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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

Dodge Challenger outsold Mustang, Camaro in third quarter of 2019

The Dodge Challenger is nearly old enough to start driver's ed in some states, and it doesn't have a firm grasp on the increasingly crucial concept of downsizing, yet it beat the odds to become the most popular American two-door model during the third quarter of 2019. Its ballooning sales figures suggest buyers don't always want the latest, most advanced car they can get their hands on. Dodge sold 18,031 examples of the Challenger during the third quarter of 2019, a shocking 21% increase over the same period in 2018. It's a true muscle car, normally sardined in the same can as the Chevrolet Camaro and the Ford Mustang, a pair of smaller, nimbler two-doors that are much closer to the historic definition of a pony car. Semantics aside, the Mustang finished on the second spot of the sales podium with 16,823 sales, a 12.3% drop compared to the third quarter of 2018, and the Camaro took third with 12,275 sales, a 15% dip that alarmingly comes in the wake of two redesigns. More specific sales figures aren't available. We don't know what percentage of the sales mix V8s represent, or whether buyers prefer manual or automatic transmissions. The scoreboard looks different when we examine 2019's year-to-date figures. The Mustang takes first place with 55,365 sales, followed by the Challenger at 46,699, and the Camaro at 36,791. While the Challenger's recent ascent is encouraging, it can't mask the fact that two-door models no longer enjoy a favorable tailwind, and the entire segment — not just the American entries — is declining. The aforementioned year-to-date figures are down by 10.1, 11, and 7.6 percent, respectively. The third-quarter statistics revealed a handful of other surprises unrelated to the world of performance. Dodge notably sold three examples of the Dart, a sedan it hasn't built since 2016. That's a 93% drop compared to the 45 units that found a home during the third quarter of 2018.

Chevy trademark for E-Ray may signal Corvette hybrid or EV

A spy photographer and friend of Autoblog Chris Doane spotted this trademark filing with the US Patent and Trademark Office, and there's not much to it: Chevy is calling dibs on the "Corvette E-Ray" name, and that raises more questions than answers. Being obsessed with this industry is an Autoblog core value, and Corvette is perennially a big deal. It's also historically, and famously, resistant to change. So what's going on here? Unless it's a pure show car, it's unlikely the E-Ray will be a C7-based hybrid. The current Corvette is a tightly-packaged thing, and batteries are bulky. That makes a concept of some sort all the more likely, especially with the Detroit Auto Show coming up. Unconstrained by the packaging of the real-world Stingray, this E-Ray concept may be a pure EV, or a hybrid, of any configuration. GM has built mid-engined Corvette concept cars in the past, and maybe we'll see one again in a few weeks. A gutted C7 with a pure EV drivetrain is also a remote possibility, although less likely – the Stingray wasn't engineered with that in mind, and we think GM's too big to show off a hack-job at a major auto show. Not that it is a Corvette competitor, but don't forget that the Tesla Model S P85D and it's P90D successor have taken pure EV performance into the mainstream – the upper end of the mainstream, to be sure. It has been enough to draw industry performance players into the genre. Look at Aston Martin's production-possible RapidE concept, a pure EV, and the confirmed-for-production Porsche Mission E. We've heard rumblings in the past that Corvette may become a marque unto itself, spawning a variety of variants (including the hypothesized mid-engined production car – don't hold your breath). Perhaps the gas-powered C8, in whatever form it takes, will be complemented with a greener version. We'll try to dig up insider information about what the E-Ray will reveal itself to be, but rest assured that if it shows up at Detroit we'll bring you analysis of every inch of it.Related Video: Featured Gallery 2016 Chevy Corvette Z06 C7.R Edition View 9 Photos Tip: Chris Doane/Facebook Green Rumormill Detroit Auto Show Chevrolet Electric Future Vehicles Hybrid Performance corvette stingray