Weekly News Roundup
Indy 500 photo finish; GM buys your gas; Say goodbye to VW diesels; GM stock rallies; Bill gets the brush-off; Texas speed limit is 80 mph
Indy 500 and Cheap Gas
Maybe you missed the big race because you were shopping for a new GM vehicle this weekend. If you live in California or Florida, who could blame you? General Motors is promising customers in those two states that for a full year after purchasing or leasing selected vehicles, they will not pay a penny more than $1.99 per gallon. Here’s how it works: take delivery of your new car or truck before the end of the day on July 5, and GM will give you a pre-paid credit card with $100 on it. Buy gas like you normally would. The OnStar telematics system will track your mileage and report it to GM. Once a month, GM will use the reported mileage to determine your refund. To determine your refund, GM will calculate the difference between the promised $1.99 per gallon and the average cost for a gallon of premium fuel in California or Florida as reported by the American Automobile Association. GM then multiplies the result by your actual mileage and will credit your account based on the EPA city fuel economy rating of your vehicle. Because the pre-paid card works just like a MasterCard, the credit can be used for anything, not just gas.
The GM Fuel Price Protection program includes 2006 and 2007 model year vehicles. In California, eligible models include SUVs like the Cadillac SRX, Chevrolet Suburban, Chevrolet Tahoe, GMC Yukon, GMC Yukon XL, Hummer H2, and Hummer H3. Cars covered by the program are the Buick Lucerne, Chevrolet Impala, Chevrolet Monte Carlo, and Pontiac Grand Prix. Floridians can choose the Buick LaCrosse instead of the Lucerne, in addition to the Impala, Monte Carlo, and Grand Prix – no SUVs are eligible for the program in the Sunshine State. For more details, see www.fuelprotection.com.