
Operators often must spend far too much time and resources trying to recoup rental cars towed away and held hostage to outrageously high fees.
Read More →
ACRA: Spurring Car Rental Industry Success
The American Car Rental Association scored more access and influence in 2025 as it grows its services for car rental operators.
Read More →
AVOA Partners with AALA and NLC
The American Vehicle Owners Alliance (AVOA) recently announced its partnership with the American Automotive Leasing Association (AALA) and the National League of Cities (NLC).
Read More →