Chrysler's bankruptcy filing and plans to close 789 dealerships, plus General Motors' deepening financial troubles, could mean bargains for consumers who are willing to arm themselves with plenty of research.

Chrysler dealers scheduled to shut their doors June 9 are particularly anxious to get rid of their stock of new cars and trucks because under the terms of Chapter 11 bankruptcy reorganization, the Detroit automaker will not buy back those unsold vehicles.

"As a result, the closing dealer knows that at some point, he will have to pay the bank back where he financed the purchase of the new cars," said Tom Libby, an independent auto analyst based in Detroit. "The banks will demand the payment and if the cars are not all sold, he will be out of luck. ... So the dealer will want to get rid of the cars, and the customers will be able to make incredible deals."

And consumers can expect to be able to get financing, too, though the conditions have changed.

"It's my understanding that GMAC is now the primary finance source at dealers, replacing Chrysler Financial. But the same credit issues that have existed for awhile even before the bankruptcy still exist," Mr. Libby said.

Many Chrysler dealers are angry about the closings and nationally a large group of dealers has vowed to file a lawsuit. Locally, protests have occurred at least at one dealer.

How all of that will play into the efforts to sell these cars fast is anyone's guess but -- and this is important, analysts say -- do not go to a dealer closing its doors soon or any struggling GM dealer and expect to pay $5,000 for a $30,000 car. Dealers still have to pay their bills, so they will only go so far in bargaining.

How much dealing can be expected? It is "reasonable under the current circumstances to expect to save anywhere from $5,000 to $10,000 off the sticker price," said Jack Nerad, editorial director of Kelley Blue Book.

But a low price on the wrong car isn't necessarily a good deal. Don't buy a car now just to save money.

"Consumers should shop, shop, shop. The deal needs to be compelling," said Mr. Nerad. "I wouldn't dive into a vehicle purchase if it was a brand that I did not otherwise want."

Mr. Libby agreed, advising customers to decide on the models they want to look at and do research online before they head out to a dealership. They need to learn details such as what's optional equipment and what's standard equipment.

"Then they need to go into a dealership fully knowledgeable about the product they are interested in," he said.

While doing their research, consumers should check what offers, incentives and rebates are in place on the model they're interested in. It may pay to be patient and wait for new incentive programs, particularly as Chrysler gets closer to the June 9 deadline.

The picture is much less clear for General Motors because it did not release a list of dealers being dropped and nobody really knows how soon they are being dropped either. At the moment, the cutoff deadline appears to be October 2010. If GM declares bankruptcy June 1, more information may emerge on which dealers are closing.

One option for a bargain hunting GM customer is to either confine visits to Pontiac, Saturn, Saab and Hummer dealers -- all of which seem likely to close because their brands are being sold or dropped by the automaker.

Otherwise, a consumer will have to put in lots of leg work and visit a large number of dealers in hopes of coming across those that are closing. Even then, dealers may not admit that and there is no requirement for them to do so.

In any case, consumers should ask about dealer money and dealer or "factory" incentives. This is money given by the manufacturer to the dealer as a potential sweetener for the consumer. A dealer may not mention it if not asked, analysts say.

Remember, too, that if a dealer doesn't have a particular model and equipment on the lot, it's possible the business can work out a swap with another dealership to get the car.

Consumers who can't find exactly what they want on dealers' lots may be wise to compromise because ordering a car from the factory will be tricky since Chrysler has stopped production during bankruptcy.

"The Chrysler brands are not closing but since they aren't producing cars and trucks now, it seems reasonable to me that the customer looking for specific equipment and ordering it will have quite a wait until their vehicle is delivered. Nobody knows how long the bankruptcy is going to last," Mr. Libby said.

What if someone wants to buy an "orphaned" car or truck made by the General Motors divisions being closed or sold -- Pontiac, Saturn, Hummer and Saab?

One advantage is that these vehicles share platforms and equipment with the GM brands being continued -- Chevy, Cadillac, Buick and GMC. That means getting service will not be a problem because any GM dealer will honor the warranty and be able to provide necessary service and replacement parts.

"The manufacturer is required to honor the warranty for its entire length, so this is not something that the consumer will have to contend with," said Mr. Libby.

Automakers also are required to continue to make replacement parts for discontinued cars for a period of time and if the company ends up being liquidated, the federal government plans to back warranties.

For those who buy from an orphaned car company, be prepared for the resale value to drop, Mr. Libby said. "I'm not aware of any set percentage by which resale values drop for an orphaned vehicle but it will drop somewhat."

The only exceptions might be low production cars likely to become collectible or classic someday. That would be mainly the Dodge Viper high performance sports car, or, if for some reason Chevrolet closed its doors, the Chevy Corvette.

Just about anything else -- included the much loved Pontiac Solstice and Saturn Sky roadsters -- are not likely to make the classic cut. "It has to be a very, very low production model, and those two cars were in excess supply," said Mr. Libby. "The Solstice and Sky sold in too high volumes to be considered classics.

"There's a very slight possibility that the Solstice may recall some of its strength after the Pontiac brand is shut down. It was a sports car and fairly well received when launched. But we are talking 10 or 15 years from now."