Yes the RPM limiter or "rev limiter" as it is commonly called cuts fuel after 7500RPM (I believe) so you don't over rev. BUT if I'm not mistaken you can downshift from 5th, doing 80MPH to 1st gear and the rev limiter will NOT cut fuel and then you have... BAM!
according to the avc-r the highest i've been able to hit running into the rev limiter was 7350 rpm. at that rpm level the car will loose fuel and backfire a bit. i don't know what'd happen if you kept pushing it.
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