SAAB might crush 100 cars image

Autocar reports that up to 100 Saab vehicles will be crushed over the next 48 hours as part of the receivership process.

All the cars that had been completed before Saab folded will be cubed, say the sources, including pre-production examples of the Saab 9-5 estate and the Mexican-built 9-4x SUV.

In addition, U.S. auto and mortgage lender Ally Financial Inc wants court approval to take control of 151 Saab vehicles stored at the Port of Hueneme by Saab Cars North America. The financial institution claims the cars are collateral for $61 million in financing on which Saab defaulted.

Ally, which is 74% owned by the U.S. government after taking bailout funds through the U.S. Treasury’s Troubled Asset Relief Program during the financial crisis, provides financing that allows dealers to purchase inventory and consumers to buy vehicles.

Its biggest clients are GM and Chrysler Group LLC, though it has been trying to diversify through deals with Saab, Fiat and other manufacturers.

Saab was declared bankrupt by a court last month, ending a nine-month battle by its Dutch owner Swedish Automobile NV to stay afloat. It has not made any vehicles since April and several rescues have failed.