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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

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

Toy, hauler | 2017 Ram Power Wagon Video Review

When you're bouncing along in a 2017 Ram 2500 Power wagon over the washboard silt roads of the Valley of Fire, just outside of Las Vegas, it's a bit of a shock to realize how comfortable you are. We'd driven a convoy of brand new Ram Power Wagons out from a city improbably emerging from the scrub into a land of red rocks and sand. Inhospitable territory full of thrill-seekers in Jeeps and four-seat ATVs, flinging sand and bouncing their tall signal flags about. The varied terrain, transitioning from hard-packed silt to rocky paths to deep sand at any point, provided the perfect environment to see if the Power Wagon can live up to its billing – check out the video above to see how it handled the gnarly stuff. Back in 1945, the Power Wagon and comfort were not really thought of together. Like the Jeep, these thoroughly mil-spec trucks were heading home from overseas, where they'd served as weapon carriers and utility rigs. The all-business truck was a bit like a heavy-duty Willys Jeep with a bed, and instead of the convertible military cab, Dodge bolted on a pre-war civilian cab. They had more amenities than a tractor (windows! A roof!), but no one would call 'em coddling. The advertising of the day shows them digging ditches, plowing fields, erecting utility poles. You could use the rear power take-off to run a portable sawmill – pure denim and dust work. The brief has clearly evolved a bit – the PTOs disappeared as the truck evolved from a dedicated platform for serious work to more of a heavy-duty trim on Ram's conventional pickups, and then disappeared for a quarter-century until reemerging in 2005. To put it succinctly, the latest 2500 Power Wagon has off-road chops that pass the laugh test, and real working payload and towing capabilities, all in one package. We didn't tow or haul with the Power Wagon on this trip, but we really didn't have to. The Power Wagon is mostly standard 2500 fare: solid axles front and rear, taking power from the familiar truck-spec 6.4-liter Hemi V8. It'll haul up to 1,510 pounds in the bed, and tow up to 10,030 pounds. We know these trucks; they do this kind of work easily and without complaint. What's surprising is how well it does the work without much compromise. As you can see in the video above, the ride's as stiff as on a normal 2500 pickup, maybe a hair stiffer, but plenty tolerable for a long haul on the interstate.