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. Note to CAR’s commercial people – we should learn from these rates! (Autoblog)• BBC Two’s Top Gear television show will be forced to scale back on its expensive stunts and foreign filming locations for the next series, according to executive producer Andy Wilman (The Telegraph)• Billionaire investor Kirk Kerkorian has sold his remaining shares in Ford Motor Company, having once amassed a 6.5% stake in the… Read full this story
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