If he was going 120 mph wouldn't it take longer than if he was going 20? what about an arc?
Regardless, it would be between 10 and 16 seconds. Damn that is a very long time to think about your impending doom.
The horizontal and vertical components of the motion of the car are independent. It will fall at the same rate whether it has 0 forward motion or 120 mph forward motion.
Time of intersection (assuming no other force affect it) would remain the same, point of intersection would change.