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FCA issues warning on logbook loans

VULNERABLE people who use their car as security to take out a loan are finding themselves squeezed even harder financially and even threatened, the City regulator has found. The Financial Conduct Authority warned it will put firms offering logbook loans out of action if they do not "dramatically" improve their standards, after finding evidence of poor behaviour including little or no affordability checks being carried out and some applicants being encouraged to manipulate details of their income. It said lenders are failing to properly spell out exactly how expensive such debts will be, with the true cost often masked by an emphasis on "low" weekly repayments and key terms and conditions buried in small print.

Mercedes-Benz CL gets a facelift for 2011

Three years after its introduction, Mercedes-Benz has given the CL a mid-cycle facelift, providing the big two-door with lightly altered bumpers--those up front with new LED daytime running lamps, reshaped headlamps, a more contoured hood, larger exterior mirrors with integrated indicators and revised tail-lamp lenses, among other detailed visual changes. More significant than the styling tweaks, however, are the changes underneath the hood, with the arrival of a new twin-turbocharged 4.6-liter V8 direct-injection gasoline engine--the first of Mercedes-Benz's advanced MoVe powerplants that aim to bring efficiency gains to its lineup. With 429 hp and 516 lb-ft of torque, the new engine delivers 47 hp and 125 lb-ft more than the naturally aspirated 5.5-liter V8 it replaces in the four-year-old CL500--enough to lower the luxury coupe's 0-to-62-mph time by 0.5 second to 4.9 seconds.

Fiat will bid for Bertone's dormant contract manufacturing unit

Fiat S.p.A. confirmed it will make a non-binding offer to buy struggling Italian contract manufacturer Carrozzeria Bertone S.p.A. Fiat's offer is one of five for the dormant coachbuilder.