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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

CA Chevy dealer allegedly adds $50K 'market value adjustment' to 2015 Z06

It seems to happen with every eagerly anticipated new car – dealerships, recognizing that crushing demand far outstrips the initial limited supply of a new model, inflate the price via a so-called "market value adjustment." We've seen it in the past with a number of new models, and now it's happening again with one of the Detroit 3's hottest vehicles. A dealership in Roseville, CA, outside of Sacramento, has allegedly attached a staggering $49,995 market value adjustment to a 2015 Corvette Z06. We say allegedly because, despite the evidence uncovered by BoostAddict, John L. Sullivan Chevy's online inventory listing doesn't display the price premium of the Z06 in question, a (normally) $93,965 model with the top-end 3LZ trim. It's unclear if either of the dealer's other Z06s, both 3LZs, one of which is in transit, will receive similar price adjustments. Now, legally, Sullivan Chevy isn't doing anything wrong here. Dealerships are under no obligation to observe a manufacturer's suggested retail price, a point General Motors' spokesperson Ryndee Carney pointed out to Autoblog via email. "For the Corvette Z06, Chevrolet has established a Manufacturer's Suggested Retail Price we feel is right for the market. Actual transaction prices, however, are the province of the dealer," Carney said, adding that a dealer zone manager will be discussing the price hike with the dealership. While we also reached out to the dealership over both the market value adjustment and the price of the Z06 as it appears on the company's website, we've yet to hear back as of this writing. Should they reply to our inquiries, we'll be sure to update you. Until then, we'd like to hear what you think about this case. Is Sullivan Chevy simply pricing the cars as high as it thinks the market can bear, or is this a cash grab for an hotly anticipated product? Have your say in Comments.

AWD turbodiesel Equinox, Terrain dropped for 2020

Citing low demand, General Motors is dropping the AWD diesel options off the Chevrolet Equinox and GMC Terrain roster. Chevrolet spokesman Kevin Kelly confirmed to CarsDirect that for 2020, the diesel versions of these SUVs will only be offered with front-wheel-drive. CarsDirect notes that with the AWD diesel Equinox and Terrain gone, the only AWD diesel option in this class is the Mazda CX-5 Skyactiv diesel, which is significantly more expensive: As the AWD diesel CX-5 is only available in a fully loaded Signature specification, the $42,045 price tag is almost $10k heftier than the cheapest comparable Equinox, the AWD 1.6-liter diesel LT which starts from $32,495. The 2019 GMC Terrain AWD SLE costs $34,795 in comparison, which works out to being around $7,200 cheaper than the Mazda. The higher trim levels for the Equinox and Terrain are Premier and SLT, respectively. Some reasoning behind the AWD diesel GM SUV's low uptake is their own price difference to base FWD gasoline models: you can get a 1.5-liter Equinox for less than §25,000 listed. While the 2.2-liter Mazda has plenty more power at 168 hp and 290 lb-ft, compared to 137hp and 240 lb-ft in the 1.6-liter GM SUVs, the Equinox and Terrain are notably more frugal – they are rated 32mpg combined, while the Mazda can manage 28 mpg. With better fuel economy and a significantly lower list price, the General Motors twins are at least more wallet-friendly when it comes to numbers, and as the vehicles will cease to be built in that configuration there's likely to be some cash on the hood on ones in stock. News Source: CarsDirectImage Credit: Chevrolet Chevrolet GM GMC confirmed gmc terrain chevrolet equinox