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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.

Honda Civic Si introduced

Honda have introduced a new 'Sporty' Civic - The Honda Civic Si The new Honda Civic Si is being made available across the whole five-door Civic range, regardless of engine or transmission. From which you would conclude, quite rightly, that this is a cosmetc ‘Sports’ job, not a power one. So you get some upgraded Graphite-coloured alloys (16″ on the 1.4 litre and 17″ on bigger engined variants), colour-coded bumpers, front fogs, Type R style mesh grill and dark chrome door handles and fuel cap.

Ferrari Enzo replacement (F70) will get V12

Ferrari F70 (New Enzo) to get V12 It seems to be taking forever for Ferrari to bring the replacement for the Enzo to the market. And that has meant endless speculation (guilty as charged) about what exactly the new Enzo will have to offer. As far back as 2009, we spoke to one of Ferrari’s ‘Favoured’ customers who, even then, had received the call from Maranello asking if he would like to be one of the lucky recipients of the new Enzo.