GM/Chrysler Merger

[Stefano]

DEALERS ASKED TO HELP LOBBY FOR MANUFACTURER LOAN PACKAGE

General Motors has asked all its U.S. dealers to urge the Congress to approve an additional loan package to help the automaker deal with its liquidity crisis. GM U.S. sales chief Mark LaNeve told dealers to call their representatives and senators to ask them to support GM and the auto industry, saying that 3 million jobs are at risk if the industry does not receive urgent government funding.



IADA feels strongly that the manufacturers recognize that auto dealers are the key to winning support for federal funds, loans and grants. Dealers are the ones who create the sales that generate the revenue needed to repay taxpayers. In short, dealers have the political credibility to save jobs and a large part of the automotive industry.



IADA is contacting our Illinois Congressional delegation and asking them to support any federal loan package which would benefit the manufacturers and help our franchised dealers!


CONGRESSIONAL PLAN TO HELP DEALERS AND CONSUMERS

An important development in Congress Senator Barbara Mikulski (D-MD) held press conferences yesterday to announce her legislative plan for helping dealers and consumers out of the car-buying slump that is having such a detrimental effect on the economy. Mikulski’s plan includes:



Federal income tax deduction for interest payments on car loans for new car purchases made from November 12, 2008, through December 31, 2009.
Federal income tax deduction for sales/excise tax paid on new car purchases made from November 12, 2008, through December 31, 2009.
A cap of $49,500 on car loans eligible for the interest payment deductions.
A phase-out for families that make over $250,000 per year.
“Above the line” deductions, meaning they can be taken advantage of by itemizers and non-itemizers.


Backers of the proposal expect it to move quickly, and bipartisan co-sponsors are being sought. IADA is contacting our Illinois Congressional delegation and asking them to be a bi-partisan co-sponsor of this legislation.



Dealer contacts are extremely important! For details on grassroots efforts, please visit our new Lobby Advocacy Center at www.VoterVoice.net.

Please let us know if you need any assistance following up with potential co-sponsors, and most importantly, U.S. Senators contacts are needed for the dealer legislation; U.S. House and Senator contacts are needed on the manufacturer loan packages!

Please click on the attached links to view Senator Mikulski's proposal and NADA's statement of principles to Congressional leaders entitled Automobile Retailers: Economic Engines on Main Street.





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Where is my Bail out Package