GM, Chrysler -- If No Bailout, It's Over

The Detroit auto makers submitted their restructuring plans to Congress last night. There still are numerous details to wade through, but here are some salient points for now.

You can also click here to read in-depth stories by our editorial staff to see how the plans might affect you.

General Motors

In somewhat of a surprise, GM says it needs $4 billion to make it to the end of the year. It is asking for close to $18 billion overall, which is far more than the $10 - $12 billion Chairman and CEO Rick Wagoner told Congress he needed two weeks ago. Also, GM says there is no back up plan. In other words, no bailout it's over.

What is not a surprise is that GM is looking to pare its brands down to four -- Chevrolet, Cadillac, Buick and GMC. Pontiac will become a "specialty" brand (whatever that means). It now offers six vehicles with two more scheduled in 2009. You can be sure the number Pontiac vehicles will be significantly less within a year.

We already know GM has been trying to sell Hummer for a few months, but there have been no takers. Meanwhile, it is putting the Saab division under "immediate review," which could mean anything from eliminating it to selling it.

Saturn likely will be sold, if GM can find a buyer.

It's difficult to put a number on how many GM-branded dealerships will close because of the restructuring. It depends on whether GM will be able to sell the affected brands, which have just over 3,000 franchises. Some analysts say GM will lose about 2,750 dealerships in the next year.

Chrysler

Chrysler released its plan late last night so we'll have more on it through out the day, although it appears to be short on details. Chrysler is saying it needs at least $7 billion immediately to survive to the end of the year.

With projected cuts in production and number of vehicles offered, Chrysler will have to reduce its approximate 3,300 dealerships by at least half, if not more, within the next couple of years, according to some analysts, and dealers.

Ford

Ford is asking for a $9 billion loan but says it will only tap into it if needed, which it shouldn't unless the market continues to dive. Ford CEO Mulally appears confident the auto maker will reach profitability relatively soon.

You can read Ford's entire bailout plan here.