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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

Recharge Wrap-up: Range-extended EV taxis in London, 2016 Chevy Volt interior two years old

The first Metrocab range-extended EV taxis are operating on the streets of London. The cabs use a 12.2-kWh battery and two 50-kW motors, as well as a 1.0-liter gasoline range extender. Fuel economy is 98 MPGe on the ECE101 cycle, and total driving range is over 348 miles before needing to charge or refuel. Cabbies can expect to save GBP20 to GBP40 (about $30 to $60) per day on average. "The cash savings on fuel are significant, the ride and comfort outstanding, and my first customers are thrilled with the new cab," says the first operator of the new EV taxi, Preston Morris. "With its air suspension providing unrivaled comfort, panoramic glass roof for views of the city and silent powertrain, what's not to like?" Read more in the press release below. Chevrolet has had the interior design of the 2016 Volt finished for two years already, according to GM interior designer John McDougall. Beginning around 2010, GM received sketches from designers worldwide before narrowing it down to a handful of designs. Then the top three choices were molded from clay. The chosen theme was then refined for up to 18 months. "Every little thing you can imagine goes into that," says McDougall. "The glare angle from the windows, the placement of the controls, the placement of the seat. You have to create something that's beautiful and functional." Read more at GM Authority and at Inside EVs. More details have emerged about the Second Life Batteries Alliance. Vattenfall has announced a research project in partnership with BMW and Bosch to use retired EV batteries for stationary, grid-connected energy storage in Hamburg, Germany. Over 100 lithium-ion batteries from BMW i3 and ActiveE vehicles will make up a two-mWh storage unit for grid balancing, enough to power 30 four-person households for a week. The system is "compact enough to fit in a small building," says Bosch. Such storage systems are especially fit for storing and moving alternative forms of energy, which often fluctuate in supply more than electricity from a traditional power plant. Vattenhall will operate the storage unit for 10 years, with Bosch managing the batteries, during which time the three partners hope to learn more about battery applications and their performance over time. Read more at Green Car Congress, or in the press release below.

Official USPS Muscle Cars stamps coming to a mailbox near you

As much as our digital lives have cut down on our trips to the post office, there are still times that sending "snail mail" is necessary. With us car lovers in mind and philately in their hearts, the good folks at the United States Postal Service will introduce a new stamp design called "Muscle Cars" starting on February 22.
Designed by artist Tom Fritz, the new collection of stamps consist of five classic muscle cars: 1969 Dodge Charger Daytona, 1970 Chevrolet Chevelle SS, 1967 Shelby GT-500, 1966 Pontiac GTO and 1970 Plymouth Hemi 'Cuda. In addition to just the stamps, the USPS is also commemorating the new series with plenty of collectable memorabilia. Previous car-related stamps include 50s Sporty Cars from 2005 and 50s Fins and Chrome from 2008.