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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 thief steal Jeep Wrangler with laptop

Advancements in technology, especially those in the automotive sector, have made cars safer, easier to drive, and harder than ever to steal. But a recent incident in Houston, TX, reveals that the latest generation of hackers and thieves knows how to use modern tech for their own nefarious devices. A car thief was caught on camera using a small computer to pilfer a 2010 Jeep Wrangler parked in its owner's driveway. The video shows a man entering the Wrangler and after a few minutes on the laptop, driving away in the vehicle. According to the Wall Street Journal, Houston police believe the same method could have been used on four other occasions involving late-model Wranglers and Cherokees. While the short clip looks like something out of a movie, this isn't the first time a Jeep has been hacked. The theft took the pair of thieves roughly 13 minutes from the time the first person opens the hood (not shown) to when the car leaves the driveway. Alarmingly, the Houston police department isn't sure what the laptop is being used for, the Journal reports. A Fiat Chrysler official told the newspaper that the thieves in the Houston incident might be using tools that only dealers have access to, which would allow them to pair another key fob to the vehicle. While that explains how they got into the vehicle, it still doesn't explain how a laptop could be used to get the vehicle running – especially when automakers ( Fiat Chrysler, Tesla, and General Motors) have altered their cars' electronics to reduce hacking. Theft rates have dropped by 96 percent since 1990, according to The New York Times, but recent events show thieves are making their own advances, prompting increased cyber protection efforts from automakers, auto-parts suppliers, and the government. It will come into focus later this month when US Transportation secretary Anthony Foxx, Lyft CEO and co-founder Logan Green, and General Motors' chairman and CEO Mary Barra speak at a cybersecurity summit in Detroit. Related Video: News Source: The Wall Street Journal, The New York Times, Business Wire, YouTube Jeep Technology SUV Off-Road Vehicles Videos viral video hacking thieves

Next Jeep Wrangler spotted with 8-speed and EcoDiesel

Although it may not look like it, there are big changes coming to the next-generation Wrangler. The 2018 model will use aluminum for weight savings, spawn a pickup version, and offer new engines. This latest set of spy images brings confirmation of two new powertrain items. The spy photos below show a Wrangler mule with the current interior and an eight-speed automatic shifter fitted in place of the old five-speed unit. (There's a comparison photo in the gallery.) The shifter design matches that of the refreshed Dodge Charger and Challenger; the final Jeep version is likely to differ, but this clearly indicates what kind of transmission is underneath. Chrysler builds eight-speed automatics from a ZF design and also uses some transmissions built by ZF. View 4 Photos While it's not visible in the photos, the unmistakable sound of a diesel was heard coming from this Jeep. The EcoDiesel V6 is expected to be available alongside a new turbocharged four-cylinder engine that is rumored to have the code name "Hurricane." The turbo four may completely replace the current gas V6 or be offered in addition. There's a good chance the eight-speed will also be paired with the Hurricane engine, since improved fuel economy is a goal for the new model across the board. We don't yet know whether a manual transmission will be offered again, but it's a pretty good bet for one of the gas engines since many diehard off-roaders prefer the ultimate control. Related Video: Featured Gallery 2018 Jeep Wrangler Detailed Spy Photos View 18 Photos Spy Photos Jeep SUV Off-Road Vehicles jeep wrangler unlimited