The mortgage meltdown and the financial crisis on Wall St. is one of the biggest stories of the decade, but another serious problem is hitting automakers in very much the same way. All those real estate agents and mortgage brokers that reaped the rewards of the housing boom are losing their Bimmers and Lexuses because the money train flew off the tracks. Repos in the US are poised to hit the 1.9 million mark, which is 15% more than in 2007. Construction workers that ponied up big cash for an expensive truck or SUV are now searching for work, and they can’t pay their monthly payments, much less the gas.

At first glance it would appear that automakers were doling out bad loans just like the banks, but that’s not entirely true. The high amount of luxury vehicles being repo’d have gone up as well, and many of those buyers have very good credit scores. Automakers are losing big here, too. The average loss on a repo is about $10,000 at GM and Ford. Some repo men say they’re actually struggling since Automakers are lowering payments on struggling loanees instead of retrieving the defaulted vehicle. And heavily discounted repos that hit dealers give customers one more incentive to bypass the new car lot. In all the record high rate of repossessions is just one more reason the auto market is in a nose dive. learn more about repos here and here

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While a V10-powered Challenger is devilishly delectable, our Mopar-loving hearts beat for something a bit more balanced with a healthy dose of motorsports cred. To that end, Dodge created the Challenger Targa to campaign in the Targa Newfoundland enduro earlier this year.

Affectionately known as “Samantha,” the Challenger began its existence as a Mopar Challenger drag race car, complete with a 392 HEMI V8 crate motor putting 540 hp and 490 lb.-ft. of torque to the rear wheels via a Tremec six-speed manual and a modified rear diff. The green hue of the Challenger Targa is pulled from the Viper, but the snake’s influence doesn’t stop at aesthetics. A KW race-ready suspension, six-piston calipers with 380mm Stop-Tech rotors (front) and 355mm, rear discs with four-pot calipers are all culled from the V10 ‘Ring-slayer.

In addition to the Targa model, Dodge and Mopar will debut the Challenger Blacktop at SEMA, retaining the 5.7-liter V8 and six-speed manual gearbox. Most of the modifications focus on style, including the black-on-black racing stripe paint scheme, custom spoilers and front brow. A Mopar coilover kit drops the Blacktop over 22-inch Viper wheels created by Factory Reproductions and wrapped in 265/35/R22 (front) and 305/30/R22 (rear) Dunlop rubber. A Mopar cat-back exhaust and cold air intake remain the only modifications to the engine, and if the V8’s sound isn’t intoxicating enough, a Kicker audio system will keep the Blacktop’s driver entertained while bombing along Highway 15 on their way to the SEMA festivities in Sin City.

check out some challenger parts at sema here and here

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American cars that originate from Europe have been doing well. Look at the Saturn Sky. or the aura. Ford is gonna do the same

Ford has promised that the Mercury brand will live on in a way that sets the marque apart from it’s Blue Oval-badged siblings. Many Autoblog readers have commented that Ford should utilize its European models to meet this end, and all indications are that you were right on. Ford has said that the next all-new Mercury would come in 2010, and Ford of Europe CEO John Fleming told Automotive News that the vehicle will “likely” be designed and engineered in Europe. The reason for Mr. Fleming’s confidence comes from the fact that the new vehicle will be based on the Ford Focus platform, and that vehicle architecture will, for the foreseeable future, be developed overseas.

Ford of Europe currently builds the C-Max, the three-, four-, and five-door Focus and the Kuga off the C-platform, meaning any one of those variants could one day wear a Mercury waterfall grille. While it would essentially still be a rebadged Ford, this new Merc will be a slightly reworked version of a vehicle that won’t otherwise be sold stateside, so it will be new to us. That sounds a lot better than the Mercurys we have today.

Check out some mercury performance products here and here

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Vehicle owners behind in their payments and faced with mounting debts have begun taking matches to their cars and trucks in an effort to stop their payments and collect the insurance settlements. Unfortunately, in most cases the attempts backfire (pun intended). According to police, when delinquencies on auto loans rise, owner-involved arson jumps as well. Between 2004 and 2007, “potential owner give-ups” (most of which involve torched vehicles) nearly doubled nationally. Distinguishing between an actual theft-and-burn and an owner-induced arson is the job of investigators who often find such cases easy to crack.

For example, recently a pair of Chrysler Pacificas were burned and it just so happens that that particular model was only reported stolen 98 times across the nation this year – the so-called “theft” raised more than a few eyebrows at headquarters. In another case, a Yukon owner claimed his truck was stolen and burned overnight. Police knew that the thief likely had the keys (Yukons are especially difficult to hot-wire) so their focus was immediately turned towards the owner who had conveniently left “two cans of gasoline” in the back. In yet another case, the late-paying owners had significantly lowered their deductible just days before the reported theft.

Over their heads in debt, fraudulent owners choose arson because the burned-out vehicle shells are often found immediately by authorities, and the insurance companies settle and disburse payments quickly. That is, assuming they haven’t fallen behind on their insurance bills as well!

insurance information here and here

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Bob Nardelli, Chrysler’s current CEO, has given his employees the closest thing to an admission as we are likely to see that the company has been in serious negotiations with other automakers regarding future product plans and possibly even mergers. As has been widely reported over the weekend, Chrysler has apparently had discussions with General Motors regarding a tie-up between the two automakers, and the rumormill is churning away with stories that GM isn’t the only suitor. Carlos Ghosn already has a history of merging automakers, and his Nissan/Renault partnership has naturally been recalled as a possible mate with Chrysler, as have Fiat and Tata Motors.

Remember that there’s nothing concrete here to report, just speculation. At this point, all we know is that Nardelli admits that there are “third parties who are interested in exploring future possibilities with Chrysler” and that “as the company evaluates strategic options to maximize core operations and leverage its assets, we engage in a dialogue with these parties.” Sounds pretty vague, wouldn’t you say? These talks can be routine or they could be much more. We’ll just have to keep an interested eye on the news.

Nissan and Renault have some great stuff. check it out here and here

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Rumors of RUF’s impending electric Porsche were true, except that the actual vehicle is based on a Porsche 911, not the Cayman as previously reported. Powered by a three-phase electric motor that offers about 200 horsepower along with an impressive 480 lb.-ft. of torque, the eRUF Model A can reportedly hit 60 miles per hour in under seven seconds and can reach a top speed of 160. Power comes from a lithium iron phosphate battery pack, which produces 317-volts and 480-amps and is made up from 96 individual cells. A full charge takes a rather long 10-hours, and regenerative braking is included in the package allowing for a range of up to 180 miles. From the outside, you’d never really know that something was different about this 997, except that it doesn’t produce that soul-stirring flat-six sound. This is still just a concept and its specifications are subject to change. We can be sure, though, that this isn’t the last electrically-powered sportscar set to hit the market.

Despite the fact that Lotus seems to have the inside line on electric sportscars, longtime Porsche tuning firm RUF has chosen the Cayman for its new electric supercar. Comparisons to the Tesla Roadster are sure to come up, and we’re happy to oblige. Compared to the latest Tesla drivetrain, the Ruf is expected to debut with a bit less overall power (150kW compared to 185kW) but will have considerably more twisting force (650Nm versus 375Nm). In other words, if the Ruf were a hatchet, the Tesla may be a scalpal, so to speak. A lithium-ion battery pack of unknown output will provide power to the motor. We don’t yet know if the Ruf will sport multiple gears, but it seems distinctly possible in order to attain its planned top speed of around 125 miles per hour. We’d bet that any comparisons between the two electric sportscars will end at price, as the Ruf is sure to command an even heftier sum than the $100k Tesla Roadster. We’ll find out next month what that price is and if it’s worth it. Uh never mind… of course it’ll be worth it.  some porsche parts check it out here and here

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The beating General Motors and Ford took on Wall St. yesterday has people loosely throwing around the word “bankruptcy” this morning. GM made its position clear in a statement just released (read in full after the jump) that “bankruptcy protection is not an option.” It’s true that both automakers are in a bad way after yesterday’s sell off. Shares of GM ended the day at 4.76, which gave the giant U.S. automaker a market capitalization (cost of a single share times the number of shares outstanding) of less than $3 billion, while Ford shares closed at just 2.08 to give the Blue Oval a market cap of $4.7 billion. Further adding fuel to the fire is speculation that the debt rating of each automaker may slip further into junk status.

But how real a prospect is bankruptcy for these two iconic automakers? Though some consider the prospect a real, if almost inevitable, possibility, the reality is that neither GM nor Ford is likely to voluntarily enter Chapter 11 anytime soon. For one, both companies still have billions of dollars of cash on hand that should last them well into 2009, despite the fact they’re burning through their reserves at an increasingly quicker pace. They also have still have untapped lines of credit and assets to unload. Ford has sold off a number of its brands like Aston Martin, Jaguar and Land Rover, while GM is seeking buyers for HUMMER and its medium-duty truck business.

But the real obstacle to bankruptcy is the position that these two companies hold in the fabric of American life, which is both material and emotional. Combined they employ hundreds of thousands of people and indirectly are responsible for many times more. They’re also more near and dear to our hearts than big investment banks on Wall St., so politicians would likely step in before it was too late. No one can predict the future, and the markets seem to be stuck in a self-perpetuating downward spiral at the moment, but that doesn’t mean we should listen to alarmists on TV looking for higher ratings.  maybe GM needs to read this and this

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Despite the fact there is no real “Official ‘Ring Record” for production cars, manufacturers never miss the chance to time their fastest cars as they lap the famous German race track. After all, there’s a great bit of marketing to be had by claiming that your car is faster than everything else. Maserati realizes this just as much as the next company, and the Italian automaker’s MC12 is still ’super’ even though it’s now three years old. Perhaps even more so, as it recently managed to lap the Nürburgring Nordschleife in just 7:24.29. Not only is this an extremely fast time, it betters the marks set by such enviable performers as the Ferrari Enzo, Koenigsegg CCX, Pagani Zonda F Clubsport and Porsche Carrera GT. All of these cars are owned by one (very lucky) man and were tested with the same driver (American Le Mans Series racer Marc Basseng) at the same time and under the same conditions, while lap timing duties went to Europe’s evo magazine. All of this lends a dose of credibility to the Trident’s accomplishment that’s lacking from the incredible ‘Ring times that automakers have been claiming lately. So, while not all ‘Ring times are created equal, some bragging rights now belong to Maserati.

The only car I know of that claims a faster time is the Dodge Viper ACR, which unofficially managed the deed in just 7:22.  some maserati parts here and here

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One thing’s for sure, General Motors is not very good at playing the real estate market. Last May the world’s biggest automaker finally bought its world headquarters in downtown Detroit called the Renaissance Center for the sum of $626 million. It had initially bought into the complex of seven buildings back in 1996 for $75 million, but had continued leasing office space there until the purchase earlier this year. Here we are not five months later after the purchase and GM is reportedly considering selling the RenCen to raise $500 million fast.

Rather than selling the RenCen at a loss, the preferred plan reportedly would be to mortgage the property to one or both of Detroit’s pension funds to the tune of $500 million, but seeing as they’re both already heavily invested in downtown Detroit property, that’s not likely to happen.

GM’s ultimate goal is to quickly raise $5 billion by selling any non-essential assets, including things like the RenCen, HUMMER and its medium-duty truck business. If the RenCen were sold, GM would forego working out of a cardboard box by going back to leasing the office space it’s currently using.

maybe donald trump will buy it - he seems to like taking expensive houses and selling it for profit wihtout changing anything.  some more pretty building in NY and LA

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With GM facing well-publicized challenges — along with just about everyone else who needs a little thing called money — certain high-profile and expensive programs are crowding up on the back burner. Even America’s sports car, the Corvette, is not exempt, with CAFE regulations clouding the view inside the ‘Vette Nation’s crystal ball.

Motor Trend, commenting on the C7 Corvette’s delayed arrival, has said that the new coupe won’t appear until the 2014 model year at the earliest. The mid-engined route has also been scrapped, since it would simply cost too much to re-engineer the entire car for the purpose of easier integration of fuel saving tech like cylinder deactivation.

That means a six-cylinder is still being talked about — by GM outsiders only, at this point — as an option for the C7. If we take the Camaro as an example, that 2014 introduction date could mean late 2012, but that still only gives you four years to mentally prepare for a budget- and economy-minded V6 Corvette. Get cracking.

The rumormill is a funny thing, and sometimes it can run amok. This appears to be one of those times. The DigitalCorvettes.com forum posted a note earlier this evening saying that Corvette ZR1 production has been halted (Bowling Green is shut down this week, so no Vettes are being built at the moment) and suggesting that the ZR1 may be cancelled. A post on dealer Rick “Corvette” Conti’s blog, linked in the referenced DigitalCorvettes thread, added to the intrigue.

GM’s Terry Rhadigan, who handles global communications for the Chevrolet brand responded “Not true.”

Some more corvette parts for you!  this and this

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