Massive Ignition Switch Recall Weighs Heavy On GM's Profits

General Motors will be saving a little more money everyday from now on. The National Highway Traffic Safety Administration has decided that the automaker is now finally in compliance with the regulator's records requests and ended the automaker's $7,000 a day in fines to the feds.

The charges began tallying after GM missed the April 3 deadline to submit a detailed 107-question form to NHTSA with explanations about all facets of its ignition switch recall and when it knew things. The government agency thought that the company was leaving out too much vital information because the automaker left about a third of the questionnaire blank. Until the feds received all of what they requested, it levied a daily fine on the business. The payments finally came to an end when NHTSA received the 325-page report from outside investigator Anton Valukas and decided the information there was sufficient.

This hasn't been an inexpensive affair for GM. According to The Detroit News, the fines total over $420,000 owed to the regulator, and that is in addition to the $35 million owed to NHTSA for delaying the recall. As part of the earlier settlement, the automaker also agreed to greater government oversight. It seems that the company is slowly putting the ignition switch fiasco behind it.