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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

2021 Ram 1500 TRX debuts as a Hellcat-powered, desert-running Raptor killer

The 2021 Ram 1500 TRX is here, and Ford’s free ride is over with the F-150 Raptor. Ford has had it good for a long time without any significant competition. Neither GM nor FCA entered the off-road full-size truck market with an offering like the Raptor. Chevy makes the Colorado ZR2, but itÂ’s a midsize truck. With the introduction of the Ram TRX, Ford finally has a proper competitor. Timing of the Ram TRXÂ’s release happens to fall in an in-between time for the Raptor, too. The F-150 is all new for 2021, but Ford hasnÂ’t released any details on the Raptor variant — though, weÂ’ve heard that the wait wonÂ’t be long. Regardless, Ford had better be aiming for the moon if it aims to best the TRX, because RamÂ’s new off-road truck is one hell of a moonshot. There is a lot to take in here, so weÂ’ve divided the chunks of information into a few digestible sections. LetÂ’s start with the underneath bits, which are arguably the most important of all when desert running and jumping is taken into consideration. Ram TRX frame and suspension Ram boasts that the frame underneath the TRX is 75 percent different from a regular Ram 1500. It uses thicker high-strength steel with low torsion attributes for stability and durability. The side rails are fully boxed, and sections of the frame are hydroformed. Ram claims its truck holds up to jumping and high impact events better than the competition, which in this case is simply code for the outgoing Raptor. ItÂ’s designed to handle rough terrain at 100 mph-plus. Compared to a Ram 1500 with the 5.7-liter V8, itÂ’s 600 pounds heavier. Ram is not messing around here. Damping is taken care of by Bilstein Black Hawk e2 adaptive shocks, aided by nitrogen-charged remote reservoirs to ensure maximum durability. The shocks will continuously adjust damping force to best handle the terrain, but you can control them via a number of modes, too. Ram says that in addition to the off-road capability, the shocks make for a smoother ride on pavement. The internals of the shocks feature a “Jounce Cut Off” that has three zones for progressive bottom-out control. You know, for when you take that jump at speed on your way to the office. 2021 Ram 1500 TRX chassis with brakes View 7 Photos Just like the other Ram 1500s, this one uses a five-link coil suspension design for the rear. However, the design is unique to the TRX with different hard points to allow room for a Dana 60 rear axle.

Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG