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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

GM recalling nearly 4,000 vehicles over airbag concerns

Four different General Motors vehicles from the 2012 model year are being recalled over a potential airbag issue. The driver's side airbag shorting bar in the 2012 Buick Verano and 2012 Chevrolet Camaro, Cruze and Sonic might make contact with the airbag terminals, even during a crash. If so, the airbag won't deploy when it should, possibly increasing injury to the driver.
The recall is expected to begin on February 13 for the 3,896 units that might be affected. GM will notify owners who can then take their vehicles to dealers to have the airbag coil replaced. A bulletin from the National Highway Traffic Safety Administration below has more info.

Recharge Wrap-up: Long Beach ePrix, London's new electric buses

London will put 51 new electric buses into service. With the addition of these buses, two more routes (in addition to one already in operation) will be all-electric. Transport for London plans to have all of central London's 300 single-decker buses running on electricity or hydrogen by 2020. "The expansion of London's electric bus fleet demonstrates our commitment to reducing emissions from public transport in London," says Deputy Mayor of London for Environment and Energy, Matthew Pencharz. "The Ultra Low Emission Zone that will be introduced in 2020 is the most ambitious measure of its kind taken to tackle air pollution anywhere in the world, and it will transform our bus fleet into a cleaner, greener and more pleasant way of travelling for Londoners." Read more from Transport for London, and from Green Car Congress. The Chevrolet Volt is subject to a tie-rod recall. Along with 10 Cruze vehicles, one 2015 Volt has been recalled because of a tie rod that might not have been tightened to the steering gear correctly, which could lead to a loss of steering control. Chevrolet will replace the steering gear assembly, supplied by Robert Bosch Automotive Steering, for free. There have been no reported injuries from this issue. Read more at Detroit News. The Formula E Long Beach ePrix will take place on April 2, 2016. For the second season of the electric racing series, Long Beach is the only confirmed US host, as the spot on the calendar previously held by Miami still remains to be determined. More than 20,000 fans attended the inaugural Long Beach ePrix earlier this year, where Nelson Piquet, Jr. took first place before going on to win the Drivers' Championship. "It's extremely exciting to welcome the ePrix back to Long Beach for a second year," says Long Beach Mayor Robert Garcia, "and we are hopeful that this demonstration of innovation, sustainability, and cutting edge technology will return to our city year after year." Read more in the press release below. Related Video: LONG BEACH ePRIX TO RETURN APRIL 2, 2016 (July 14, 2015) – The Long Beach ePrix will return to the city streets on Saturday, April 2, 2016. The FIA (Federation Internationale de l'Automobile) World Motor Sport Council recently approved the calendar for the second season of the FIA Formula E Championship, with Long Beach scheduled as the sixth of 11 rounds in the series. Overall, 10 venues will host Formula E events, with the 2015-16 season beginning once again in Beijing on Oct. 17.