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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

2021 Chevy Tahoe, GMC Yukon fuel economy and towing capacities go official

Most of the puzzle pieces have fallen into place with GM’s new full-size SUVs, but today we have fuel economy and towing to add to the picture. Numbers for the standard 5.3-liter V8 and upgrade 6.2-liter V8 are out, but GM has held back on the 3.0-liter turbodiesel inline-six for the time being. Those numbers are most likely not ready yet. Minor improvements and decreases are seen throughout the Tahoe/Suburban and Yukon/Yukon XL lineup. Because there are so many variants, weÂ’re going to just lay them out below for you. 5.3-liter V8 2021 Tahoe/Yukon 2WD: 16/20/18 2021 Tahoe/Yukon 4WD: 16/20/18 2021 Suburban/Yukon XL 2WD: 16/20/18 2021 Suburban/Yukon XL 4WD: 15/19/17 6.2-liter V8 2021 Tahoe/Yukon 2WD: 15/20/17 2021 Tahoe/Yukon 4WD: 14/19/16 2021 Suburban/Yukon XL 2WD: 15/20/17 2021 Suburban/Yukon XL 4WD: 14/19/16 As you can see, there isnÂ’t a whole lot of difference between two-wheel drive and four-wheel drive options. You can eke out an extra mpg here and there, but itÂ’s a penalty weÂ’d be happy to live with to have four-wheel traction. The biggest loser in all of this is highway mpg. Chevy has made the trucks bigger and added weight with the independent rear suspension, causing a decrease in fuel economy. For example, a 2020 Tahoe with the 6.2-liter V8 and four-wheel drive is rated at 14/22/17. The 2021 truck drops 3 mpg on the highway and 1 mpg in the combined rating. There are improvements to be found, though. A 2020 Suburban with the 5.3-liter V8 and four-wheel drive is rated 14/21/16. Fuel economy in the city goes up 1 mpg, but you lose 2 mpg on the highway and 1 mpg in the combined rating. ThereÂ’s a bit of give and take here, but at least a slight increase in city mpg has accompanied the greater loss in highway fuel economy. 2021-chevy-tahoe-chicago-01 View 12 Photos As for towing, the Tahoe/Yukon with the 5.3-liter V8 and two-wheel drive has a new 7,900-pound capacity, and the four-wheel drive model is rated at 7,700 pounds. Respectively, those are the best figures youÂ’ll get with the standard towing capacity. Opt for the maximum towing package, and the Tahoe/Yukon capacities go up to 8,400 pounds (two-wheel drive) and 8,200 pounds (four-wheel drive). The numbers all take slight cuts when you go for the 6.2-liter V8. Both the Suburban and Yukon XL offer similar or identical towing figures as their shorter counterparts do.

UAW to vote on strike at Kentucky Corvette plant

The current wait time for a new Chevrolet Corvette Stingray is well, not short. With word of a strike at the Bowling Green, KY factory responsible for seventh-generation sports car, though, that wait time could end up growing substantially.
Now, a strike is still a ways off. UAW Local 2164, which represents the 800 workers responsible for screwing the Corvette together, is set to vote on authorizing a strike today, but even if the employees give the action a go, it's far from a sure thing. According to The Tennessean, both regional and national union officials would need to put their stamp of approval on strike action.
"The membership has to vote to strike, but it's just a step in the process," said Gary Casteel, the UAW's Region 8 director and one of the people that would need to authorize a strike action. Casteel told The Tennessean, "It's purely a local situation, though. They are having some issues with the local management."