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Crunch watch Dec 08: the auto industry in crisis

By Tim Pollard and Simon Stiel Motor Industry 31 December 2008 14:05 Wednesday 31 December 2008• GMAC, GM's finance arm, said it would immediately revise its criteria for providing loans, after the US government bail-out of the General's credit arm. It will now supply credit for anyone with a score of 621 or more on the Fico scale, the scale used to assess Amercian customers' creditworthiness (Financial Times)• The news means that 80% of US consumers would now qualify for a loan from GMAC – which should improve sales in the depressed US market (Detroit News)• Chrysler is being lambasted for taking out full-page adverts in the American national press thanking the nation for supporting its auto industry. But critics point out this is a fresh waste of bail-out resources, as pages in the Wall Street Journal – one of the titles in which the ad ran – reportedly cost up to $264,000.

Fiat 500L: UK price from £14,990

Fiat has revealed that their supersized 500 – the Fiat 500L – will cost from £14,990 for the 1.4 litre 500L Pop Star or Easy. Actually based on the Punto underpinnings, rather than the 500′s – the 500L is Fiat’s take on the MINI Countryman (well, both the 500L and the upcoming 500X SUV) and designed to extend the appeal of the 500 – Fiat’s most successful model – to a market that has outgrown the diminutive 500. Starting point for the 500L is aether the ‘Easy’ trim or ‘Pop Star’ trim (more daft trim levels) and come with standard features including a 5″ touchscreen radio, Bluetooth, Cruise, Electric door mirrors and leather on the gear knob and steering wheel.

Van 'driven wrong way on motorway'

A MAN has been charged with five offences after a van was stolen and driven for nearly 50 miles the wrong way along a motorway. Officers were called at about 1.40am on Wednesday after a white Transit van was taken from Stock Road in Billericay, Essex. The vehicle was driven to Harlow where it joined the M11, travelling north on the southbound carriageway.