Ford Motor owes the government $5.9 billion it borrowed in June 2009, the same month GM filed for bankruptcy. By Sept. 15, Ford needs to start paying that money back.
In a government filing, the carmaker said $577 million is due within the next year, and the full amount must be paid off by June 15, 2022.
This government loan helped Ford tip-toe past bankruptcy and overhaul their factories to bring out more fuel-efficient technology.
The Obama administration’s plans of having a million electric cars on the road by 2015 were being funneled through Ford and two other companies (Nissan and Tesla), and Ford fans had the audacity to call GM “Government Motors.”
See links to news reports below for more details about the said bailout:
Forbes.com - Automakers' Report Card: Who Still Owes Taxpayers Money? The Answer Might Surprise You
Wardsauto.com - Dear Taxpayer: Your Auto Bailout Loan Is Repaid, With Interest
Chevyhardcore.com - Editorial: Did Ford Take Bailout Money Too? Yes They Did.