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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

J.D. Power 2020 Initial Quality Study puts Dodge and Kia in first place

For the first time ever, an American automaker is ranked at the top of J.D. Power's yearly Initial Quality Study as Dodge tied with Kia for the top spot. Kia landed in first from second place last year — though it's Kia's sixth consecutive year as the top-ranked "mass market" brand — while Dodge jumped an impressive seven spots to move into a tied first from eighth in the 2019 edition of the study. Dodge is one of seven domestic automakers that find themselves in the top half of J.D. Powers' 34th consecutive IQS study. Dodge and Kia's score of 136 problems experienced per 100 vehicles (PP100) puts them ahead of Chevrolet and Ram (141 PP100), Genesis (142 PP100), Mitsubishi (148 PP100) and Buick (150 PP100), which make up the top five after accounting for tied scores. GMC, Volkswagen, Hyundai, Jeep and Lexus round out the top 10. As you probably noticed, Mitsubishi and Lexus are the only Japanese brands to make it into the first 10 spots, and Genesis took home the award as the top-ranked premium brand. This is the first year that J.D. Power released data on the survey results from Tesla owners, and it's not good news for the California-based electric vehicle manufacturer. With an adjusted score of 250 PP100, Tesla is in dead last place on the 2020 IQS Study, just behind Land Rover's score of 228 PP100. It's worth noting that Tesla's score isn't an official entry into the IQS study because surveys were only available in 35 states as the company is the only automaker that has not granted J.D. Power permission to survey Tesla owners in the 15 other required states. According to J.D. Power, about a third of all problems reported by owners of 2020 model-year vehicles within the first three months of ownership relate to issues with infotainment and technology. In many cases, the high-tech systems aren't broken, but are difficult for owners to use or don't work as well as they should. Those issues are "just as severe as other problems," according to Dave Sargent, vice president of automotive quality at J.D. Power, especially since a "customer is stuck with this [issue] for the rest of the time they own the vehicle." J.D. Power surveys the owners of new cars with a questionnaire that covers 223 problems organized into nine categories: climate, driving assistance, driving experience, exterior, features/controls/displays, infotainment, interior, powertrain and seats.

FCA recalls 1.1 million vehicles worldwide due to confusing shifter

Fiat Chrysler is recalling 1.1 million vehicles worldwide to address the problematic shifter used on cars with eight-speed automatic transmissions. The issue is that the console-mounted shifter acts like a rocker switch and always returns to the middle position after moved. This has been deemed confusing to drivers – confusing enough to cause some to exit their vehicles without first selecting Park and leading to the car rolling away. FCA says 41 injuries are related to the shifter problem, and no evidence of equipment failure has been found. The company will enhance warning chimes and alter the shift strategy, meaning alert messages will be displayed in case the driver door is opened while the engine is running. With the door open, the transmission will prevent the car from moving even if Park is not selected. The affected vehicles are certain model-year 2012–2014 Dodge Charger and Chrysler 300 sedans, as well as model-year 2014–2015 Jeep Grand Cherokee SUVs, an estimated 811,586 US vehicles in total. The recall also affects 52,144 vehicles in Canada, 16,805 in Mexico, and 248,667 vehicles elsewhere. The shifter is used with ZF-designed and ZF-built eight-speed automatic; Audi uses a similar shifter setup in some of its vehicles, including the current-generation, which predated Chrysler's use of it. Chrysler uses a different, a rotating-dial-type shifter on eight-speed-equipped Rams. The company moved away from the problem shifter design in 2015 for the Charger and 300, and the Grand Cherokee's shift lever was modified for 2016. Owners of affected vehicles will be notified of the recall when service is available. Fiat Chrysler urges customers to follow the instructions in the vehicle's owner's manual in the meantime. Related Video: News Source: FCAImage Credit: AOL Recalls Chrysler Dodge Jeep RAM Ownership Safety SUV Sedan