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EU formally questions French government assistance of Peugeot's finance arm

Recently, the finance arm of PSA/Peugeot-Citroën was in such debt trouble that it was pricing itself out of the car loan market. The rates it was paying to service its debt, which was rated one step above junk, were so high that it was forced to charge car-buying customers higher rates than they could find elsewhere. This was adding to Peugeot's already impressive woes by sending revenue out the door to competitors.
Two months ago a deal was worked out with the French government whereby the state would provide 7 billion euro ($9 billion USD) in bonds to guarantee the finance arm's loans. The French government could nominate someone to join the Peugeot board, Peugeot would guarantee more French jobs, and on top of that deal, other banks would provide non-guaranteed loans. The government would take no equity stake in the car company.
Although not yet finalized, the arrangement is meant to create some breathing room for Peugeot Finance to lower its interest rates for customers, and a government-nominated board member, Louis Gallois, was recently named to Peugeot's supervisory board. The arrangement was also openly questioned by at least three competitors: Ford, Renault - which is 15-percent owned by the French government after it received state aid - and the German state of Lower Saxony, itself a 15-percent shareholder in Volkswagen.

NHTSA closes probes on Jeep Grand Cherokee, Ford Freestar and Mercury Monterey

The Detroit News reports the National Highway Traffic Safety Administration has officially closed its investigations into 2012 Jeep Grand Cherokee, 2004-2005 Ford Freestar and Mercury Monterey models. The separate probes found no issues that pose safety concerns. NHTSA began investigating certain Grand Cherokee SUVs over complaints that power steering hoses could detach during operation, thereby increasing the risk of a vehicle fire. Of the 24 reports of failure, none alleged smoke or fire in the engine bay, and Chrysler has since modified the power steering cooler assembly to reduce the likelihood of the failure.
Meanwhile, certain Ford Freestar and Mercury Monterey vehicles garnered a government probe after receiving complaints that the models were equipped with faulty scissor jacks. The agency had received six reports of the jacks failing or causing injuries, including one incident that resulted in a fatality. But NHTSA says the jack failure rate is similar to those found in other vehicles. In those six cases, the government agency found the jacks were being used for something other than changing a tire, and investigators could not determine whether the emergency brake was set or the rear tires were properly chocked.

Volkswagen Golf, Ford F-150 named 2015 North American Car and Truck/Utility of the Year

Congratulations, Volkswagen Golf/GTI and Ford F-150. You've just been named the 2015 North American Car and Truck/Utility of the Year, kicking off the first press day of the Detroit Auto Show. The Golf faced some seriously stiff competition from its runners-up, the Ford Mustang and Hyundai Genesis. But the Golf has been a highly awarded vehicle since its launch, including recently being named Motor Trend's Car of the Year. As for the Truck/Utility award, it wasn't immediately clear that the aluminum-bodied Ford F-150 would win the North American honor, topping the Chevrolet Colorado and Lincoln MKC. The Chevy, after all, has been widely praised since arriving this fall, including taking home MT's Truck of the Year award. In 2014, Chevrolet had a sweep of the NACTOY awards, with the Corvette Stingray and Silverado taking top honors. Here's a look at the 2015 North American Car and Truck/Utility of the Year voting breakdown. As you can see, it wasn't exactly neck and neck. Car of the Year Volkswagen Golf/GTI – 256 points Ford Mustang – 204 points Hyundai Genesis – 110 points Truck/Utility of the Year Ford F-150 – 297 points Chevrolet Colorado – 205 points Lincoln MKC – 68 points The winners were determined by the votes of 57 North American jurors who work in all forms of media – magazine, newspaper, television, online and radio, and their ballots were tabulated in secret by accounting firm Deloitte & Touche. Autoblog editors Sharon Carty and Chris Paukert are members of the North American Car and Truck/Utility of the Year jury. Featured Gallery 2015 Volkswagen Golf TSI View 16 Photos Related Gallery 2015 Ford F-150 View 36 Photos Detroit Auto Show Ford Volkswagen Truck Hatchback 2015 Detroit Auto Show NACTOY