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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

Chevy Bolt officially keeping name, says marketing boss

There might be just a little confusion at first, but the Bolt name is sticking around. After conducting two consumer studies into the name, Chevrolet isn't worried about the similarity of the monikers for the upcoming EV and existing Volt plug-in hybrid. In fact, the brand thinks the resemblance might be for the best. "The decision is made. The name won't be changed." Chevy head of marketing Tim Mahoney said to The Detroit Free Press. The research shows that the compatibility between the two names actually works quite well. With the Volt well established, people apparently already connect the Bolt to the Bowtie, which is just what a brand wants. Both studies indicated the ""same result, it did well," according to Mahoney. Just a few months ago, the future of the Bolt's name wasn't so clear. GM North America President Alan Batey said the company knew there might be confusion, and it was still mulling its options. The Bolt could be a breakthrough in the EV market with a 200-mile range and a possible price of around $30,000 after incentives. Production is set for the Orion Assembly plant in Michigan following a $200 million upgrade there, and the model could be in dealers as soon as 2017. That's just in time to take on the Tesla Model 3 with its claimed $35,000 price and similar driving distance as the Chevy. Related Video:

GM recalls Chevy Express, GMC Savana over rollaway concern

The National Highway Traffic Safety Administration has issued a recall notice for a small number of General Motors fullsize vans due to possible rollaway concerns. On certain 2013 Chevrolet Express and 2013 GMC Savana models, it is possible to remove the key from the ignition without the shifter being in park.
Only 980 total units are being affected by this recall, and GM is fixing the issue by replacing the ignition cylinder and associated keys. Affected Chevy vans were built during most of November and December while its GMC counterpart was only built for a week in November. The recall goes into effect on January 23, and to find out if your vehicle applies to the recall, the GM and NHTSA contact numbers can be found on the official recall notice, which is posted below.