I know it all makes sense and everything, but I'm a little worried. I have $1,000 deposit invested in this car, and I may never see either. I wish I knew a little more about the future so that I knew what to do in this case, withdraw the $1,000, ride it out or maybe even get another car altogether.

For anyone who hasn't read it, which I'm sure it's very few, here's the story.


DETROIT (AP) - Chrysler announced Wednesday it is closing all its North American manufacturing plants for at least a month, the starkest move taken by U.S. automakers as they anxiously await word about government loans.

All three companies have been taking dramatic steps as they struggle to survive the recession and U.S. sales have dipped to their slowest rate in 26 years. Chrysler and General Motors fear they might not have enough money to pay their bills in a matter of weeks.

Attempting to cut costs, GM was halting construction of a plant tied to one of its most important projects, the Volt. Ford also said it will shut down 10 plants for an extra week in January because of sluggish sales.

Chrysler said it would extend the normal two-week holiday shutdown that begins Friday to at least Jan. 19 at all 30 of its factories due to slumping sales.

The lack of consumer credit is hampering sales and forcing the production cuts, Chrysler LLC said in a statement. Chrysler, Jeep and Dodge dealers say they have willing buyers for vehicles, but they can't close the deals, Chrysler said.

"The dealers have stated that they have lost an estimated 20 to 25 percent of their volume because of this credit situation," the statement said.

The Bush administration is mulling ways to help the automakers after Congress failed to reach a deal on $14 billion in loans for GM and Chrysler. Ford has applied for a $9 billion line of credit but says it has enough cash to make it through 2009.

Funding for the loans is expected to come from the $700 billion Wall Street rescue fund, but many Republicans have objected.

"It's clear that the automakers are in a very fragile financial condition and they're taking steps to deal with it," White house press secretary Dana Perino said in a statement. "We're aware of their financial situation and are considering possible policy options to provide assistance in an appropriate way."

House Democrats have encouraged Treasury Secretary Henry Paulson to adopt accountability provisions included in a House-passed auto bailout bill - the product of a deal with the White House - as a condition to get the loans.

The measure would have given a Bush-appointed "car czar" oversight over any major business decisions by the automakers.

The Bush administration has signaled that concessions would likely be required of stakeholders in the deal - auto companies, the United Auto Workers , bondholders and others.

Chrysler spokesman Dave Elshoff said four plants will be temporarily closed beyond Jan. 19: two plants in Toledo, Ohio, and one each in Ontario and Detroit.

Toledo North, which makes the Dodge Nitro and Jeep Liberty, and Toledo Supplier Park, which makes the Jeep Wrangler, will be closed until Jan. 26. The Windsor, Ontario, plant, which makes minivans, and Detroit's Conner Avenue plant, which makes the Dodge Viper roadster, will be closed until Feb. 2, Elshoff said.

Chrysler sales were off 47 percent last month and are down 28 percent through the first 11 months of the year.

At Ford, a company spokeswoman said Wednesday it will shut down 10 of its North American assembly plants for an extra week in January, also due to lower U.S. sales.

Spokeswoman Angie Kozleski says the normal two-week holiday shutdown will be extended to Jan. 12 at all operating assembly plants except those in Claycomo, Mo., near Kansas City, and the Dearborn, Mich., truck plant.

Ford will also extend the shutdown at some engine, transmission and parts stamping plants, or temporarily shut portions of them to match cuts at the assembly plants, she said.

The extra week of down time has been planned for several months as part of the company's first-quarter production schedule, Kozleski said.

Ford Motor Co.'s U.S. sales were down 31 percent in November and are off 20 percent through the first 11 months of the year.

Laid-off workers at Ford and Chrysler get vacation pay for the normal holiday shutdown, then will receive unemployment benefits and supplemental pay from the company that total about 85 percent of their normal pay.

General Motors Corp. said last week it will temporarily close 20 factories across North America and make sweeping cuts to its vehicle production. Many of those plants will be shut down for the entire month of January.

GM said Wednesday it was delaying construction of a new engine factory in Flint, Mich., in an effort to conserve cash. The plant is to make 1.4-liter engines for the Chevrolet Cruze and the Chevy Volt plug-in electric car, two key products in the century-old automaker's plan to turn itself around after relying on highly profitable truck and SUV sales.
By extending the traditional two-week holiday shutdown period, the struggling Auburn Hills, Mich.-based automaker can adjust production to slowing demand and conserve cash.

In a statement Wednesday, Chrysler said tighter credit markets are keeping would-be buyers away from its showrooms. The company said its dealers are unable to close sales for buyers due to a lack of financing, and estimate that 20 to 25 percent of their volume has been lost due to the credit situation. Sales in November slid 47.1 percent.

Chrysler and larger rival General Motors Corp. have warned they could run out of cash within weeks without financial aid from Washington. Chrysler has said its cash will drop to $2.5 billion by Dec. 31, the minimum needed to meet payroll, pay suppliers and run the company. It would have trouble paying bills after the first of the year.

Operations will be idled at the end of the shift on Friday, Dec. 19th shift. the earliest plants will reopen is Jan. 19, 2009. A few plants will reopen on Jan. 26.

Chrysler is seeking $7 billion in government loans as it tries to survive the recession and the worst U.S. auto sales slump in 26 years. For the first 11 months of this year, Chrysler sales are down 27.7 percent to 1.4 million vehicles from 1.9 million for the same period last year.

With the U.S. sales slump expected to continue into January, traditionally one of the slowest sales months of the year, the company has little revenue coming in and must pay suppliers $7 billion every 45 days.

In the case of some plants, such as the Toledo Jeep plant in Ohio, operations will resume January 26, but with one less shift. More than 750 workers are being cut on the second shift at the Toledo North plant, said Dan Henneman, United Auto Workers official for Local 12.

Chrysler's Jeep Liberty, Nitro and Wrangler are assembled at the Ohio plants. Sales of the company's Jeep-brand vehicles fell 41.8 percent in November to 20,302 units.

Henneman said 755 people worked the shift. About 550 workers took a retirement package and 200 will be indefinitely laid off.

General Motors Corp. and Ford Motor Co. have announced extensions of their holiday shutdowns as well.

Chrysler is privately held, with 80.1 percent owned by New York private equity firm Cerberus Capital Management LP.


(Copyright 2008 by The Associated Press. All Rights Reserved.)