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Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

Jeep sets all-time sales record in 2012

Last year was good to Jeep. Chrysler has announced its trail-rated brand set an all-time global sales record in 2012 by moving 701,626 units. That number easily surpasses the previous record set in 1999 when Jeep sold 675,494 models. All told, the brand saw a 19-percent sales increase worldwide over 2011, and much of that swell can be traced directly to the Wrangler. While the Grand Cherokee led Jeep sales, the Wrangler posted record numbers both globally and within the US, moving 194,142 and 141,669 units in each market, respectively.
Meanwhile, the Compass beat its previous global sales record with 103,321 units rolling off of dealer lots. In the US, Jeep sold 62,010 Patriot units, breaking that model's previous record as well. Jeep's impressive performance in 2012 marks the second year in a row the brand has seen double-digit percentage sales increases. Check out the full press release below.

Texas student drives Barbie Jeep to school after DWI

A Texas college student who lost her license when she was charged with a DWI this spring found a creative way of getting around campus. Tara Monroe, 20, is a student at the University of Texas at Austin. She had her driver's license automatically suspended when she refused a breathalyzer test after leaving a Waka Flocka concert on March 4. He dad took her car away and left her with a bike. But that just wasn't classy enough for Monroe. "Riding a bike around campus sucks," she told MySA.com. "Like really sucks." She searched Craigslist to find an alternative and settled on a bright pink Fisher-Price Barbie Jeep Power Wheel toy to help lug her stuff around campus. She named it after the original owner, a little girl named Charlene. The unorthodox ride has turned Monroe into a minor celebrity. Pictures of her slowly making her way around campus in the toy car have been popping up on social media. "This is the best way I could have gotten my 15 minutes of fame," she said. "Basically, it was the best decision I've made in college, yet..." The Barbie Jeep has a 12-volt battery and only goes about five miles per hour. Monroe says she loves the attention she is getting from her immature hijinks. If you enjoy the sight of adults crammed into Power Wheels check out our attempt to cruise around the Autoblog office in a tike-sized Ford F-150. News Source: mySA.com Humor Weird Car News Jeep Driving Electric Videos college power wheels student barbie