They may not have taken bailouts from the United States government, but that doesn’t mean that Ford, Toyota and Honda are not experiencing the industry-wide crunch as consumers stop buying new cars.

Honda announced today that it experienced a 90% drop in revenues for the third quarter of 2008. Honda’s December car sales fell 35% in addition to its 90% third-quarter downturn.

Ford, meanwhile, suffered its worst loss in company history– posting a record loss of $14.6 billion on all of 2008 and losing $5.9 billion in just the fourth quarter. The company went through $19.5 billion in cash for the year. This represented a 20% decline in revenues for the company that Henry Ford started at the beginning of last century.

Despite losing $21 billion in cash reserves, Ford still has more than $13 billion in cash reserves, but it lost $800 million in cash when Lehman Brothers collapsed last year. As a result of its 2008 losses, Ford announced that it would draw the last of its credit line– $10.1 billion– to keep as cash reserves as the economy grows worse. Ford has benefited from a late 2006 decision to take a mortgage and use its credit reserves before the credit markets dried up in the 2008 economic downturn.

Ford’s CEO, Alan Mulally, said that Ford was on a “very different path” than its crosstown rivals GM and Chrysler, which resorted to federal bailout funds due to dwindling cash reserves. According to Mulally, Ford dealerships have reported to headquarters that shopping customers felt they could have more confidence in Ford, compared to other American automakers.

Ford originally joined with its fellow Detroit companies GM and Chrysler to ask for $34 billion in loans, but changed its mind and believes not taking loans is a “marketing advantage.” Despite dire predictions for markets in South America and Europe, and little better predicted 2009 sales in Asia, Mulally asserts that Ford will become profitable by 2011.