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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

Some Ram truck buyer is about to get the 3 millionth Cummins diesel engine

Dodge made a Cummins-built turbodiesel engine available in one of its trucks for the first time during the 1989 model year. Over three decades and a name change later, the company announced it ordered the 3 millionth engine from Cummins, and it's about to drop it in a truck. The 3 millionth engine is patiently waiting on a pallet until it's needed on the assembly line. Ram noted the oil-burning six will be installed in a 2019 3500 Longhorn Crew Cab Dually, a model built for both towing and cruising. While the firm knows who ordered the truck, it chose not to release the owner's name to maintain an element of surprise. The dealership that sold it is planning to host a celebration, so the buyer will only find out that he or she purchased a piece of Ram and Cummins history when arriving to pick it up. The Longhorn isn't the kind of truck you're likely to see on a construction site. Priced in the vicinity of $60,000, it's an upmarket variant of Ram's tow-it-all Heavy Duty pickup decked out with leather upholstery, an eight-way power-adjustable driver's seat, two rows of heated seats, and an 8.4-inch touchscreen for the infotainment system. The high-output Cummins 6.7-liter six adds $11,795 to its base price, meaning the truck receiving the 3 millionth engine costs around $75,000.  Cummins has made several different engines for Dodge- and Ram-branded trucks since 1988. It crossed the 200-horsepower mark for the first time in 1996, and built its first engine with over 500 pound-feet of torque in 2001. The current Cummins, the variant going into the milestone truck, is a mighty, 6.7-liter straight-six that serves 400 horsepower and 1,000 pound-feet of torque.  

Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.