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EU formally questions French government assistance of Peugeot's finance arm

Recently, the finance arm of PSA/Peugeot-Citroën was in such debt trouble that it was pricing itself out of the car loan market. The rates it was paying to service its debt, which was rated one step above junk, were so high that it was forced to charge car-buying customers higher rates than they could find elsewhere. This was adding to Peugeot's already impressive woes by sending revenue out the door to competitors.
Two months ago a deal was worked out with the French government whereby the state would provide 7 billion euro ($9 billion USD) in bonds to guarantee the finance arm's loans. The French government could nominate someone to join the Peugeot board, Peugeot would guarantee more French jobs, and on top of that deal, other banks would provide non-guaranteed loans. The government would take no equity stake in the car company.
Although not yet finalized, the arrangement is meant to create some breathing room for Peugeot Finance to lower its interest rates for customers, and a government-nominated board member, Louis Gallois, was recently named to Peugeot's supervisory board. The arrangement was also openly questioned by at least three competitors: Ford, Renault - which is 15-percent owned by the French government after it received state aid - and the German state of Lower Saxony, itself a 15-percent shareholder in Volkswagen.

Leno drives Henry Ford II's all-original '52 Ferrari 212 Barchetta

The story of the relationship between Henry Ford II and Enzo Ferrari is absolutely fascinating. The two great men of the auto industry had what appeared to be a burgeoning friendship until Ferrari pulled out of a deal to sell his company to Ford in the '60s. The latest car featured in Jay Leno's Garage is a 1952 Ferrari 212 Barchetta that tells the very beginnings of that story.
This Prancing Horse was a gift to Ford from Enzo when the two companies were first thinking about merging, according to the curator of the Petersen Automotive Museum. Ferrari really wanted to show off its best so instead of the 212's normal V12, this car was fitted with the larger 2.7-liter unit from a Ferrari 225. The car has been almost unaltered since then. It still wears its original paint, and it's tires date back to 1954.
The great thing about the Petersen is that unlike a lot of auto museums, the people there actually drive the cars and keep them in working order. Once on the road with Leno behind the wheel, this Ferrari really sings. Unfortunately, he can't open it up too much because the 60-year-old tires really hold things back. Scroll down to watch this amazing piece of automotive history and learn it's possible effect on the styling of the original Ford Thunderbird.

Ford recalling 370,000 Crown Vic, Grand Marquis and Town Car models

The Detroit News is reporting that Ford will recall some 370,000 Crown Victoria (pictured), Mercury Grand Marquis and Lincoln Town Car vehicles from model years 2005 through 2011, for an issue regarding the lower intermediate steering shaft. 355,000 of the vehicles in question were sold in the US, with the other 15,000 sold in Canada.
The report indicates that corrosion of the lower intermediate steering shaft could cause a "loss of steering," presumably because of a partial or complete failure of the part. The report points out the dealers will inspect and replace the offending steering component for recalled cars, and may also secure a lower steering column bearing and replace the upper intermediate steering shaft as needed. The company is unaware of any reports of the faulty part causing any accidents or injuries.
Ford helpfully lists states in which corrosion is more likely to have taken place, mostly in the Snow Belt, as you might guess. Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, Wisconsin, West Virginia, and the District of Columbia are listed.