Blown Hemi Rolls Royce

Hemi Powered Rolls Royce

Poking out of the hood behind the Spirit of Ecstasy is a blown 572-ci Chrysler Hemi that is bottle fed to a more-than-adequate 1,350 horsepower.

The car has all of the luxury touches you would expect from a Roller, including full leather, Vintage Air A/C, four TVs and a jar of Grey Poupon.

Underneath it’s a full tilt boogie runner with a Chris Austin chassis, Air Ride, Wilwood brakes, full tubs and Billet Specialties Riviera wheels. It even has a leather-swathed trunk with matching coverings for the batteries, fuel cell and bottle. Notice the leather wrapped roll cage inside as well, a very elegant touch, and one that sums this sophisticated beast up perfectly.

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Credit Crunch Still Hurting Car Sales

A deteriorating U.S. economy combined with an ongoing credit crunch is darkening the credit outlook for the auto finance market well into 2009, said Moody’s Investors Service in a report on Tuesday.

“The sector is clearly under severe stress,” said Curt Beaudouin, vice president and analyst at Moody’s. He noted increasing delinquencies and write-downs of uncollectable debt, higher loss severities due to slumping used-car prices, as well as shrinking new vehicle sales.

The auto finance industry, which includes banks, independent finance companies and automaker-owned finance units or captives, has also been hurt by higher funding costs due to the credit crunch and depressed profitability due to greater auto loss provisions, he said.

The analyst said participating banks are less vulnerable to these mounting risks, and their auto lending is not a leading negative ratings driver.

“For none of these banks, however, is auto finance exposure a leading negative rating driver. They possess more diversified asset and earnings bases and are not tied to the manufacturers,” said Beaudouin.

Still, he said, auto finance will remain a difficult market for the banks. Their profit and/or asset quality potential will always be subordinated to the behavior of the captives, which they can’t control.
“Banks would like to exit the market, but there are no willing buyers for their auto operations. So, banks are withdrawing from the business by slowing originations and winding down portfolios,” said Beaudouin.

“The captives are — and will continue to be — more vulnerable to aggressive financing practices influenced by manufacturer sales targets; they are further weighed down by their monoline nature and heavy business concentrations with their troubled manufacturer affiliates,” said Beaudouin.

The same basic picture applies to the independent auto finance firms, he said.

“Their monoline (heavily subprime) nature and severely impaired wholesale funding model have caused retrenchment in the shrinking universe of independent auto finance companies,” said Beaudouin, “and this trend is expected to continue.”

Those exposures must now be worked through, he said.

“Buyers have simply bought too much vehicle, thereby increasing their debt burden,” said Beaudouin. “Auto lenders were enablers in this process, by offering increasingly aggressive financing terms and exposing themselves to increased severity of loss, in a phenomenon we refer to as ‘the trade-in treadmill,” said the analyst.

In addition, he said, the ongoing credit crunch, in place since the summer of 2007, has been hurting the cost and availability of funding for auto finance companies, while deteriorating economic conditions are taking a toll on the consumers, the used car market and new vehicles sales.

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Free Garmin GPS With Chrysler Extended Warranty

Chrysler recently kicked off their “Protection with Direction” promotion, where they will give you a free Garmin nuvi 255W GPS navigation unit - a $350 unit - for free.

Here’s how it works..

With the purchase of any Chrysler extended warranty with a base MSRP over $1,000 between October 16, 2008 to December 31, 2008 you will get the garmin unit tossed into the deal for no additional cost. Dont’ get nervous at that price just yet though!

Now, here’s a great way to take advantage of this:

Let’s say you recently purchased a used 12 month old Chrysler 300. Now, you were interested in getting the extended warranty, but the particular one you wanted was being offered to you for $1,599. So, you decided to pass on it.

Well, the best bet to get a great price on your Chrysler extended warranty is to go to GenuineChryslerWarranty.com and submit a quote request. Viola - they come back offering you that same extended warranty for $590. Not bad - we just saved over $1000.

Next, we take them up on their interest free financing.

So you put the required 10% down payment on your extended warranty, which comes out to $59. Within a few days you have your actual factory backed extended warranty in place on your cool Chrysler 300, as well as a new $350 Garmin GPS!

You can now flip the GPS on eBay or craigslist if you are so inclined, keep it for yourself, or my favorite:

re-gift it for Christmas

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