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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

444,000 Cummins diesel Ram trucks recalled for water-pump fire risk

NHTSA recently acknowledged a recall for nearly 444,000 Ram 2500, 3500, 4500 and 5500 trucks built between 2013 and 2017 with Cummins 6.7-liter diesel engines. The issue is that the water pump might do the exact opposite of keeping the engine cool. According to documents from Fiat-Chrysler and NHTSA, Concentric-brand water pumps without vent holes could suffer bearing failure, as well as start leaking coolant. This exposes coolant to hot parts of the engine, and the pump itself can become a hot part. Not all Cummins-equipped Ram trucks will be affected. If your Ram has a water pump from a different brand, or it uses a Concentric pump with some kind of vent holes, you shouldn't have any issues. In fact, the fix will be to replace the non-vented pump with a vented version. Owners with affected vehicles will be able to bring their trucks into a Chrysler dealer, where the water pump will be replaced at no charge. FCA will begin notifying owners of the issue starting on Nov. 1. Owners can also get in touch with Chrysler's customer service department at 1-800-853-1403 and should ask about recall "T51." Related Video: Featured Gallery 2013 Ram 2500 and 3500 Heavy Duty View 22 Photos News Source: NHTSA Recalls RAM Auto Repair Truck Diesel Vehicles

2023 Ram ProMaster detailed with many updates

The 2023 Ram ProMaster is here, and it’s sporting a bunch of great upgrades over the outgoing model. Starting on the design front, Ram gave the ProMaster a new (thoughtful) front end. The headlights are positioned out of the collision zone in a direct frontal crash now to save them in the event of an accident. Plus, the bumper has an integrated step that allows you to step up and either clean the windshield or swap wiper blades far easier. The headlights themselves are also improved. Standard halogen lights provide 15% more range of light, and optional LED headlights provide 50% more range. The popularity of black appearance packages has made it into the van world now, too, as this ProMaster is available with exactly that, blacking out grille, badges and wheels. Lastly on the appearance side of things, Ram introduced two new colors: Ceramic Gray and Spitfire Orange. Ram says these colors were designed specifically with its #vanlife customers in mind. Unfortunately, no images of these colors were available upon this storyÂ’s publishing. A new extra-high roof option is available for 2023, adding 10 inches over top of the previous high-roof option. Additionally, Ram is offering a new roll-up door in case that would fit a customerÂ’s lifestyle better than a traditional rear door. ItÂ’s made of anodized aluminum to be easier to use. There are 19 configurations available in total for the 2023 ProMaster including three roof heights, three wheelbases and four vehicle lengths. Every single one of them will come equipped with the Pentastar V6 (just like before) that makes 276 horsepower and 250 pound-feet of torque. All of the vans are also front-wheel drive only. And lest you forget, Ram is still planning on releasing its electric ProMaster in 2023 — Amazon will be taking delivery of thousands of those electric vans next year. Interior and tech upgrades are aplenty for the 2023 ProMaster. For example, the ProMaster uses the latest Uconnect 5 infotainment system. The standard display is a 7-inch screen, but you can tack on an optional 10-inch screen. That means it has wireless Apple CarPlay and wireless Android Auto. You can spec a wireless phone charger, and the interior features both USB-A and USB-C ports. Safety and convenience features are made readily available. Standard safety equipment includes collision warning, crosswind assist, drowsiness detection and traffic sign recognition.