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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

Watch this 9-year-old drive Jeep Wrangler off-road [w/poll]

This nine-year-old girl might be better at rock crawling than some people twice her age. But is it worth putting her in danger to do it? According to her father on the Jeep Experience Facebook page, her name is Faith, and she has been offroading with her family since she was two. At nine years old, she's now driving her dad's Jeep over the rocks by herself.
As you can see she's belted in and under her father's direct supervision and guidance. She shows immense confidence for someone her age and follows her dad's instructions on exactly what to do. Although, this could still be a very dangerous situation if something went wrong.
Previously, we saw a similar video with a six-year-old on a motorcycle driving on public roads through the desert. Voters decided by only a six-point margin that the adult should be in trouble for letting the kid ride the bike. Here, we have a slightly older child driving a vehicle off road. Where do you fall in this case? Is it still wrong to hand over control to a child? Let us know in the poll below and scroll down to watch the video.

6 best cars for $5,000

Looking for a great used car but only have a few thousand bucks to spend? Check out our 6 favorite used vehicles that you can get for around $5,000 or less. 1. 2004-2006 Subaru WRX The Subaru Impreza WRX offers a lot of what you might want in a vehicle. A 2L turbocharged engine gives 227 horsepower and it gets 27 mpg on the highway. 2. 2006-2015 Mazda5 The Mazda5 never got the sales it deserved. It was affordable and more maneuverable than most vehicles, but it never took off. It was based on the Mazda3, and felt like it as well... just a bigger version. If you're lucky, you'll be able to locate one with a manual transmission. 3. 1990-1997 Mazda MX-5 Miata A car that's praised for rewarding the driver. The shifter is sublime, and the controls are light and accurate. The 1.6-liter engine that makes 115 horsepower or a 1.8-liter that makes 128 horsepower are our preferred versions. 4. 2009-2013 Honda Fit Beside being cute, it's supremely practical and great in the city. It manages to be pretty entertaining to drive, and let's not forget it's a hatchback. 5. 1987-2006 Jeep Wrangler Yes, it's possible to get a well-loved Jeep Wrangler with about 100,000 miles on the odometer. In many ways, a Wrangler is perfect for the snowy winters with its unrivaled 4x4 capability. An SUV, convertible and icon, all in one? What more could you ask for? 6. 2002 Chevy Silverado Truck lovers, we have you covered. We love the Chevy Silverado with a 5.3-liter V8 engine and a 4-speed automatic transmission. It makes a great second car, especially if you already have a fuel efficient vehicle around the house. What would you buy for $5,000? Honda Jeep Mazda Subaru Autoblog Minute Videos Original Video wrangler mazda5