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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.

One Lap of the Web: Stop! It's Sledgehammer time!

-- There's a Bitter SC on eBay this week, and unlike most examples that we see on the list that is Craig's and the Electronic Bays, this is actually in decent shape. Some of you might remember these when they were new, and they remain the best way and perhaps the only way to get into an Opel Senator on this side of the Atlantic. (If you're into that sort of thing.) -- OK, we get it -- Mongolia has only about 2,000 miles of paved roads, but that's no excuse for chafing through a bottleneck in this manner.

Bring a Trailer Exclusive: 1960 Austin-Healey 3000

This 1960 Austin-Healey 3000 Mk1, posted by Bring A Trailer, has been gathering dust in a storage facility in Houston for the last 40 years. It was purchased by the seller in 1963 and was stored in 1970 with 75,000 miles on the odometer. It can be yours for the price of $25,000.