BANKRUPT! CHRYSLER CORPORATION IS FILING FOR BANKRUPTCY PROTECTION!

BREAKING NEWS! BREAKING NEWS!

Chrysler LLC is filing for Chapter 11 bankruptcy protection as announced by President Obama today at a Press Conference.

As expected from what has become daily speculation, President Obama has made the following statement, "Over the past month, seemingly insurmountable obstacles have been overcome", "Chrysler and Fiat have formed a partnership that has a strong chance of success", in a televised broadcast.

Talks between key stakeholders of the company broke down when certain creditors were holding out from the latest government offer of swapping the debt for $2 billion dollar, the government then increased the offer to $2.5 billion and were given a Wednesday deadline at 6pm.

The President went on to say "Their failure to act in either their own economic interest or the national interest does not diminish the accomplishments made by Chrysler, Fiat and it's stakeholders, nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward."

The terms of the partnership between Chrysler and Fiat although not entirely clear, are summarized as follows: 1. Fiat would gain entry into the U.S. automobile market 2. Fiat would have a minority stake in Chrysler ( this would be for a technology exchange, so that Chrysler can make make small auto's) 3. Chrysler would gain access to other global markets that it does not have currently 4. This deal provides no monetary exchange between the two companies.

GM has until June 1, 2009 to have a solid plan in place or it will be forced with the same fate. GMAC and Chrysler Financial it appears will merge under this reorganization plan and these talks are ongoing.

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That Car Guy

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Mazda Is Producing A Hybrid Vehicle That Operates On Hydrogen, Electric and Gasoline, Introducing The Mazda Premacy HSE Hybrid...

Mazda's Hydrogen Hybrid Unites Green Technology

^Check out video link above^

The technology that is being used in the developmental Mazda Premacy HSE Hybrid (Premacy Hydrogen Rotary Engine Hybrid) may get some legs. Mazda has just been granted authorization to begin road testing by the Japanese Government and further developmental processes may bring a Premacy HSE to a dealer near you soon.

The Premacy HSE is a unique vehicle that allows the vehicle to switch between using hydrogen, electric and gasoline to propel the vehicle, designed to use gasoline when a hydrogen fuel station is not convenient, the vehicle cost considerably less than it's hydrogen only vehicle counterparts.

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That Car Guy

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More on the PUMA Project from GM and Segway...

I found additional video of the newest invention from Dean Kamen and his folks at Segway, Inc., in collaboration with General Motors it seems that the original Segway is evolving.

When you look at the limited market that the original Segway was catering to, this model with it's seating position and the ability to add a passenger may make a dent in this very unique market category.

I am interested in any feedback or opinions on this personal use vehicle.

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That Car Guy

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Gm and Segway Unveil The Personal Urban Mobility Vehicle that Goes 35mph and Travels Over 35 Miles...

Visit msnbc.com for Breaking News, World News, and News about the Economy

General Motors and Segway, Inc. introduced today a two-wheeled, two seat electric vehicle that the company is stating could solve transportation problems in urban area's.

The vehicle weighing 300 pounds is operated on lithium-ion batteries and electric motors and is using the Segway's two wheel balancing technology. The Personal Urban Mobility and Accessibility vehicle or PUMA as it is being called will travel 35 miles at speeds up to 35 mph on one single charge.

The PUMA will also be outfitted with communication systems that would allow it to avoid obstacles, be self driven, avoid pedestrians, other vehicles without crashing. The PUMA will be outfitted with GPS and other transponders that allows the vehicle to navigate without traditional safety devices, including air bags, although the PUMA will have safety belts for "comfort purposes", Larry Burns, GM Vice President of Research and Development said.

The companies announced that the vehicle could be ready for production, but no timeline has been set for production.

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That Car Guy

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Loose your job, GM and Ford say no problem, we’ll make your car payment...

Following in the footsteps of Korean automaker Hyundai, General Motors and Ford Motor Company, made announcements March 31, 2009 that it would make the car payments for customers who lose their jobs, up to 12 months.

Hyundai Motor Company has had a similar program since January, 2009 and states that its sales have risen 4.9%, its program initially stated that customers could return the vehicle without damaging the customer’s credit. It has since made a temporary change that states that Hyundai will make up to three months of car payments (leases and loans).

General Motors program called GM Total Confidence Program will provide payment protection for two years. The program will make nine vehicle payments of up to $500.00 a month for its new vehicle purchasers on vehicles purchased by April 30, 2009.

Ford Motor Company announced its Ford Advantage Plan that will make vehicle payments up to 12 months with a maximum payment amount of $700.00. Customers must purchase a vehicle by June 1, 2009 and the program will accept claims until December 31, 2009.

General Motors made an additional announcement regarding Trade-In protection to customers who sometimes end up owing more on a vehicle than its current value. GM said that it would provide limited trade-in protection on GM vehicles purchased with a finance contract up to six years and would further require that customer to be midway through the contract before the trade takes place. In a further major move GM began touting its 5 year/100,000 mile powertrain warranty as the “best coverage in the industry”.

General Motors is not stating that the government recently announced that it would back the warranties of its vehicles, should the company go into bankruptcy. Mark LaNeve, GM vice president of North America vehicles sales, service and marketing stated, “We’re not using the word government or using that level of detail” were just stating that the warranties are “fully backed”.

Ford is confident that the new program along with its current line of 0% financing offers on most of its vehicle line up will shrink sales declines in recent months as stated by John Felice, General Manager of Ford, Lincoln and Mercury. He went on to say that the current offer is low risk by Ford, which is buying insurance to cover potential payouts, he would not disclose the cost of the program but described it as nominal.

These programs are anticipated to bring confidence back into dealers’ showrooms and resuscitate life back into the ailing auto industry. GM and Chrysler have 60 and 30 days respectively to provide the Federal Government satisfactory plans to turn around its companies or face bankruptcy. The lifeline that they have lived on for the last few months has tightened considerably and is near being completely cut off.

The automakers immediately began touting the programs online and consumers should start to seem them in print and radio in the next couple of days. For complete details of these programs check the company websites and ask dealers for a complete copy of these programs so that consumers maintain any compliance issue.

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That Car Guy

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