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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.

Toyota and GM recall nearly 1.3 million vehicles over airbag issues

Toyota is recalling certain RAV4, Yaris, Highlander, Tacoma, Corolla, and Matrix models in the U.S. market, part of a larger global recall campaign, for an issue that could prevent the airbag from deploying in the event of an accident. General Motors is recalling Pontiac Vibe vehicles for the same problem; the Vibe is mechanically similar to the Matrix because the two shared a platform and were built at the same plant.

Duo of Chevrolet NAPCO 4x4 trucks to cross the block

Interest in classic pickup trucks has been surging in the past few years, introducing car collectors to a whole new world of desirable vehicles. And while the "rules" are still being written when it comes to what's acceptable in a restoration, there are clear favorites, with austerity and originality typically valued over luxury. As nostalgia for the trucks of the 1950s increases, so do the amounts collectors are willing to pay for the workhorses of yesteryear.