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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

New Chevy Malibu helps parents monitor teen driver's performance

For teens, a driver's license can represent freedom. For parents, it can represent fear. Now there's a way parents can alleviate some of their worries and monitor their teen drivers. The 2016 Chevy Malibu, which debuted Wednesday at the New York Auto Show, contains a new feature that tracks driving performance and helps inexperienced drivers rein in some of their more dangerous habits. Accessed through a password in the car's infotainment system, parents can learn how far their child has driven, how fast they've gone and how many times they've braked hard, among other features. "It's an in-vehicle report card that gives parents information," says Mary Ann Beebe, one of the lead engineers who designed the system. "It's meant to be used as a teaching tool. Parents can sit down and talk with their teen about, 'Here are some areas where you're doing well, and here's some where you can use improvement.'" Car accidents are the leading cause of death for teens ages 16 to 19, and only last week, AAA released a study that found their driving behavior can leave them particularly susceptible to crashes. General Motors had sought ways to help educate and train younger drivers. In an era where data can be harvested from cars, monitoring performance is one way to provide information. Parents access the Teen Driver system in the car through a PIN-number entered into the Malibu's infotainment system. The report card can only be seen in the car – so far, it's not available via a smartphone app, like some other types of on-board diagnostic information. The system is activated by the use of a specially programmed key fob that lets the system know who is driving the car. Once the vehicle recognizes the key fob, it takes preventive measures to ensure safer conduct behind the wheel: Until the driver and front passenger buckle their seat belts, the radio is muted. Safety systems such as forward-collision assist and electronic stability control are automatically turned on. Parents can preset preferred speed limits, and drivers will hear a warning if that sound is exceeded. "We have these great technologies, and we want to make sure we turn them on for the teen," Beebe said. There are no geo-location aspects of the program, and data is stored on the car, not uploaded to the Cloud or even seen by General Motors, she said.

The Chevrolet Bolt is headed to China as a Buick SUV

When spy photos of what appeared to be Chevrolet Bolt EV with some minor front- and rear-end updates circulated last week, Autoblog surmised that GM was working on some sort of Bolt-based vehicle — potentially a crossover — to be sold in China as a Buick. We may just have corroboration for that theory. On Thursday, Motor1.com spotted a story published earlier this week on the Chinese site Auto Home which claims that GM has applied to sell an all-electric SUV under the Velite 7 nameplate in China.  There's little differentiating the Velite 7's exterior from the Bolt EV's, apart from bumpers, badges, and a little extra ground clearance. Up front, the bowtie is replaced by a round Buick badge, and the bumper picks up an almost Prius-like appearance thanks to contrasting vertical elements and a thin grille bleeding into the head lights to give it a full-width appearance. Chevy Bolt-based prototype View 16 Photos If the Chinese report is accurate, there is one significant difference under the skin. Per the application, the Buick crossover variant is to be powered by a 174-horsepower electric powertrain. That's down 26 horsepower from the Bolt EV's powertrain, and we can't help but think that a lifted Buick variant might just need every pony it can get.  The needs of the Chinese market are unique, and we're certain GM knows what it's doing if these figures are accurate. We have no reason to believe Buick plans to sell the Velite 7 EV here in the States, though we expect an updated Chevy Bolt eventually, and we wouldn't be surprised if Buick brings something along shortly to fill the void left by the departure of the Regal sedan and its variants.  Related Video: