What GM's Chapter 11 Filing Means

That doesn't mean those brands will disappear altogether. GM has said it will sell Saab and Hummer, while plans for Saturn are expected to be announced within weeks. Vehicles produced by those divisions could continue selling in the U.S. by different owners. Pontiac, however, will disappear by next year.

For consumers who want to continue buying GM cars, that leaves a choice between Cadillac, Chevrolet, GMC and Buick.

As for their financing needs, car buyers will still be able to turn to GM's former financing arm, GMAC LLC. GMAC last month received another cash injection of $7.5 billion from the U.S. government and has recently taken over financing duties for Chrysler.

In the long term, buyers should see a lineup more weighted toward smaller, more fuel-efficient cars rather than trucks and SUVs. Development of those vehicles will be prodded along by the Obama administration, which has set a goal of emission limits and more stringent fuel economy standards of 35.5 miles per gallon by 2016.

WORKERS: GM and the United Auto Workers union have struck a new agreement aimed at reducing the automaker's staggering labor costs.