2021 Ram 1500 Laramie on 2040-cars

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New auto loans could soon extend out to 84 months

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans. This past week, Bloomberg reported that FCA's Ram Trucks division is currently offering the longest loans. Some stretch to 73 months. Jeep, Fiat and Chevy aren't far behind. More noteworthy is that we'll likely soon see lenders moving from 73-month to 84-month loans. That's seven years worth of interest. More than two-thirds of US auto sales come from light trucks like the Ford F-150, Chevy Silverado and Ram 1500. The average transaction price of a new vehicle is well over $30,000. It's not difficult to spec out a heavily-optioned truck up to $60,000. Vehicles depreciate from the moment they roll off a dealer lot, and these six or seven-year loans could hurt consumers and lenders both in the long run. The U.S. Senate voted last week to kill rules that would prevent discriminatory auto lending. These Obama-era guidelines were meant to curtail lenders who offered higher loans based on race, religion, sex or national origin. Related Video: News Source: Bloomberg Chevrolet Fiat RAM Car Buying car loan car values

Prosecutors indict three FCA employees in alleged emissions-cheating case

Federal prosecutors indicted three Fiat Chrysler Automobiles (FCA, now Stellantis) employees as part of an investigation into alleged emissions cheating. Charges unsealed on April 20, 2021, accuse the defendants of helping rig the emissions control system fitted to the 3.0-liter turbodiesel V6 used in some models during the 2010s. Prosecutors claim Emanuele Palma, Sergio Pasini, and Gianluca Sabbioni played a determining role in developing a defeat device that allowed the V6 to obtain certification from the Environmental Protection Agency (EPA) while polluting too much in normal driving conditions. Jeep and Ram began making the engine available in the Grand Cherokee and the 1500, respectively, in 2014, but the charges state plans to game the EPA started in 2011. Palma, Pasini, and Sabbioni knowingly mislead federal regulators, the charges claim; they called it "cycle beating," according to The Detroit News. While the three men were part of FCA's research and development department, they started the project while working for an Italian supplier named VM Motori, which FCA purchased in 2013. Pasini and Sabbioni are each charged with one count of conspiracy to defraud the United States and to violate the Clean Air Act, one count of conspiracy to commit wire fraud, and six counts of violating the Clean Air Act. They could spend several years behind bars if they're found guilty. Both are currently in their home country of Italy. Palma's legal troubles are more serious. He was charged with several counts in September 2019, though four wire fraud charges were dropped in November 2020. He lives in Bloomfield Hills, a city located on the far outskirts of Detroit. Prosecutors claim motorists spent over $4 billion on over 100,000 trucks and SUVs fitted with the non-compliant engine between January 2013 and September 2017. FCA has already agreed to pay $800 million to resolve civil claims from the Justice Department, state officials and customers, though it significantly has not admitted guilt. It stressed that "it did not engage in any deliberate scheme to install defeat devices to cheat emissions tests."

UPDATE: 8 Ram 1500s stolen, 2 recovered in Warren factory heist

UPDATE: Police and FCA report that the correct number of stolen Ram trucks was eight. Two of them were later recovered — a red truck that apparently ran out of gas, and a white truck that was discovered behind an abandoned building in Detroit. Neither of those trucks showed damage from breaking through the factory gate. Police are now investigating the raid as a possible inside job by current or former employees. "We do believe there was a good possibility that there was inside information given to the persons responsible for the thefts," Warren Police Commissioner Bill Dwyer told the Detroit Free Press. "That would include possibly a former or current employee. Obviously they knew where they were going, what they were looking for, what area to cut the fence and get into the lot where vehicles were parked. This was not a random, all-of-a-sudden thought or idea. It was well-planned for probably several weeks." Previous story appears below: Thursday morning, a group of thieves broke into the grounds of Fiat-Chrysler's truck assembly plant in Warren, Mich., where the Ram 1500 is built, and stole roughly 10 brand-new trucks, according to the Detroit Free Press. The newspaper reports that the thieves drove to up a fence in a pickup truck and cut through to get on the property. They then gathered up trucks and drove right out through the main gates. With a starting price of just over $33,000 for a base Ram 1500, the thieves got away with at least $300,000 worth of trucks. The trucks have yet to be found, and it might still be a while. Warren Police Department Commissioner Bill Dwyer told Detroit Free Press that they haven't received any tips on the vehicles. "We have absolutely nothing," said Dwyer. "Why aren't they calling me? We can't do an investigation if they're not working with us." They're still waiting on FCA to give them a list of the trucks' VINs and colors, as well as an exact number instead of the current estimate of 9 to 11. It's not clear if the keys were in the trucks, but an FCA spokesperson told the Free Press, "The company will be assessing security measures at the location and implementing any necessary changes to prevent future incidents." Dwyer said that the heist "was well-planned," and that the vehicles have probably been taken to a pre-arranged location such as a warehouse. It was likely part of an order for stolen trucks, but it's not clear if a crime ring or syndicate is involved.