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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

Three Ram recalls affect more than a million pickups

Millions of Ram pickups across many of its model lines in the US are in need of recall repairs due to three campaigns by the truck maker. The largest of this trio covers 1.06 million examples in the US of the 2012-2014 Ram 1500, 2500, 3500, and chassis cab versions of the 3500, 4500, and 5500 because of potential inadvertent driver-side airbag deployment. In addition to those affected here, there are 235,925 in Canada, 26,543 in Mexico, and 23,635 elsewhere. There are also two related injures from this problem, but no reports of accidents, according to the company. While the recall was mysteriously ignored in the media at the time, the National Highway Traffic Safety Administration announced details of this campaign in late July. The next largest among the three covers 188,000 examples of the 2014 and 2015 Ram 1500 Quad Cab in the US because their side-curtain airbags don't fully overlap the C-pillars when deployed, which is in violation of federal rules. Conceivably, rear passengers not wearing their seatbelt could be more likely to be ejected in a crash. Ram's repair for the issue is still being developed, according to the National Highway Traffic Safety Administration, but the company advises all occupants to be buckled in. The final campaign affects 156,498 the company's heavy-duty trucks in the US, including the 2013 Ram 3500 and 2014 Ram 2500, 3500, and 3500 Chassis Cab. In addition, there are 20,603 in Canada and 3,241 elsewhere. Of the 13,236 in Mexico, a few units of the 2014 Ram 1500 exclusive to that market are also covered. The company found that the welds for some steering parts might have "insufficient fusion." If the part breaks, then vehicles are still controllable but with diminished response. There are no reported injuries but one minor accident. The fix involves installing a reinforcement bracket. Related Video: Statement: Steering-wheel Wiring Harness September 10, 2015 , Auburn Hills, Mich. - FCA US LLC is conducting a voluntary safety recall to inspect and service, as required, wiring harnesses in an estimated 1.06 million U.S.-market trucks. Investigation by FCA US discovered certain trucks may have steering-wheel wiring harnesses that wear because of contact with a spring. Such wear may cause a short-circuit that may lead to inadvertent driver-side air-bag deployment. The Company is aware of two related injuries, but no accidents.

Ranking full-size pickup trucks by the size of their discounts

Each and every month, full-size pickup trucks dominate the new-car sales reports in America. It's been that way for years — the Ford F-Series has been America's best-selling vehicle for 38 consecutive years — and it's not going to change any time soon. With that in mind, we've compiled this list of discounts on brand-new full-size pickup trucks using data provided by Truecar, including their average retail prices, average transaction prices and discounts in dollars and percentage off list price. We've also created a visualization of the best deals Americans are scoring on the three best-selling models in America. If you're looking for the absolute biggest discount you can find on a new truck, look no further than your nearest Ram dealership, then scour the lot for a leftover 2019 1500 model. Buyers are averaging nearly 13% off the cost of the 2019 Ram, paying an average transaction cost of $41,667. That's $6,071 off the average retail price, which equals the best truck deal in October. The 2020 edition isn't discounted nearly as far, averaging $2,852 off for an average transaction price of $48,904. The next best deal is on the 2019 Ford F-150; its average transaction price of $43,064 equals $3,843 off its sticker price. The 2020 F-150's $2,810 discount means buyers are paying around $47,300. They should know, though, that a brand-new model is coming for 2021, so we'd expect bigger discounts on remaining 2020 inventory in the coming months. Moving to General Motors, the best deal you'll find is on leftover 2019 Chevy Silverado 1500s, which are selling for an average of $47,043. That's $2,852 off the sticker price. Interestingly, 2020 Silverados are seeing slightly lower transaction prices at $46,009, but with a smaller average discount of $1,693. The 2020 GMC Sierra is mechanically similar to the Chevy, but aimed at buyers who want a bit more luxury. That's reflected in the 2020 Sierra 1500's average transaction price of $54,491, which is $2,131 off its sticker. If pickup trucks aren't your thing, take a look at this list of the best new car deals in America based on the percentage discount off their suggested asking prices here. And when you're ready to buy, click here for the Autoblog Smart Buy program, which brings you a hassle-free buying experience with over 9,000 Certified Dealers nationwide.