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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

Chevy, GMC have electric pickups coming. Is Cadillac next?

GMC already has an uber-expensive electric pickup in the Hummer EV. By now you've no doubt seen the 2024 Chevrolet Silverado EV. It's a pickup. It's electric. It looks a little bit like an Avalanche. Hmm. You know what else was a pickup that looked a little bit like an Avalanche? Why, the Cadillac Escalade EXT, of course.  Cadillac Escalade EV-T yes or no?https://t.co/R1AXThRzIG@therealautoblog @Cadillac — Byron "Don't do anything Byron says. Ever" Hurd (@Byron_AB) January 7, 2022 So, hypothetically, if Cadillac were to build an Escalade EXT with an upmarket interior, Super Cruise, a minimum of 300 miles of range, 10,000 pounds of towing capacity, a locking frunk and 5-passenger seating, plus all of the nifty doodads and gadgets we've already seen on the Silverado ... would it sell?  OK, this isn't entirely hypothetical. In fact, I received a survey from Cadillac this morning asking just that. It's an interesting question. And it's one we're putting to you, the readers. So, what say you? Cadillac Escalade EV-T? Yes or no? Related video:

Mysterious white powder discovered at GM Orion Assembly

Workers at General Motors Orion Assembly Plant in Orion Township, MI uncovered a mysterious white powder in two different parts of the factory earlier this week, raising concerns about worker safety. "We can confirm that an unknown substance (white powder) was found on the floor outside of Gate 6 at Orion Assembly on Monday, August 29. On Tuesday, August 30, we had a second report of a bottle containing a similar substance found inside the plant," GM spokesperson Dayna Hart told The Oakland Press via email. GM stressed that incident didn't disrupt operations at the plant, and that the company was taking steps to ensure the safety of the sprawling factory's workers. That did include, an anonymous worker told The Oakland Press, closing off parts of the factory for two full days, as drug-sniffing dogs and crews in haz-mat suits descended on the area. "A sample of the substance has been sent to a laboratory for identification and results are expected later this week," Hart said. "All findings and actions have been shared with our employees." Orion Assembly currently builds the Chevrolet Sonic and Buick Verano, and will eventually be responsible for production of the new, all-electric Chevy Bolt early next year. Related Video: