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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

Danica Patrick hands over keys to first 2016 Chevy Camaro

Alican "Turk" Boyacioglu got more than he expected this weekend when he picked up his new 2016 Chevy Camaro, the very first sixth-gen Camaro to be delivered to a private customer. That's because racer Danica Patrick was on hand for the delivery. The handing over of the keys took place at Texas Motor Speedway – a stop along the brand's Find New Roads trip. The journey is being conducted to introduce America to five new Chevy models: the Camaro and also the new Malibu, Cruze, Volt, and Spark. The road trip kicked off on October 19 and will conclude next week on November 14. Boyacioglu ordered up a red Camaro SS from Huffines Chevrolet in Lewisville, TX, north of Dallas. When he headed from Kansas to northern Texas to take delivery, he was pleasantly surprised to see Danica climb out of the car to hand him the keys. Though she may have raced under Honda power during her IndyCar days, Danica's NASCAR stock cars have always been powered by Chevrolet. She even drove a Camaro in the Nationwide Series. The smile on Turk's face ought to last him the nearly five-hour drive home to Wichita. For everyone else, deliveries are set to commence in earnest in the middle of this month. The first models to be delivered will be V6 coupes. Convertibles and turbo-four models will start shipping early in the new year. Customers will be able to choose between six powertrain combinations, made up of the 2.0-liter turbo four, the 3.6-liter V6, and the 6.2-liter V8, each available with a six-speed manual or eight-speed automatic. Pricing starts at $26,695 for the base 1LT trim and extends up to $37,295 for the 1SS. DANICA PATRICK SURPRISES CUSTOMER WITH 2016 CAMARO Huffines Chevrolet delivers first 2016 Camaro to Alican 'Turk' Boyacioglu DALLAS – Racecar driver Danica Patrick helped the team at Huffines Chevrolet deliver the first sixth-generation Camaro to a customer from Wichita, Kan., at the Texas Motor Speedway stop of Chevrolet's Find New Roads Trip today. Alican "Turk" Boyacioglu had been eagerly tracking the build of his 2016 Camaro SS and could not contain his excitement when Patrick emerged from the car and handed him the keys. "This whole experience was surreal," Boyacioglu said.

GM to invest $632 million in Indiana plant for future pickup truck production

General Motors plans to invest $632 million in its Fort Wayne, Indiana, assembly facility to prepare the plant for future internal combustion engine full-size light duty trucks, it said on Monday. The investment will be used to support new conveyors, tooling and equipment for the plant that manufactures GM's Chevrolet Silverado 1500 and GMC Sierra 1500 trucks. GM has detailed more than $2.3 billion in planned investment in a series of announcements since last week as it works to retool existing North American auto plants and introduce more efficient next-generation internal-combustion full-size trucks and SUVs. Another investment announcement is planned later this week. The largest U.S. automaker is continuing to make big investments in gas-powered vehicles even as it vows to stop building them in 2035. Last week, GM said it was investing more than $500 million in its Arlington, Texas, assembly plant to prepare it for production of internal combustion engine full-size SUVs. GM faces increasingly stringent emissions requirements from California and the Environmental Protection Agency (EPA). Last week, GM also said it plans to invest more than $1 billion to re-tool two manufacturing sites in Flint, Michigan, to prepare for a new generation of its heavy-duty trucks. The Texas announcement highlights the company's commitment to continue "providing customers with a strong portfolio of (internal combustion) vehicles for years to come," GM said last week. On Tuesday, GM said it would invest C$280 million ($210 million) in its Canadian Oshawa Assembly to produce the next-generation internal combustion engine full-size trucks. GM paid $128.2 million in fines for failing to meet Corporate Average Fuel Economy (CAFE) program requirements for 2016 and 2017, records released recently show. The EPA in April proposed requiring a 56% reduction in projected fleet average emissions over 2026 requirements. (Reporting by David Sherpardson in Washington and Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar and Conor Humphries) Plants/Manufacturing Chevrolet GM GMC