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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

2016 Chevy Volt zaps into the Detroit Auto Show with big improvements [w/video]

If you need an example of how quickly the plug-in hybrid market is evolving, just take a quick glance at the 2016 Chevrolet Volt. For its freshly introduced new generation at the 2015 Detroit Auto Show, the sedan sports extra range, better efficiency and a host of other improvements to make the vehicle even easier to live with. A big portion of the model's improvements come from Chevy's second-gen Voltec propulsion system. The updated drive unit is 12 percent more efficient and sheds 100 pounds from the scales. The battery itself also drops 21 pounds, while growing in capacity to 18.3 kilowatt hours. It gives the Volt an electric range of up to 50 miles and offers a total driving distance of over 400 miles. In addition, the new 1.5-liter engine offers estimated 41 miles per gallon fuel economy (with no battery). The significant improvement in specs are certainly respectable, but the vast majority of buyers should notice the latest Volt's evolved styling first. Up front, there's a shiny new nose with a more modern take on Chevy's split grille. From there, the design slows back to a more svelte take rear with the original model's futuristic, square taillights not making the transition. Inside, Chevy simplifies the infotainment system and now offers seating for three in the back. Check it all out in the gallery, above, to see how far the latest model has come. Chevrolet Introduces All-New 2016 Volt New model features expressive, sleek design and delivers 50 miles of EV range DETROIT – Chevrolet today unveiled the all-new 2016 Volt electric car with extended range, showcasing a sleeker, sportier design that offers 50 miles of EV range, greater efficiency and stronger acceleration. The Volt's new, efficient propulsion system will offer a General Motors'-estimated total driving range of more than 400 miles and with regular charging, owners are expected to travel more than 1,000 miles on average between gas fill-ups. "The 2016 Chevrolet Volt provides our owners with a no-compromise electric driving experience," said Alan Batey, president of GM North America. "We believe our engineering prowess combined with data from thousands of customers allows us to deliver the most capable plug-in vehicle in the industry." The 2016 Chevrolet Volt's technology and range advancements are complemented by a design that blends sculpted, muscular proportions with aerodynamic efficiency, and an all-new interior with seating for five and improved functionality.

Minor updates coming to 2017 Chevy Volt

The 2016 Chevrolet Volt has just appeared at dealerships, but already the talk has turned to the mildly updated 2017 model going on sale in a few months. The new Volt has already won the 2016 Green Car of the Year award and is sparking a noticeable uptick in sales over the outgoing model. Chevy is now planning to keep interest in the second-generation Volt strong with some tweaks and increased availability. The main equipment change to the 2017 Volt will be the option of adaptive cruise control on both the base LT and uplevel Premier, according to CarsDirect. While the Volt already offers safety technology such as blind-spot monitoring and forward collision warning, adaptive cruise has been conspicuously absent. But the largest change will be that the 2017 Volt gets nationwide availability. GM decided to focus on strong markets for the original Volt when it chose where to introduce the new model. Buyers interested in the second-generation model have until now been limited to making purchases in states such as California, Maryland and the Northeast. This will all change soon. Conversely, you can have a 2016 Nissan Leaf now in all 50 states, or a 2016 Toyota Prius very shortly. But in our first drive of the Volt, we found it to be, "an efficient, no-compromise EV" and worth the wait for those who don't live in the states with the strictest emissions laws. Perhaps the reason the 2016 Volt is already being given an injection of dealer incentives is because of its relatively short lifespan. The 2017 Chevy Volt should arrive on dealer lots by spring 2016. Featured Gallery 2016 Chevrolet Volt: First Drive View 24 Photos News Source: CarsDirect via Green Car Reports Green Chevrolet Electric Hybrid ev sales