Lose a billion or so, garner a Motor Trend Car of the Year award. It’s been that kind of an upside down year for the General. But 2008 might get off to a positive bang with odds in the favor of GM to win the prestigious North American Car and Truck of the Year awards.

In what is shaping up as a really strong ‘08 model year for GM, the automaker has already won several significant awards for the Chevrolet Malibu and Cadillac CTS.

The candidates this year for Car of the Year are the Cadillac CTS, Chevrolet Malibu and Honda Accord. For Truck of the Year, the nominees are the Buick Enclave crossover, Chevrolet Tahoe Hybrid and Mazda CX-9.

Earlier this year, a panel of 48 automotive journalists nominated 28 vehicles for the two awards, cutting it ultimately to the six finalists. With the winner to be announced during the press preview for the Detroit Auto Show, it seems GM might have the added edge, with the awards being presented on their own beloved Michigan home turf.