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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

Midsize Ram truck coming to U.S.

The midsize truck segment is officially back in full force. Today, at FCA's new five-year plan, company CEO Sergio Marchionne and Ram head Mike Manley announced that America will be getting Ram's new global midsize truck. The new model is designed for a global audience. It will not be based on the Mitsubishi Triton, we're told. FCA already sells that model in certain markets as the Ram 1200. Trucks for the North American market will likely be built in Mexico on the old Ram Heavy Duty production line. The upcoming Ram HD — set to debut at the 2019 Detroit Auto Show — will be built in the US. The timing of the new midsize Ram isn't pinpointed, but the above slide from FCA's presentation suggests we'll see it by 2022. A with all upcoming Ram models, look for some form of electrification, likely in the form of the 48-volt mild hybrid system that's set to debut later this year in the 2018 Ram 1500. Don't expect the truck to tailor too heavily to US tastes like the Toyota Tacoma or Chevy Colorado. Like the upcoming Ford Ranger, this is a global truck first and foremost. Marchionne said that Ram's focus in the US will remain mostly on full-size trucks. Still it will be sold in the U.S., just not in any expected large volumes. Related Video:

2022 Ram 1500 Laramie now offers Front Lighting Value Package

Were Audi dealers onto something with their Semiconductor Shortage Package? A few days ago, we posted about the Ingolstadt brand's cars adorned by Monroneys featuring the aforementioned package. That line item summarized the vehicle's missing features thanks to global semiconductor woes, and how much money had been subtracted from the MSRP because of the exclusions. Now, Mopar Insiders reports that the Build & Price tool for the 2022 Ram 1500 Laramie includes a Front Lighting Value Package. Choosing the option swaps the Laramie's standard-fit LED headlights and fog lights for halogen headlights and fog lights, saving buyers $495. The image above is a side-by-side of trucks configured with the standard LEDs (left) and the halogens (right). Playing around with the configurator, it appears the change can't be ordered with the Laramie's standard 3.6-liter Pentastar V6. When attempting to add the value package, a dialogue box requires choosing one of the two optional 5.7-liter Hemi V8 engines or the 3.0-liter V6 EcoDiesel, and one of the 8HP75 eight-speed automatic transmissions fitted to those three engines. The Pentastar comes with the 850RE eight-speed auto.  Thankfully, the Front Lighting Value Package is an option; you can get all the way to the end without selecting it. Nevertheless, we're intrigued by the order constraints. Seems to us that a buyer happy with the entry-level engine might prefer to save some dosh on the headlights, as opposed to buyers spending either $2,795 for a V8 Hemi or $4,995 for the oil-burner. And that's before one considers the savings. The luxury-oriented Laramie trim sits in the lineup $9,000 above the Bighorn, $7,000 below the Limited Longhorn. Swapping the standard halogen headlights and fog lights on the Bighorn to LED units costs $995 for the Premium Lighting Group, the discount to take LEDs off the Laramie is half that. Getting aftermarket LED headlights for the Laramie would cost at least $300, and that's before the hassle of install and questions of quality. So where is the point in saving $500 for objectively worse lighting that will likely cost more to add later? As if it needed saying again: These are strange days. 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