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FCA issues warning on logbook loans

VULNERABLE people who use their car as security to take out a loan are finding themselves squeezed even harder financially and even threatened, the City regulator has found. The Financial Conduct Authority warned it will put firms offering logbook loans out of action if they do not "dramatically" improve their standards, after finding evidence of poor behaviour including little or no affordability checks being carried out and some applicants being encouraged to manipulate details of their income. It said lenders are failing to properly spell out exactly how expensive such debts will be, with the true cost often masked by an emphasis on "low" weekly repayments and key terms and conditions buried in small print.

GM sued for not recalling nonpolice Chevrolet Impalas to fix spindle rods

General Motors has been sued by the owner of a Chevrolet Impala who claims the company recalled police versions of the sedan to fix a tire-wear issue but did not recall civilian Impalas for the same problem. According to the suit, filed in Detroit, GM issued a recall for police Impalas in 2008 for faulty spindle rods, which misaligned the rear wheels and led to premature tire wear. GM told dealers to replace the spindle rods, realign the rear wheels and replace the tires.

General Motors boss Dan Akerson gets into the Woodward Dream Cruise act

General Motors chairman Dan Akerson personally led a parade down metro Detroit's famed boulevard for car aficionados, Woodward Avenue, on Thursday as part of festivities for Chevrolet's 100th anniversary and in advance of the Woodward Dream Cruise. Taking the wheel of a cherry-red 1960 Corvette, Akerson helmed the procession of Chevy icons, which included 51 Volts. The group was augmented by Camaros, more Vettes and other classics.