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Auto blog

New auto loans could soon extend out to 84 months

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans. This past week, Bloomberg reported that FCA's Ram Trucks division is currently offering the longest loans. Some stretch to 73 months. Jeep, Fiat and Chevy aren't far behind. More noteworthy is that we'll likely soon see lenders moving from 73-month to 84-month loans. That's seven years worth of interest. More than two-thirds of US auto sales come from light trucks like the Ford F-150, Chevy Silverado and Ram 1500. The average transaction price of a new vehicle is well over $30,000. It's not difficult to spec out a heavily-optioned truck up to $60,000. Vehicles depreciate from the moment they roll off a dealer lot, and these six or seven-year loans could hurt consumers and lenders both in the long run. The U.S. Senate voted last week to kill rules that would prevent discriminatory auto lending. These Obama-era guidelines were meant to curtail lenders who offered higher loans based on race, religion, sex or national origin. Related Video: News Source: Bloomberg Chevrolet Fiat RAM Car Buying car loan car values

GM, UAW poaching Nissan workers in Tennessee

General Motors and the United Auto Workers are going on a recruitment drive at the Spring Hill factory in Tennessee, and they're hoping to poach some skilled workers from Nissan's nearby plant in Smyrna, TN. The General and the union even bought a billboard advertising for industrial electricians near the Japanese automaker's facility, according to the Daily News Journal. The reason for the billboard was simple. "GM was short of electricians," said Tim Stannard, the president of the UAW local at Spring Hill, to the Daily News Journal. The factory currently builds the Chevrolet Equinox but has a contract to assemble the next generation of Ecotec engines and the Cadillac XT5, which replaces the SRX. Thanks to the $185-million deal, employment there is expected to double by May 2016, according to Stannard, with roughly 1,800 additional union jobs. Beyond just several billboards, GM has job postings online for the Spring Hill plant looking for workers with specific skills. There has already been some interest in the positions among Nissan employees, Stannard indicated. According to a recent study by the Center for Automotive Research, the average GM worker currently makes $58 an hour, including benefits. Comparatively, Nissan pays an average of $42 an hour with benefits. The General's number could change in the coming weeks because its contract with the UAW is about to expire, and higher wages are among the major negotiating points.

IIHS: High numbers of drivers treat partially automated cars as fully self-driving

WASHINGTON — Drivers using advanced driver assistance systems like Tesla Autopilot or General Motors Super Cruise often treat their vehicles as fully self-driving despite warnings, a new study has found. The Insurance Institute for Highway Safety (IIHS), an industry funded group that prods automakers to make safer vehicles, said on Tuesday a survey found regular users of Super Cruise, Nissan/Infiniti ProPILOT Assist and Tesla Autopilot "said they were more likely to perform non-driving-related activities like eating or texting while using their partial automation systems than while driving unassisted." The IIHS study of 600 active users found 53% of Super Cruise, 42% of Autopilot and 12% of ProPILOT Assist owners "said that they were comfortable treating their vehicles as fully self-driving." About 40% of users of Autopilot and Super Cruise — two systems with lockout features for failing to pay attention — reported systems had at some point switched off while they were driving and would not reactivate. "The big-picture message here is that the early adopters of these systems still have a poor understanding of the technologyÂ’s limits," said IIHS President David Harkey. The study comes as the National Highway Traffic Safety Administration (NHTSA) is scrutinizing Autopilot crashes. Since 2016, the NHTSA has opened 37 special investigations involving 18 deaths in crashes involving Tesla vehicles and where systems like Autopilot were suspected of use. Tesla did not respond to requests for comment. Tesla says Autopilot does not make vehicles autonomous and is intended for use with a fully attentive driver who is prepared to take over. GM, which in August said owners could use Super Cruise on 400,000 miles (643,740 km) of North American roads and plans to offer Super Cruise on 22 models by the end of 2023, did not immediately comment. IIHS said advertisements for Super Cruise focus on hands-free capabilities while Autopilot evokes the name used in passenger airplanes and "implies TeslaÂ’s system is more capable than it really is." IIHS in contrast noted ProPILOT Assist "suggests that itÂ’s an assistance feature, rather than a replacement for the driver." NHTSA and automakers say none of the systems make vehicles autonomous. Nissan said its name "is clearly communicating ProPILOT Assist as a system to aid the driver, and it requires hands-on operation.