Kiplinger News
Toyota's multimillion-vehicle recall was the direct result of pressure from U.S. government officials.
The Japanese automaker announced that 2.3 million cars, trucks and SUVs would be subject to recall for an accelerator pedal problem. Toyota also announced that sales of the vehicles would be suspended immediately and production would stop on the week of February 1.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The reason Toyota decided to do the recall and to stop manufacturing is that we asked them to," Transportation Secretary Ray LaHood said in an interview with Chicago radio station WGN.
National Highway Traffic and Safety Administration official David Strickland added that the company's decision "was legally and morally the right thing to do." The NHTSA reportedly pressured Toyota into suspending sales of the afflicted vehicles.
Toyota was once touted as an exemplar of quality auto building, but its star has fallen in recent years. A spate of recalls in the middle of the 2000s dinged its sterling reputation, and Toyota cars' design integrity was called into question after a November recall of 3.8 million vehicles for a floor mat issue.
The latest recall announcement -- in concert with an expansion of the floor mat recall announced this week -- may drive Toyota shoppers elsewhere. General Motors, for its part, is offering $1,000 discounts to buyers who trade in Toyotas.
-
Financial Topics You Can Safely Discuss at Thanksgiving DinnerForget politics! Holidays offer families a valuable opportunity to talk about their shared financial interests.
-
Six Missteps to Avoid as You Transition to RetirementDon't lose sight of your finances when you finally reach retirement. These six classic missteps can chip away at the nest egg you’ve worked so hard to build.
-
Roth IRA Contribution Limits for 2024 and 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How to Figure Out How Much Life Insurance You Needinsurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
-
Amazon Big Deal Days Is Coming! We’ve Got All the DetailsAmazon Prime To kick off the holiday season with a bang, Amazon Big Deal Days runs Tuesday, October 8 and Wednesday, October 9.
-
How to Shop for Life Insurance in 3 Easy Stepsinsurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage RateBecoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
-
Retirees, It's Not Too Late to Buy Life Insurancelife insurance Improvements in underwriting have made it easier to qualify for life insurance, which can be a useful estate-planning tool.
