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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

Bull leads Texas police on four hour chase

A bull leading police on a chase through a Texas town may sound like something out of a country music song, but police in Arlington, Texas recently had just such a situation on their hands. According to WFAA, on the afternoon of May 9, a young bull got loose from his pen and decided to take a stroll through the streets of Arlington. "There was a cow walking down the neighborhood," said Arlington resident Jillyan Nance. "It trotted down my home and cut across our yard into the neighbor's yard." Arlington police were alerted to the escaped bull and, in a scene more Texas than Steve Earle drinking a Shiner at the Alamo, they attempted to chase it down with police cruisers. For the next four hours, police engaged the creature in a sedate, low-speed chase through Arlington, Dalworthington Gardens, and other neighboring towns. The bull, for his part, largely ignored his pursuers and the throngs of people coming out of their houses to watch the strange scene and post pictures to Facebook and Instagram. With numerous police cruisers in not-quite-hot pursuit, the bull ambled along the shady streets, stopping here and there to munch on some grass and take in the views. Eventually, a friendly local rancher showed up and lassoed the bull in Dalworthington Gardens just before 9:00 p.m. Police have not released the name of the bull's owner or any motive for its escape. Perhaps, like the unicorn that escaped into a California orchard back in February, it decided that it had had enough of working for a living and was looking for something else. Related Video: News Source: WFAA Humor Weird Car News Dodge Police/Emergency Videos Sedan police chase cow bull

Dodge Challenger ADR Spied | Autoblog Minute

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