Dark Clouds Shadow GM-Ford Financing Parade

Accelerating out of a skid is a risky tactic for any driver. But a particularly nasty crunch could await Ford (F Quote) and General Motors (GM Quote) when the two automakers ease off the gas and let sales slow.

Over the past year, the auto giants have ridden out the economic slowdown with aggressive demand-boosting tactics made possible by low interest rates. These widely applauded efforts have included making 0% loans, which were started soon after the Sept. 11 attacks, and giving hefty rebates.

Most investors and analysts don't seem overly concerned that the companies' lending arms have embarked on this credit splurge, which Detox examined earlier this year. Rather, Wall Street has chosen to worry about other problems, such as enormous pension liabilities, burdensome cost structures and foreign competition. ...