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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.

Cadillac teases Detroit 2013 concept at Pebble Beach

Cadillac teased a new concept car at the weekend at Pebble Beach to be unveiled in the steel at an unnamed American auto show early next year. We'll see you on the GM stand in Detroit then. During a press event Cadillac's Global Design Director Clay Dean said it was time for the brand to "reflect back not for nostalgia, but what made us great at the time." There were no further details about what we can expect from the concept but from what we can see from these renders is what appears to be a further move away from the geometry of the Art and Science form language towards a more sculptural surface treatment intersected by sharp, precise creases.

To thwart speculators, Lexus will lease, not sell, 500 LFAs

Lexus has a plan to head off speculators when its limited-edition LFA sports car goes on sale in January 2011. The company will offer only two-year leases for the $375,000 two-seater, said Brian Smith, vice president of sales and dealer development for Lexus division. Lexus will hang on to the vehicle's title.