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NADA asks U.S. to suspend clunkers program

National Automobile Dealers Association officials asked the government to suspend the cash-for-clunkers program because a survey by the group found that the $3 billion fund has been exhausted, NADA Chairman John McEleney said. "We asked them to put a halt to the program--I think we said 'very soon'--but a suspension at midnight tonight would make sense," McEleney said in an interview Wednesday. "Our survey opened the eyes of the Transportation Department." A suspension would allow dealers to submit all pending claims and permit the government to process them so that a precise determination could be made of how much money, if any, is left in the program, he said.

Honda Fit EV prices drop

Responding to price-dropping offers from other automakers on their electric vehicles, Honda will slash the lease deal for its Fit EV starting in June. From the current level of a zero-down, $389/month lease, Honda has lowered the price to zero down and $259/month. Also, for any current holder of a Honda Fit EV lease, effective June 1, their monthly lease payment will also drop to $259 a month.

Saab's future could be bright

Saab is planning a return to its old-brand values with an extended model range as it prepares for a new, independent future owned by a joint U.S.-Scandinavian investment team. Swedish supercar maker Koenigsegg grabbed headlines as the buyer from General Motors, but Koenigsegg is just one of at least three major investors. The others are West Coast entrepreneur Mark Bishop and Norwegian holding company Eker Group.