Fiat Chrysler (FCA) must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles, marking the largest penalty ever imposed by the National Highway Traffic Safety Administration (NHTSA).
NHTSA compelled FCA to repurchase the vehicles because the agency wasn’t confident in the company’s plans to fix the defect, Mark Rosekind, the agency’s current chief, said.
Under the agreement, FCA has to buy back the Ram trucks for the purchase price, minus depreciation.
FCA estimates more than 60 percent of the estimated 500,000 vehicles involved have already been repaired, leaving fewer than 200,000 eligible for a buy back. The company expects to repair and resell any purchased vehicles, recovering some of those costs.