Ford (NYSE: F) does not have much too much left to sell now that Jaguar and Range Rover are gone. Selling the Lincoln division might be a good idea. Nice luxury brand. But, it shares too many engines and parts with Ford brands.

All Ford has left that could be pushed out the door for cash is Volvo. Ford has said it will never sell the division, but desperate times call for desperate measures.

Word comes today from The Times, that Volvo may go to BMW to help the Ford balance sheet. The paper reports that "Ford may sell Volvo, the Swedish car-maker, to BMW as part of a drive to raise cash, say senior car-industry sources."

Ford might get over $2 billion for Volvo, which is about what it got for Jaguar and Range Rover. But, that amount would probably cover less that four month's cash burn.

The fact of the matter is that if Ford cannot get direct aid from the government in the next quarter, the entire company will have to be sold off in parts or in whole. The only two companies large enough to make a transaction of that size are Toyota (NYSE: TM) and Volkswagen. Toyota may not want to risk the U.S. government challenging it having 30% of the American car market if it made the acquisition.

No doubt Volvo ends up at VW.

Douglas A. McIntyre is an editor at 24/7 Wall St.