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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

Train derailment leaves Jeep, GMC, Chevy pickups damaged in Nevada

An unfortunate train derailment is causing some inevitable delays for pickup truck customers west of Nevada. Yesterday morning, 33 train cars derailed in Lincoln County, and the cargo that was being transported consisted of new Jeep Gladiators and Wranglers along with Chevrolet Silverados and GMC Sierras, judging from the photos released by the Lincoln County Sheriff’s Office. The train derailment also caused the adjacent road to be closed, and local law enforcement recommends the area is to be avoided as long as it takes to clean it all up. In the photos, damaged Jeeps and other trucks sit either on their wheels or shiny-side-down as the incident is being assessed. Available information says there were thankfully no personal injuries, but itÂ’s not likely any of these trucks will end up in customer hands, even with a significant discount. Pre-registration transport damage, significant or not, has often resulted in scrapping complete vehicles so that manufacturers can steer clear of liability issues. Hooniverse.com, which also reported on the incident, notes a couple of interesting things. Firstly, the upended Gladiator seems to have a pretty sturdy support structure for its glasshouse, thanks to its new rollbars. Another matter is that the GM trucks, also pictured, wear discreet and temporary transport steel wheels instead of fancier items, perhaps to deter thieves eager to grab a shiny set from trucks on their way to the dealer. Still, itÂ’s a shame these vehicles could never fulfill their hauling purposes in the hands of new owners. Perhaps the manufacturers can at least use the damage for data-gathering purposes. Related Video:    

GMC Canyon, Chevy Colorado diesels finally heading to dealers

Customers who have been waiting to receive their diesel-powered Chevrolet Colorados and GMC Canyons should be relived to hear that GM will finally start to ship them out of the Wentzville Assembly Plant. "The highly anticipated 2016 GMC Canyon diesel has begun shipping to dealers," a company spokesperson confirmed to The Detroit News. The trucks originally had a fall launch date, but a final review forced a delay in deliveries. The 2.8-liter four-cylinder diesel in the midsize trucks produces 181 horsepower and 369 pound-feet of torque, and the company touts the engine's low emissions. The Environmental Protection Agency and California Air Resources Board even put the mill through extra scrutiny with a real world test in the wake of VW's diesel scandal, and the Duramax passed with no problems. At that time, a Chevy spokesperson told Autoblog that the models' launch was on track. The Duramax engine adds $3,730 to the price of a comparable V6 model, but they're the most fuel-efficient pickups on the market. The EPA estimates the twins at 31 miles per gallon highway, 22 mpg city, and 25 mpg combined in two-wheel drive form and 29/20/23 with four-wheel drive. Buyers likely can't wait to finally experience these pickups after reading a heap of positive reviews. The Colorado diesel recently earned Motor Trend's Truck of the Year award. We also came away impressed with it during our First Drive and liked the Canyon during our Quick Spin. Related Video: