In spite of the hostile treatment, apparently there's been a back-room deal cut for billions in US aid to head to Detroit's coffers soon. None of the details have been released but they should be leaking out soon.
Surprisingly, during the hearing the Big 3 repeatedly called the bailout a "bridge loan" but no one called it a bridge to nowhere, which many have argued it will be. We don't think so. Detroit needs the money, sure, but just paying last month's bills without changing the way the bills are generated isn't going to help the industry.
Meantime, there's no automatic relief here. Congress still has to pass a bill thru both houses and that won't be easy. Then the President has to sign off on it and that, too, won't be easy. It could easily take another month or two before it's done, and that is if it gets done at all.
So, don't count your dollar bills just yet, Detroit. There's still a lot of bricks to make before that bridge gets built, no matter where it's going.
Meanwhile, if you've got a lemon car or truck, you may want to try to settle up and get your money sooner rather than later --- just in case the bailout bails out and your lemon's manufacturer goes bust.
Burdge Law Office
Helping Consumers Get Even Since 1978.