GM, Chrysler owners may face problems

June 2, 2009 3:49:51 PM PDT
People who own General Motors cars may see the value of their cars drop as much as 6 percent, according to a prediction from consumer action--a national advocacy group based in San Francisco.

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Surveys done by Edmunds.com found that the trade in value of Chrysler vehicles dropped by similar amounts after that company filed for bankruptcy.

Meantime, car buyers who bought defective cars from Chrysler are running into another problem.

"A lot of people who bought Chrysler cars that were found defective, went through the lemon law process and were returned to Chrysler under the vehicle buyback program, they actually lost their car because they turned it over to Chrysler and Chrysler sent them a check that bounced," Consumer Action spokesperson Joe Ridout said.

Consumers for auto reliability and safety estimates that a few hundred checks have bounced. It is urging the bankruptcy court to force Chrysler to make good on those checks.

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