ConsumerWatch 10: Auto Bailout Will Cost You - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

ConsumerWatch 10: Auto Bailout Will Cost You

Rhona McMillen, Hart Motors Treasurer Rhona McMillen, Hart Motors Treasurer
Tim McMillen, Hart Motors Owner Tim McMillen, Hart Motors Owner

The big three auto makers pleaded with law makers Tuesday for an additional $25 billion bailout. If Ford, General Motors and Chrysler aren't given the money, it could have serious consequences for you.

It's been a highly contested issue for weeks... Whether the government should give automakers the emergency fill up they're asking for, or if they should leave them stranded on the roadside. Paul Gore came to Hart Motors in Dalhart on Tuesday to look at a car he's hoping to buy very soon. "My wife has got a desire for a new Cadillac." If he wants to buy it, he'd better act fast... General Motors is one of several companies that are running on empty... And could go under if they don't get help. Chrysler Chair and CEO Robert Nardelli says, "Without an immediate bridge financing support, Chrysler's liquidity could fall below the level necessary to sustain operations."

Hart Motors Treasurer Rhona McMillen says, "If something goes wrong in Detroit, we will feel the affect in Texas." It's estimated one out of every ten Americans will be affected if car companies are forced to close... And not just the ones in the detroit factories. McMillen says, "The US auto industry is the biggest purchaser of rubber, steel, plastic, electronics." Hart Motors owner Tim McMillen says, "You're talking the parts stores, the guy down at the oil and lube place, the guy at Wal-Mart even." If you're like Gore... "We buy a car every year", Your options could become limited.

Tim says, "All kinds of makes and models today and you run the threat of going back to 1912 with the model a and having two choices of color - black and black." There is a silver lining to all of this... With dealerships slashing prices, it's a great time to buy. No word on exactly when an auto bailout decision will be made... The industry is facing strong opposition from the White House.

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