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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

2022 Chevy Tahoe, Suburban and GMC Yukon get updated transmission

General Motors' full-sized SUVs have slipped in one more change before the year turns. GM Authority reports that the 2022 Chevrolet Tahoe and Suburban, and the 2022 GMC Yukon and Yukon XL equipped with gas V8 engines, will pick up a revised ten-speed automatic transmission. The new unit carries RPO code MHS, and Chevrolet communications rep Catherine Scales told GMA the updated gearbox "allows our manufacturing and dealer teams to more easily align the specific calibration needed for the transmission and can enable OTA updates in the future." It seems GM wants to make it easier to update the transmission's tuning and calibration in the future with the automaker's networked Vehicle Intelligence Platform/Global B electronic architecture. The 10-speed auto comes bolted to the 5.3-liter V8 and the 6.2-liter V8. The 3.0-liter inline-six Duramax diesel continues with the 10-speed automatic already in use. To recap the other changes for the full-sizers, we'll start with the 2022 Tahoe and Suburban, which get a new 12.3-inch digital instrument display to replace the former 8-inch unit and physical gauges. Navigation will be standard equipment displayed on the 10.2-inch infotainment touchscreen on all trims barring the base LS. Lane-keeping assist and parking sensors are also now standard, while reverse automatic braking is added to the Enhanced Display and Alert package on the top trims. Finally, the 6.2-liter V8 option is expanded to the Z71, RST and Premier trim levels, but it requires selecting one or more packages on the Z71 and RST. Moving onto the 2022 Yukon, availability of the 6.2-liter V8 expands to the AT4 trim, and the big V8 comes with a shiny pair of exhaust finishers. Redwood Metallic paint joins the exterior color palette, more wheel options are on offer, and illuminated sill plates can gussy up the rocker panels . An Enhanced Trailering Technology Package adds 13 cameras with the option for an interior accessory camera for those with enclosed haulers. On the safety side, expect reverse automatic braking to join the list of available driver assistance features. Inside, the Yukon welcomes the 12.3-inch digital cluster, the Yukon Denali welcomes the power sliding console as a standard feature instead of a $350 option.  Related Video:

GM raises 2023 guidance on strong sales, higher profits

General Motors beat first-quarter profit estimates and raised its full-year earnings and cash-flow guidance after vehicle demand at the start of the year surpassed expectations. Its shares rose in premarket trading. GM made $2.21 a share in adjusted profit in the first quarter, compared to a consensus forecast of $1.72 a share. Revenue rose 11% to $39.99 billion, it said Tuesday, which was more than the $39.24 billion analysts expected. The stronger results stem from rising sales in the US, even in the face of higher interest rates and inflation. GM executives said demand was strong enough to revise 2023 guidance upward, boosting profit estimates for the year by $500 million to between $11 billion and $13 billion. “We did it with strong production and inventory discipline and consistent pricing,” GM Chief Financial Officer Paul Jacobson said on a call with journalists. “All in all, weÂ’re feeling confident about 2023.” The Detroit automaker raised per-share full-year guidance to between $6.35 and $7.35, up from $6 to $7 a share, and said free cash flow would also increase by $500 million to a range of $5.5 billion to $7.5 billion.  GMÂ’s shares pared a gain of as much as 4.4% before the start of regular trading Tuesday, rising 3.5% to $35.50 as of 6:55 a.m. in New York. The stock was up 1.9% for the year as of the close on Monday.  North American Strength The automakerÂ’s sales were particularly strong in North America, where first-quarter earnings rose before interest and taxes rose to $3.6 billion. Vehicle sales rose 18% to 707,000 in the region. Jacobson said the company originally expected to sell 15 million vehicles in the US this year, slightly less than the 15.5 million annualized rate automakers foresaw in the first quarter. North American demand was enough to offset a weak performance in China, GMÂ’s second-largest market. The automaker continues to struggle in the country, where its vehicle sales fell 25% to 462,000 vehicles in the quarter. Profits from its joint ventures in the market slumped 65% to $83 million.  The market has struggled overall in the wake of Covid-19 restrictions and foreign automakers have had to overcome a growing preference for Chinese brands by competing on price, squeezing profit margins. The situation in China probably wonÂ’t significantly improve until the second half of the year, according to Jacobson. GM remains on target to sell 150,000 electric vehicles this year, the CFO said.