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Some secured lenders object to quick sale of Chrysler

A minority group of Chrysler LLC secured lenders has objected in bankruptcy court to the quick sale of Chrysler to a new corporate entity led by Fiat S.p.A. The group of about 40 banks and hedge funds holds about $3 billion of the $6.9 billion in secured loans that Chrysler has with the banks. Four major New York banks holding $4 billion of that debt agreed last week to settle for $2 billion in payment for the $6.9 billion owed.

BMW to supply engines to Saab, reports say

Saab and BMW AG have agreed on a deal that allows the Swedish carmaker to use engines made by BMW, according to a person with direct knowledge of the matter. Saab will initially purchase BMW engines for the 9-3 model that is scheduled for release in late 2012, said the person, who asked not to be identified before a contract is signed. The carmakers plan to sign and announce the pact in Trollhattan, Sweden, on Wednesday, the person said.

Volvo City Safe means lower insurance preniums for Volvo drivers

Volvo’s City safe has reduced insurance premiums for Volvo owners Volvo are on a mission to ensure that no one dies or is seriously injured in a Volvo by 2020, and that means more and more clever technology to protect Volvo drivers from the dangers of driving. One of those technologies is Volvo’s City Safe, a low speed (up to 31mph) collision avoidance system, that uses a laser at the top of the windscreen to monitor traffic and will automatically brake the car if its senses no reaction from the driver when a collision is imminent. So good is City Safe that Thatcham – the people who set insurance groups for cars – has decided Volvos fitted with City Safe should be rated in a lower group.