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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.

Ford dropping Ranger pickup from U.S. lineup after 2011

Ford Motor Co., as expected, is dropping the venerable Ranger compact pickup from its U.S. lineup after the 2011 model year. Ford is consolidating its global pickup truck platforms from three to two with the introduction of an all-new Ranger to be sold outside North America starting next year.

Cadillac teases 2013 'glamour' concept car

Looking to recapture some of its past luster, Cadillac showed renderings of a concept car that will appear at a 2013 auto show. The car is an attempt for the brand to "reflect back not for nostalgia, but what made us great at the time," said Clay Dean, Cadillac director of advanced design. Monterey car week is packed with car shows, vintage racing and car auctions.