BY BRENT SNAVELY • FREE PRESS BUSINESS WRITER • April 9, 2009
Evidence is mounting that the few customers who are shopping for new cars and trucks in this tough market are increasingly turning to Ford Motor Co. because it hasn't asked for federal aid and is perceived as healthiest of the Detroit Three.
Craig Lahti, 32, of Wixom grew up in a "GM family" but purchased a Ford Focus last month.
"It was largely due to the fact that they've managed their business affairs better, in my opinion," Lahti said. "Not only ... did they not take the loans, but just seems that they are heading down the right road."
General Motors Corp. and Chrysler LLC have accepted $17.4 billion in federal loans and are now struggling to meet the terms mandated by the federal government in order to receive additional funding. Ford, in contrast, decided in December not to ask for federal loans, even though it reported a record $14.6-billion loss for 2008.
Since then, Ford executives and dealers have been pushing the message that "Ford is different," which seems to be resonating with customers.
Art Spinella, president of CNW Marketing Research in Bandon, Ore., said his research shows that the percentage of people who list Ford as a top brand to shop increased 12 points during the first quarter of this year compared with last year.
"It indicates that Ford really dodged a bullet," Spinella said.
Spinella said Ford is mostly attracting buyers who previously preferred to buy GM and Chrysler vehicles, but are worried about the possibility of those companies filing for Chapter 11 bankruptcy.
Last Friday, Tustin, Calif.-based AutoPacific said only 3% of Americans participating in a recent online survey were unaware that GM and Chrysler had received billions of dollars in federal loans. It also said 72% of respondents were more likely to buy a Ford vehicle.
Jesse Toprak, executive director of industry analysis for the automotive Web site Edmunds.com, said the number of visitors who shopped for Ford vehicles during the first three months of the year increased 12% compared with the same year-ago period. Meanwhile, the number shopping for GM and Chrysler vehicles declined 19% and 15%, respectively, during the same period.
Despite the positive research about Ford, the company continues to struggle. In March, Ford U.S. sales of new cars and trucks declined 40.8% compared with the same month a year ago. Industry-wide sales, by comparison, showed a decline of 36.8%.
Thursday, April 9, 2009
Tuesday, March 31, 2009
WANTED: Special Buyer for 2005 Mustang Convertible “RADPNY” Street Monster. Proceeds will Benefit Children of Garland ISD Athletics Department.
PRESS RELEASE
FOR IMMEDIATE RELEASE
5-1-09
WANTED: 2005 Mustang Convertible “RADPNY” Street Monster Seeks Special Buyer. Proceeds will Benefit Children of Garland ISD Athletics Department.
GARLAND, TX – “Coach” James Goode, former Garland ISD coach and scout, and Randall Reed, owner of Prestige Ford Lincoln Mercury located in Garland, have teamed up for a good cause to benefit the kids of Garland ISD.
Goode has put his beloved and famed hell horse of a 2005 GT Mustang convertible plate named “RADPNY” up for sale. The supercharged 650 horsepower horse of a Mustang has over $110,000 in goodies and countless hours put into it and has only a humble 11,000 miles. The asking price is a tame $50,000.
Upon sale of the car, Goode will donate $5,000 (10% of the selling price) and Reed will match it with another $5,000 with the whole $10,000 going to the Garland ISD athletics department for athletics equipment and facilities improvement.
"It's rare for such a vehicle, especially one as personally meaningful as Goode’s Mustang, to be sold for such a price to benefit such a good cause," said Randall Reed, President/Owner of Prestige Ford Lincoln Mercury. "Goode is giving Mustang lovers and enthusiasts a singular opportunity to take home an ultimate street monster. It’s an admirable way to sell such a customized personal vehicle."
The RADPNY performance goodies inside and out include:
• Power plant – engine is nearly “bullet proof” with all forged internals.
• Aluminum Block
• Kellog Crank – 4340 Steel
• Rods by Modulax – 4340 steel
• C P Pistons Forged Dish
• BBR Cam Shaft
• Valve lift .480 Exhaust .480
• Duration Intake 270 degrees. Exhaust 276 degrees.
• Springs Comp Cams
• Injectors 60# High Impedance
• Vortech Super Charger
• Exhaust by Corsa
• X Pipe 3” Hi Flo Cats
• Headers Ford Racing Short Tube
• Spark Plugs – Ford Racing
• Main Bolts – Arp Studs
• Flywheel- Mc Loud Aluminum
• Clutch Ram 400
• Suspension by Air Ride Technologies
• Brakes – Baer 16” 3 Piston Front, 2 Piston Rear
• Custom Paint by Best in Show
• Custom interior by Morris Custom Upholstery
• ICE – Xtreme Audio
• Gauges by Autometer
• HP Crank 650
• RWHP 517.84
• Torque 484.54
"Randall and I are working together for a common purpose. The money raised from the sale to the Mustang will provide much needed athletics equipment and resources for the children.” says James Goode. “This is just the beginning.”
“Coach” James Goode spent 36 years in education including 12 years with Region 10 Education Service Center in Richardson and 8 years with Region 4 Education Service Center in Houston as assistant department Director as well as adjunct professor at the University of Houston. In 1997, he move back to the North Texas area with his wife to be able to spend more time with their children. Once back in the north Texas area, he went to work at the Garland Independent School District as a teacher, coach and football scout in different high schools and middle schools through out the district.
And with over 30-years of automotive experience, Randall Reed, with his wife Sherry, own one of the largest, privately-held dealer groups in the country with dealership locations in greater Houston, Dallas and Huntsville, Texas. Randall sold out of Prestige in 1997 after the death of his majority partner, Bill Beck. In 2007 Mr. Beck’s widow called Randall and asked him to buy back Prestige. Randall and his wife were more than happy to do it! Randall believes that it’s not the deficiency of knowledge that disables ordinary people from accomplishing extraordinary goals; it's the deficiency of execution! His equation to success is: Work hard + honesty + treating people fairly = SUCCESS. Current franchises include Ford, Lincoln, Mercury, Dodge and Hyundai. The Randall Reed dealerships have a long history of sponsoring numerous local events and special programs that benefit disadvantaged families and children.
Interested buyers should call: Ted Karlsen at 972-864-3667
Additional photo portfolio available upon request.
Press Release coverage can be found at:
PRLog
NEWS: Special Tax Break Available for New Car Purchases This Year
IR-2009-30, March 30, 2009
WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”
The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.
For more information go to: www.irs.gov/newsroom/article/0,,id=205863,00.html
WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”
The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.
For more information go to: www.irs.gov/newsroom/article/0,,id=205863,00.html
Friday, February 27, 2009
Prestige Ford Sends Students to Contest: 32 Advance to State
February 2009
Once again, LCHS Auto Collision Repair Technology program has proven they are a force to be reckoned with. They attended the SkillsUSA District 6 competition at Texas State Technical College in Waco. Forty three students made the trip to compete with projects they had to repair. The students picked a project that would showcase the skills that they had learned in class. The projects included hoods, motor cycle tanks, fenders, and fabricated metal projects. When the dust had settled, thirty two of the forty three students had advanced to the state contest.
There were two Best-In-Show awards given in the contest. The award for Best Custom was won by Miriam Deutsch and Stefani Barrow. The award for Best Collision Repair was won by Romeo Umana and Andres Alvidrez. Once again Lakeview has shown that they are the school to beat.
Lakeview’s Autobody program is thankful for the support that local industries have given the program. In particular, Randall Reed, new owner of Prestige Ford Lincoln Mercury sponsored seven (7) students in the competition. Instructor Craig Baughman said, “the sponsorship of these students made it possible for them to compete and win in the district competition. These students are now ready to compete in the state contest because of Mr. Reed and Prestige Ford. This experience of competing will stay with them for the rest of their lives.”
“We would also like to thank Armadillo Collision Central and The Body Shop for their donation of paint materials for the projects” said instructor Greg McSwain. “The industry support really helps to defray the cost of the contest.”
The class is looking forward to the state contest which will be held in Corpus Christi in early April. They are confident they can continue the good work and bring back the awards from state.
Ford Tops for Detroit 3 in Annual Consumer Reports List Magazine Praises Ford, Has Concerns With GM
Detroit Free Press 02/27/2009
Author: Justin Hyde
(c) Copyright 2009, Detroit Free Press. All Rights Reserved.
WASHINGTON -- Foreign brands maintained their domination over Detroit models in the annual evaluations by Consumer Reports, which praised Ford Motor Co. for quality but offered sharp critiques of General Motors Corp. and warned that Chrysler LLC was trailing the industry.
While the rankings may seem less essential in the midst of the worst market for new vehicles in four decades, the results offer a snapshot of a hyper-competitive market offering no reprieve for Detroit's struggling automakers.
The closely watched analysis lauded Honda Motor Co., Toyota Motor Co. and Subaru Motor Co. vehicles as the best in the industry. Its "top picks" list changed little from last year, with the Toyota Highlander displacing the Hyundai Santa Fe as best midsize SUV and the Chevrolet Avalanche replacing the Chevrolet Silverado as best pickup. The Chevy was the only Detroit model among the 10 picks, five of which were Toyotas. Overall, Ford had the best ratings among Detroit companies, with the magazine granting "recommended" grades to 70% of Ford's lineup, compared with 17% of GM's models it tests.
David Champion, senior director of auto testing for Consumer Reports, said Ford's quality on many new models matched or exceed that of Honda and Toyota, while GM was building eye-catching new models. He cited Ford for boring design and GM for inconsistent quality. "I hate to say, but if you could merge the two, with the strength of both, you would have a good product line to really compete against the Japanese," Champion told the Washington Auto Press Association.
As for Chrysler, the news was bleak. The magazine does not recommend a single Chrysler vehicle in its annual automotive issue, and ranks it last among all automakers because of below-average reliability and poor scores on its driving tests. Champion said the new Dodge Ram pickup was the lone model that stacked up well versus the competition. "Chrysler has a long way to go," he said.
Automakers closely watch the magazine's annual auto issue, whose recommendations carry more sway than any other independent source, thanks to more than 7 million print and Internet subscribers. Chrysler used the magazine's quality rankings as a benchmark in its request to the Obama administration for a $5- billion survival loan.
To earn a top pick in a category, the vehicles have to do well in driving tests, have at least average reliability according to owner surveys and garner good crash-test scores. The magazine also requires top picks to offer electronic-stability control either as standard equipment or as a readily available option. Detroit auto executives have long complained that Consumer Reports' judgments lag the improvements in their vehicles, but the performance gap between Detroit and foreign makes has closed little in recent years.
Ford spokesman Bill Collins said the magazine's tests were a "critical benchmark." "The goal now is to distance ourselves from our top competitors and become the sole quality leader," he said. Doug Betts, Chrysler's vice president and chief customer officer, said the company was pleased by the magazine's acknowledgement of the Ram, and vowed that its vehicles would do better in the future. "It will take time to see the results of the changes that we are putting in place to address the reliability and quality concerns of our customers," he said in a statement. GM spokeswoman Janine Fruehan said the company "had its arms around" the problems cited by Consumer Reports. "Our internal data suggest that we're going to be much better, and far more reliable, and we expect that will be seen in the vehicles to come," she said.
Author: Justin Hyde
(c) Copyright 2009, Detroit Free Press. All Rights Reserved.
WASHINGTON -- Foreign brands maintained their domination over Detroit models in the annual evaluations by Consumer Reports, which praised Ford Motor Co. for quality but offered sharp critiques of General Motors Corp. and warned that Chrysler LLC was trailing the industry.
While the rankings may seem less essential in the midst of the worst market for new vehicles in four decades, the results offer a snapshot of a hyper-competitive market offering no reprieve for Detroit's struggling automakers.
The closely watched analysis lauded Honda Motor Co., Toyota Motor Co. and Subaru Motor Co. vehicles as the best in the industry. Its "top picks" list changed little from last year, with the Toyota Highlander displacing the Hyundai Santa Fe as best midsize SUV and the Chevrolet Avalanche replacing the Chevrolet Silverado as best pickup. The Chevy was the only Detroit model among the 10 picks, five of which were Toyotas. Overall, Ford had the best ratings among Detroit companies, with the magazine granting "recommended" grades to 70% of Ford's lineup, compared with 17% of GM's models it tests.
David Champion, senior director of auto testing for Consumer Reports, said Ford's quality on many new models matched or exceed that of Honda and Toyota, while GM was building eye-catching new models. He cited Ford for boring design and GM for inconsistent quality. "I hate to say, but if you could merge the two, with the strength of both, you would have a good product line to really compete against the Japanese," Champion told the Washington Auto Press Association.
As for Chrysler, the news was bleak. The magazine does not recommend a single Chrysler vehicle in its annual automotive issue, and ranks it last among all automakers because of below-average reliability and poor scores on its driving tests. Champion said the new Dodge Ram pickup was the lone model that stacked up well versus the competition. "Chrysler has a long way to go," he said.
Automakers closely watch the magazine's annual auto issue, whose recommendations carry more sway than any other independent source, thanks to more than 7 million print and Internet subscribers. Chrysler used the magazine's quality rankings as a benchmark in its request to the Obama administration for a $5- billion survival loan.
To earn a top pick in a category, the vehicles have to do well in driving tests, have at least average reliability according to owner surveys and garner good crash-test scores. The magazine also requires top picks to offer electronic-stability control either as standard equipment or as a readily available option. Detroit auto executives have long complained that Consumer Reports' judgments lag the improvements in their vehicles, but the performance gap between Detroit and foreign makes has closed little in recent years.
Ford spokesman Bill Collins said the magazine's tests were a "critical benchmark." "The goal now is to distance ourselves from our top competitors and become the sole quality leader," he said. Doug Betts, Chrysler's vice president and chief customer officer, said the company was pleased by the magazine's acknowledgement of the Ram, and vowed that its vehicles would do better in the future. "It will take time to see the results of the changes that we are putting in place to address the reliability and quality concerns of our customers," he said in a statement. GM spokeswoman Janine Fruehan said the company "had its arms around" the problems cited by Consumer Reports. "Our internal data suggest that we're going to be much better, and far more reliable, and we expect that will be seen in the vehicles to come," she said.
Ford Benefits as GM, Chrysler Stumble
FEBRUARY 20, 2009
By MATTHEW DOLAN
(See Correction & Amplification below.)
Ford Motor Co., which hasn't taken a dime of government bailout loans, is benefiting from the troubles of its two cross-town competitors in Detroit, General Motors Corp. and Chrysler LLC. GM and Chrysler are required to seek cost concessions from the United Auto Workers union under the terms of their federal loans. That allowed Ford to open parallel talks with the UAW, which has a history of working out the same conditions at each company.
This week, Ford and the UAW reached an agreement to cut pay for laid-off workers, ease work rules and eliminate wage increases tied to the cost of living -- two days before GM and Chrysler reached the same deal.
At the same time, while GM and Chrysler have been hit with a steady stream of negative news -- including growing concern they may need to file for bankruptcy protection -- Ford has been having more success at luring away its competitors' customers. Ford's share of the U.S. retail market rose in each of the past four months, while GM's and Chrysler's fell, Ford said.
In January, 45% of Ford buyers turned in cars or trucks of other manufacturers, up from 38% in August, according to Edmunds.com, an auto-shopping Web site. Meantime, the "conquest rate" for GM's Chevrolet was 43% last month, down from 49% in August, and for the Chrysler brand, the conquest rate was 60% last month, down from 67% in August, according to Edmunds. "That's a sign that there is something definitely going on for Ford," said Jesse Toprak, an analyst at Edmunds Inc.
For some domestic-car buyers, the bankruptcy talk has been enough to cause them to defect to Ford. John Grassi of Warren, Mich., recently turned in his leased Dodge Grand Caravan minivan and replaced it with a Ford Fusion.
"The future of GM and Chrysler certainly played a part in my decision," said Mr. Grassi, 50 years old, who works for Warren's parks and recreation department. "Ford seems to be the most sound in terms of staying solvent. I mean, you look at your warranty and you want that warranty to be good." Still, Ford has many challenges. Edmunds's Mr. Toprak said the company is "weighed down" by the perception of many consumers that it is in the same boat as GM and Chrysler. All auto makers are suffering from the recession and credit crunch, which have sent sales plummeting. In January, Ford's sales were down 40%. And the company continues to post huge losses, including $5.5 billion in the fourth quarter, which are eating up its cash. Ford isn't assuming its trend of recent market share increases will continue. "This market provides limited opportunities. You can't will yourself to higher sales," said Ford sales analyst George Pipas.
Ford has told the federal government it doesn't need loans for now, mainly because it raised about $23.5 billion in 2006 by mortgaging almost all of its plants and assets. The company said it had $13.4 billion in cash as of Dec. 31. Its credit lines dried up in January.
So far, GM has won $13.4 billion in loans from the Treasury Department, and this week asked for as much as $16.6 billion more in a revitalization plan it was required to give the government. Chrysler has received $4 billion and has asked for $5 billion more.
The UAW concessions reached this week could save the auto makers hundreds of millions of dollars a year -- for Ford, a windfall from its rivals' struggles. The union agreement "was styled in such a way to benefit all three companies," UAW President Ron Gettelfinger said in an interview Thursday with Detroit radio station WWJ.
The terms of the government loans also require GM, Chrysler and the union to work out a way for the companies to put less cash and more stock into trust funds to cover the cost of health care for retired union workers. That has opened the door for similar talks at Ford, although no agreements have been reached yet.
The terms of the government loans also require GM, Chrysler and the union to work out a way for the companies to put less cash and more stock into trust funds to cover the cost of health care for retired union workers. That has opened the door for similar talks at Ford, although no agreements have been reached yet. Ford also is believed to be seeking concessions from its bondholders and dealers, also required by the loans given to GM and Chrysler.
Ford has been less forthcoming about the state of these negotiations. But Ford Chief Executive Alan Mulally said during an earnings call last month that "I really believe from the ongoing conversations that we are having with all the stakeholders and the U.S. government that as we go through this and we continue to take the actions that we need to take that we will not be disadvantaged."
Meanwhile, Ford seems to have made headway with customers as both GM and Chrysler nearly ran out of money over the past few months. In Centerline, Mich., Bob Thibodeau said he's noticed more owners of other makes shopping at his Ford dealership. "We have certainly seen a lot more cross-shopping in recent months like we've never seen before," he said.
Ford also may be seeing more customer traffic because it just launched a redesigned version of its F-150 pickup truck, the top-selling vehicle in the country, and its finance arm is healthier than the lenders GM and Chrysler work with, GMAC LLC and Chrysler Financial. Write to Matthew Dolan at matthew.dolan@wsj.com Corrections & Amplifications
Ford Motor Co. had $13.4 billion in cash as of Dec. 31, 2008, but still had $10.1 billion in lines of credit. A previous version of this article implied that its last credit lines had also been drawn down by that time, a move that did not happen until January.
By MATTHEW DOLAN
(See Correction & Amplification below.)
Ford Motor Co., which hasn't taken a dime of government bailout loans, is benefiting from the troubles of its two cross-town competitors in Detroit, General Motors Corp. and Chrysler LLC. GM and Chrysler are required to seek cost concessions from the United Auto Workers union under the terms of their federal loans. That allowed Ford to open parallel talks with the UAW, which has a history of working out the same conditions at each company.
This week, Ford and the UAW reached an agreement to cut pay for laid-off workers, ease work rules and eliminate wage increases tied to the cost of living -- two days before GM and Chrysler reached the same deal.
At the same time, while GM and Chrysler have been hit with a steady stream of negative news -- including growing concern they may need to file for bankruptcy protection -- Ford has been having more success at luring away its competitors' customers. Ford's share of the U.S. retail market rose in each of the past four months, while GM's and Chrysler's fell, Ford said.
In January, 45% of Ford buyers turned in cars or trucks of other manufacturers, up from 38% in August, according to Edmunds.com, an auto-shopping Web site. Meantime, the "conquest rate" for GM's Chevrolet was 43% last month, down from 49% in August, and for the Chrysler brand, the conquest rate was 60% last month, down from 67% in August, according to Edmunds. "That's a sign that there is something definitely going on for Ford," said Jesse Toprak, an analyst at Edmunds Inc.
For some domestic-car buyers, the bankruptcy talk has been enough to cause them to defect to Ford. John Grassi of Warren, Mich., recently turned in his leased Dodge Grand Caravan minivan and replaced it with a Ford Fusion.
"The future of GM and Chrysler certainly played a part in my decision," said Mr. Grassi, 50 years old, who works for Warren's parks and recreation department. "Ford seems to be the most sound in terms of staying solvent. I mean, you look at your warranty and you want that warranty to be good." Still, Ford has many challenges. Edmunds's Mr. Toprak said the company is "weighed down" by the perception of many consumers that it is in the same boat as GM and Chrysler. All auto makers are suffering from the recession and credit crunch, which have sent sales plummeting. In January, Ford's sales were down 40%. And the company continues to post huge losses, including $5.5 billion in the fourth quarter, which are eating up its cash. Ford isn't assuming its trend of recent market share increases will continue. "This market provides limited opportunities. You can't will yourself to higher sales," said Ford sales analyst George Pipas.
Ford has told the federal government it doesn't need loans for now, mainly because it raised about $23.5 billion in 2006 by mortgaging almost all of its plants and assets. The company said it had $13.4 billion in cash as of Dec. 31. Its credit lines dried up in January.
So far, GM has won $13.4 billion in loans from the Treasury Department, and this week asked for as much as $16.6 billion more in a revitalization plan it was required to give the government. Chrysler has received $4 billion and has asked for $5 billion more.
The UAW concessions reached this week could save the auto makers hundreds of millions of dollars a year -- for Ford, a windfall from its rivals' struggles. The union agreement "was styled in such a way to benefit all three companies," UAW President Ron Gettelfinger said in an interview Thursday with Detroit radio station WWJ.
The terms of the government loans also require GM, Chrysler and the union to work out a way for the companies to put less cash and more stock into trust funds to cover the cost of health care for retired union workers. That has opened the door for similar talks at Ford, although no agreements have been reached yet.
The terms of the government loans also require GM, Chrysler and the union to work out a way for the companies to put less cash and more stock into trust funds to cover the cost of health care for retired union workers. That has opened the door for similar talks at Ford, although no agreements have been reached yet. Ford also is believed to be seeking concessions from its bondholders and dealers, also required by the loans given to GM and Chrysler.
Ford has been less forthcoming about the state of these negotiations. But Ford Chief Executive Alan Mulally said during an earnings call last month that "I really believe from the ongoing conversations that we are having with all the stakeholders and the U.S. government that as we go through this and we continue to take the actions that we need to take that we will not be disadvantaged."
Meanwhile, Ford seems to have made headway with customers as both GM and Chrysler nearly ran out of money over the past few months. In Centerline, Mich., Bob Thibodeau said he's noticed more owners of other makes shopping at his Ford dealership. "We have certainly seen a lot more cross-shopping in recent months like we've never seen before," he said.
Ford also may be seeing more customer traffic because it just launched a redesigned version of its F-150 pickup truck, the top-selling vehicle in the country, and its finance arm is healthier than the lenders GM and Chrysler work with, GMAC LLC and Chrysler Financial. Write to Matthew Dolan at matthew.dolan@wsj.com Corrections & Amplifications
Ford Motor Co. had $13.4 billion in cash as of Dec. 31, 2008, but still had $10.1 billion in lines of credit. A previous version of this article implied that its last credit lines had also been drawn down by that time, a move that did not happen until January.
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