You bet he lies! I love these clips of him guaranteeing the warranties.
My daughter was considering buying an HHR from a local used car dealer, about a year before the GM bankrupcy. I told the dealer, a guy I like and respect, that I wouldn't accept a warranty from an outfit like that. I further explained that a warranty from them was worthless in the event of a bankrupcy. He was confident that the government would make good on the warrantees.
Actually, he was right. This is apparently a defect that is not covered by warrantee, but which a healthy company like Toyota or Honda might have remedied for business reasons, in order to maintain their public image. Say what you will about Toyota, they make outstanding products and back them up.