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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 exploring ways to raise half-ton Duramax diesel tow rating

Lots of truck owners cheered when GM announced fuel economy numbers for the 2020 Chevrolet Silverado with the 3.0-liter Duramax diesel inline-six. Even after Ram let loose its EPA mileage ratings for the 2020 Ram 1500 EcoDiesel, the Chevy oil-burner still took the trophy. The victory was years in the making, GM engineers spending an entire four-year development cycle refining the LM2 Duramax to increase mileage. The tradeoff, as well all know by now, is towing; the Duramax in half-ton duty pulls a maximum 9,300 pounds in the Silverado. Rivals across town can do more, the Ford F-150 PowerStroke rated at 11,500, the Ram 1500 EcoDiesel game to pull 12,560. GM engineer John Barta told Muscle Cars & Trucks that more hauling chops could be on the way, explaining, "We’re actually looking at upgrading some of the materials around (the engine bay) to see if we can maybe raise our tow rating." Engine bay materials are at issue due to thermal complexities underhood. John Barta, GM's assistant chief engineer of diesel engine controls, said the Duramax's inline-six configuration allowed engineers to get emissions hardware like the combined selective catalytic reduction, diesel oxidation catalysts, and diesel particulate filter unit closer to the engine, where it heats up quicker, getting emissions down quicker. But that filter puts another heat source in those confines, enforcing a cap on the tow rating to keep the engine and other systems from overheating. "If you look under the hood," he said, "youÂ’ll see a significant amount of silver ‘moon tapeÂ’ around to make sure things arenÂ’t getting overheatedÂ… if we were to go up in higher towing, which we can, we start impacting the possibility of deteriorating some of the components.” There isn't much space for more grille, so swapping for a better grade of "moon tape" or a different kind of material could reduce engine bay heat, extracting a higher tow rating in the process.  It's important to note a point Barta's been making for months about the Duramax figures, though. "Even though itÂ’s nice to brag about big numbers, in reality, light duty customers are not towing that large with their trucks," and, "We do know that (95 percent) of our light duty customers donÂ’t tow over 9,000 pounds." On our First Drive of the 2020 Silverado diesel we called out the tow rating, but emphasized that the Chevy and GMC have more important challenges to overcome.

GM laying off 500 workers to slow Chevy Sonic production

Due to slow sales of the Chevrolet Sonic and Buick Verano, General Motors is cutting a shift at the Orion Township plant that builds the pair. The move lays off about 500 workers, but most of them are expected to get offers to transfer to other factories, Automotive News reports. The move came just a day after GM announced adding 1,200 employees to the Detroit-Hamtramck plant. GM has been trying all year at the Orion Township factory to align production of the Sonic and Verano with their demand. The automaker first attempted idling the plant several times and eventually resorted to laying off about 100 workers. It also reduced the production rate there. With the huge rise in popularity of crossovers, demand for the plant's small cars is on the downturn. According to Automotive News, there's currently a 116-day supply of Sonics and 100 days of Veranos to sell. Delivers tell a similar tale because the Chevy is off 35.2 percent from January to September, and the Buick does little better with a 27.2 percent drop from the same period last year. While the situation at Orion Township might look rough now, big things are on the horizon. Soon, the new Chevy Bolt electric vehicle will be built there when it hits the market around 2017. Plus, the plant will also get a $245-million upgrade and 300 new jobs for another, unannounced vehicle.