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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

2023 J.D. Power Initial Quality Study shows there's less quality than last year

Vehicle inventory, vehicle pricing, and the supply chain are finally showing improvement. Vehicle quality, on the other hand, is still going the wrong way. That's the takeaway from the 2023 J.D. Power Initial Quality Study that found overall problems exceeded last year's record high. The study surveyed owners of 2022-model-year vehicles to assess the average rate of problems per 100 vehicles (PP100) during the first 90 days of ownership. The average figure for the 32 ranked manufacturers in 2020 was about 166 problems per 100 vehicles. In the 2021 IQS, that dropped to an average of 162. For 2022, the average jumped to 180 problems. For 2023, the PP100 is up to an industry average of 192 — an increase of 30 problems per 100 vehicles in just two years. Let's get to the good news first: Dodge reclaimed the crown of having the lowest number of problems per 100 vehicles at 140. Buick won last year with 139 PP100, falling to third this year. Dodge was the first American automaker to top the IQS in 2021. Its return as the least problematic gives parent company Stellantis three wins in four years after Ram was crowned in 2021. It also gives U.S. brands a four-peat after Buick topped the chart in 2022 by having owners report the fewest problems. This year's top 10 is Dodge, Ram, Alfa Romeo, Buick, Chevrolet, GMC, Porsche, Cadillac, Kia, and Lexus. Stellantis gathered a few feathers for its cap, in fact. Maserati showed the largest improvement year-on-year, followed by Alfa Romeo, and Alfa Romeo posted the lowest PP100 among the premium class, beating Porsche and Cadillac. Alfa Romeo has been vocal about working to improve quality, mentioning Lexus as a target. Last year the Japanese brand finished sixth, the Italians finished near the bottom, between Jaguar and Mitsubishi. This year Alfa jumped to third, Lexus dropped to tenth. Ram was the third-best on the list of improvers from 2022 to 2023.   The individual model with the lowest PP100 is the Nissan Maxima. Now for the troublesome bits. In the words of Frank Hanley, senior director of auto benchmarking at J.D. Power, "The industry is at a major crossroad and the path each manufacturer chooses is paramount for its future.

A car writer's year in new vehicles [w/video]

Christmas is only a week away. The New Year is just around the corner. As 2014 draws to a close, I'm not the only one taking stock of the year that's we're almost shut of. Depending on who you are or what you do, the end of the year can bring to mind tax bills, school semesters or scheduling dental appointments. For me, for the last eight or nine years, at least a small part of this transitory time is occupied with recalling the cars I've driven over the preceding 12 months. Since I started writing about and reviewing cars in 2006, I've done an uneven job of tracking every vehicle I've been in, each year. Last year I made a resolution to be better about it, and the result is a spreadsheet with model names, dates, notes and some basic facts and figures. Armed with this basic data and a yen for year-end stories, I figured it would be interesting to parse the figures and quantify my year in cars in a way I'd never done before. The results are, well, they're a little bizarre, honestly. And I think they'll affect how I approach this gig in 2015. {C} My tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015 it'll be as high as 73. Let me give you a tiny bit of background about how automotive journalists typically get cars to test. There are basically two pools of vehicles I drive on a regular basis: media fleet vehicles and those available on "first drive" programs. The latter group is pretty self-explanatory. Journalists are gathered in one location (sometimes local, sometimes far-flung) with a new model(s), there's usually a day of driving, then we report back to you with our impressions. Media fleet vehicles are different. These are distributed to publications and individual journalists far and wide, and the test period goes from a few days to a week or more. Whereas first drives almost always result in a piece of review content, fleet loans only sometimes do. Other times they serve to give context about brands, segments, technology and the like, to editors and writers. So, adding up the loans I've had out of the press fleet and things I've driven at events, my tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015, it'll be as high as 73. At one of the buff books like Car and Driver or Motor Trend, reviewers might rotate through five cars a week, or more. I know that number sounds high, but as best I can tell, it's pretty average for the full-time professionals in this business.