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General Motors CEO Provides Few Details In Appearance Before Congress

It was only two months ago that Mary Barra, freshly crowned as the new General Motors chief executive officer, visited Washington DC as an esteemed guest of First Lady Michelle Obama for the State of the Union address. On Tuesday, Barra returned to the Capitol under more strained circumstances. For more than two contentious hours, she took questions from members of a House of Representatives subcommittee investigating General Motors years-long delay in initiating a recall of millions of vehicles that contained a defect that has killed at least 13 people. Why did GM accept faulty ignition switches that were below the company's set specfications? Why did GM learn about the problem in 2001 yet take no action until 2014? Will GM compensate victims' families even though the company's bankruptcy may limit its liability? Those were a few of the questions members of the House Oversight and Investigations Subcommittee asked. Few concrete answers were forthcoming. For her part, Barra sidestepped most of the questions, saying she wouldn't have information needed to answer them until an internal review is completed. David Friedman, the administrator of the National Highway Traffic Safety Administration, testified after Barra. The biggest news that emerged from the hearing was that General Motors has retained attorney Kenneth Feinberg to advise the company on its civil and legal responsibilities. He has made a career of resolving disputes and serving in a 'fixer' role, serving as the chief of the federal government's September 11th Victim Compensation Fund, as an administrator of compensation fund for victims of the BP Deepwater Horizon disaster and a similar fund for victims of the Boston Marathon bombing. Barra, who has been GM's CEO since January but been with the company since 1980, expects to meet with Feinberg on Friday, and have a concrete plan within the next 30-60 days. Yet Barra would not say for certain Tuesday that GM would compensate the victims at all. Despite repeated questions from Rep. Diana DeGette (D-Colo.), Barra did not outline the company's intentions. "I assume GM is hiring (Feinberg) to help identify the size of claims and then compensate the victims? Is that right," DeGette asked. "Is GM willing to put together some kind of a compensation fund for these victims that Mr. Feinberg will then administer?" "We've hired him to help assess the situation," Barra replied. "So really, there's no money involved at this point," DeGette asked.

Man surprises girlfriend with C7 Corvette

How would you react if someone just showed up at your place of work with a new, 2014 Chevrolet Corvette Stingray, complete with all the trimmings? While a lot of us would likely be flipping out over the still rare sports car, it's a fair bet many more of us would be responding like Pattie here, whose boyfriend stopped by her work to show her her new C7.
Speechless and shocked as she seems, she does end up taking it out for a drive, despite claiming she wasn't really outfitted to handle the car's seven-speed manual transmission at the time. From the sound of the video, we got the impression that she knew the car was coming, just not that it was anywhere near ready for delivery. It also, as Pattie says, seems like her boyfriend is more excited about the car than she (which, can we blame him?). Take a look down below for the full video of this C7 Stingray delivery.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.