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Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

Dodge Challenger Hellcat valet mode angers parking attendant

I spent over three years as a valet. It was good money and an excellent second job when I was getting my start as a writer – ten hours per week at the small restaurant I worked for was good for anywhere from $150 to $250. Over those years, I can say with absolute confidence I never goofed off in someone's car. Unfortunately, not all valets are so trustworthy. Like these idiots. Apparently, a Dodge Challenger Hellcat owner captured the valets at Universal Studios in Florida on his dashcam messing about behind the wheel of his 707-horsepower muscle car. One valet is behind the wheel and there's another riding shotgun as they aimlessly wander about the parking lot, lamenting the fact that the owner (wisely) engaged valet mode before handing over the keys. "We can't do anything," they whine. The owner, for his part, seemed pretty cool about the whole thing, writing in the YouTube description that he purposely kicked up the exposure at the end of the video to hide the identities of the valets. He also added that they didn't do anything wrong – this former valet agrees to disagree, based on the over four minutes it takes to actually park the car – and that he was thankful for valet mode. You can check out the video above – be warned, though, there is some language in it. And remember, if you valet your car, use valet mode, check the odometer when you drop off and pick up, and if everything checks out, give the poor guys a tip. Want more recent Hellcat news? Check out the Wrangler Trailcat concept headed to the Easter Jeep Safari in Moab, photos of a possible Hellcat HD Ram pickup, and spy shots of the Hellcat-engined Jeep Grand Cherokee Trackhawk. It's been a good week for 707-hp Mopars. Related Video:

Junkyard Gem: This 1987 Dodge 600 SE Sedan is suspiciously Benz-ish

The K Platform, introduced for the 1981 model year, saved Chrysler from certain bankruptcy. By 1983, a stretched-out K chassis had been developed; the Chrysler version was the E-Class, while Dodge had the 600. These cars have become all but extinct now, so this '87 600 sedan in a Denver-area wrecking yard is a noteworthy Junkyard Gem. Ford explicitly compared the appearance of the late-1970s Granada to that of the Mercedes-Benz W123 in their advertising, and so the ground was broken for Chrysler to make the allusions to Stuttgart machinery even more obvious a few years later. The name of the Chrysler E-Class was about as subtle as a tire iron blow to the kidneys, and the badging on its Dodge 600 sibling left little to the imagination. 600s came from the factory with several variations of the Chrysler 2.2/2.5 engine, as well as the Mitsubishi "Hemi 2.6" four-cylinder. This car has the 2.5 Chrysler engine, rated at 97 horsepower. Base price was $10,553, about $23,500 in 2017 dollars (the cheapest new Mercedes-Benz E-Class cost $38,600 in 1987, so there wasn't much customer overlap between the two cars). The 600s weren't bad cars for the price, though the build quality wasn't quite up to Mercedes-Benz standards. You'll find this thumbtack treatment on most K-Car headliners that still drive today. The interior is all tan and brown, with plenty of tough industro-velour upholstery and not-so-convincing artificial wood. Aluminum-faced home audio equipment was all the rage during the 1980s, and the trend spread to automotive controls. No cassette in this car, but at least it had AM and FM radio (even plain old mono AM radios were still expensive options on many cars as late as 1987, so the standard AM/FM stereo rig in the 600 was an attractive deal). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. You can't beat the 600!