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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

Ram 1500 Classic reportedly getting budget-friendly off-road package for 2021

Ram confirmed the last-generation 1500, which wears the Classic nameplate, will return for 2021. Buyers will again have three trim levels to choose from, but the brand will reportedly add an off-road-oriented package to the range. Motorists who select the Warlock model (pictured) will soon be able to order a package named Warlock All-Terrain, according to Mopar Insiders. Assigned order code ASJ, it bundles all-terrain tires made by Yokahama, a full-size spare tire, 17-inch aluminum wheels painted flat black, plus front and rear all-weather floor mats. Ordering the All-Terrain package certainly doesn't transform the 1500 Classic into a TRX for off-roaders on a tight budget, but it will allow buyers to skip a trip to the nearest tire store after they take delivery. And, the Warlock is more capable off the beaten path than other variants of the 1500 Classic, because it receives heavy-duty rear shocks, a one-inch suspension lift, Rebel-like bumpers that increase its approach and departure angles, and tow hooks. Visually, it stands out with a black grille and cladding over the wheel arches, among other styling cues. Ram hasn't confirmed the report, and it hasn't outlined the changes it's making to the 1500 Classic for 2021. Pricing for the entry-level truck allegedly starts at $30,145 once a rather high $1,695 destination charge enters the equation, and the range-topping Warlock model costs $38,040 with the same charge factored in. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2020 Ram 2500 Power Wagon POV drive

Ram ProMaster City getting facelift courtesy of Fiat Doblo?

Our intrepid spy photographers have caught prototypes for a new Fiat Doblo. Now we know what you might be thinking (particularly if you didn't take note of the headline): why would we care about an automaker conducting a facelift on a European cargo van? Normally we wouldn't, only the Fiat Doblo has another name, under which it will be shortly be sold here in America: Ram ProMaster City.
Announced just months ago, the ProMaster City is the smaller counterpart to the Ram ProMaster, which itself is also a rebadged cargo van from Fiat Professional. Think of it as a Chrysler version of the Ford Transit and Transit Connect lineup - European vans being brought Stateside by automakers that operate on both sides of the Atlantic.
But despite the official announcement of the vehicle's pending arrival, we still haven't seen the PMC yet. The disguised Doblo prototypes pictured here appear to be wearing a completely new front end and some cosmetic revisions to their tail ends, too. We can't see anything in the interior, but the fact that it was completely covered up suggests that Fiat is working on overhauling that, as well.