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This paper presents and illustrates a reliability analysis method developed with a focus on controller-area-network-based automotive systems. The method considers the effect of faults on schedulability analysis and its impact on the reliability estimation of the system, and attempts to integrate both to aid system developers. The authors illustrate the method by modeling a simple distributed antilock braking system, and showing that even in cases where the worst case analysis deems the system unschedulable, it may be proven to satisfy its timing requirements with a sufficiently high probability. From a reliability and cost perspective, this paper underlines the tradeoffs between timing guarantees, the level of hardware and software faults, and per-unit cost.