Business

Death Toll from GM Ignition Switches Rises to at Least 51

Published

11 years ago

February 2, 2015

FILE - This Tuesday, April 1, 2014, file photo, shows a key in the ignition switch of a 2005 Chevrolet Cobalt in Alexandria, Va. More than 1,100 claims were filed in the week before the Saturday, Jan. 31, 2015, deadline to seek payments from the General Motors ignition switch compensation fund, with 51 death and 77 injury claims being granted. GM was aware of faulty ignition switches on Cobalts and other small cars for more than a decade, but it didn't recall them until 2014. (AP Photo/Molly Riley, File)

This Tuesday, April 1, 2014, file photo, shows a key in the ignition switch of a 2005 Chevrolet Cobalt in Alexandria, Va. (AP Photo/Molly Riley, File)

Tom Krisher, ASSOCIATED PRESS

DETROIT (AP) — More than 1,100 claims were filed in the week before Saturday’s deadline to seek payments from the General Motors ignition switch compensation fund. So far, 51 death and 77 injury claims have been granted.

But the fund’s deputy administrator says the grants are very likely to rise as she and her boss, compensation expert Kenneth Feinberg, sort through at least 4,180 claims that came before the deadline passed.

The last-minute flurry of activity is common in compensation cases, said Deputy Administrator Camille Biros, who has worked with Feinberg on funds for the 9/11 terrorist attacks and the BP oil spill. Although most of the claims were filed electronically, some will “trickle in” in the coming days because they were postmarked by the Jan. 31 deadline, she said.

“I can say that there will likely be more” death and injury claims granted, Biros said. “Until we sort through and review the newly submitted documents, we can’t make that estimation.”

GM was aware of faulty ignition switches on Chevrolet Cobalts and other small cars for more than a decade, but it didn’t recall them until 2014. On 2.6 million of them worldwide, the switches can slip out of the “on” position, causing the cars to stall, knocking out power steering and turning off the air bags.

As of Sunday, the fund had received 455 death claims and 3,447 for injuries. Of the total, Feinberg has decided that about 12 percent, or 482, aren’t eligible for payment. Another 965 have deficient information, while 1,502 were turned in without documentation. Another 1,103 claims are under review, according to a posting on the fund’s website.

People will be given several chances to provide information to back up their claims, Biros said. Most of the claims that have been denied were not models covered by the fund or the air bags inflated in the crashes. If the air bags deployed, that means the cars had power and the ignition switches were working and not at fault, Feinberg has said.

About 40 claims have been paid thus far, but Biros would not say how much money had been paid out. GM also would not say how much the company has paid thus far.

It likely will take until late spring for Biros and Feinberg to sort through all of the claims, she said. There is no deadline for them to make decisions on the claims, Biros said.

Last year GM set aside $400 million to make payments, but conceded that could grow to $600 million. The company’s chief financial officer told analysts earlier this month that those numbers have not changed. Compensation for deaths starts at $1 million.

The GM ignition switch debacle, which brought congressional and Justice Department investigations and the maximum $35 million fine from the government’s auto safety agency, touched off a companywide safety review. That brought a total of 84 recalls involving more than 30 million vehicles.

As of last week, GM had fixed just over 56 percent of the 2.19 million cars with faulty ignition switches that are still on the road in the U.S., according to documents filed with federal safety regulators. The company said it could not reach about 80,000 of the car owners.

Still, even with letters, telephone calls and Facebook messages, GM hasn’t been able to get all the owners to have their cars repaired about a year after the recalls started. It’s not unusual for some car owners to ignore recall notices. The average completion rate 1 1/2 years after a recall begins is 75 percent, according to the National Highway Traffic Safety Administration.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

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