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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.

Caterham 620R heading for Goodwood debut

The Caterham 620R (pictured) will debut at the Goodwood FoS Caterham may be planning an assault on the mainstream car market with an SUV and a City Car, but it’s not forgetting its roots, with a new entry-level 7 in the mix and now a new range-topping 7 – the Caterham 620R. The Caterham 620R is heading for Goodwood this week for a debut – and consigning the current R500 to the history bin in the process – as the most powerful road going car Caterham have ever produced. The power comes from the same 2.0 litre Supercharged Ford engine as the R500, but in the 620R the wick has been turned up to 11, with 310bhp on offer, enough to scoot the 500kg 620R to 62mph in just 2.8 seconds.

Renault Twin'Run concept

The Renault Twin'Run concept, unveiled during the weekend's Monaco Grand Prix, is the sibling of the Twin'Z collaboration with Ross Lovegrove. Together they fulfill the ‘Play' stage of Renault's ongoing concept car lifecycle. While its overall form is very similar to the Twin'Z's (apologies for awkward punctuation on Renault's behalf), previewing the next-generation, rear-engined Twingo, the ‘Run is altogether racier than the more pragmatic – if no less flamboyant – ‘Z.