2009 Chevrolet Traverse Lt on 2040-cars

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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

The Chevrolet Bolt is headed to China as a Buick SUV

When spy photos of what appeared to be Chevrolet Bolt EV with some minor front- and rear-end updates circulated last week, Autoblog surmised that GM was working on some sort of Bolt-based vehicle — potentially a crossover — to be sold in China as a Buick. We may just have corroboration for that theory. On Thursday, Motor1.com spotted a story published earlier this week on the Chinese site Auto Home which claims that GM has applied to sell an all-electric SUV under the Velite 7 nameplate in China.  There's little differentiating the Velite 7's exterior from the Bolt EV's, apart from bumpers, badges, and a little extra ground clearance. Up front, the bowtie is replaced by a round Buick badge, and the bumper picks up an almost Prius-like appearance thanks to contrasting vertical elements and a thin grille bleeding into the head lights to give it a full-width appearance. Chevy Bolt-based prototype View 16 Photos If the Chinese report is accurate, there is one significant difference under the skin. Per the application, the Buick crossover variant is to be powered by a 174-horsepower electric powertrain. That's down 26 horsepower from the Bolt EV's powertrain, and we can't help but think that a lifted Buick variant might just need every pony it can get.  The needs of the Chinese market are unique, and we're certain GM knows what it's doing if these figures are accurate. We have no reason to believe Buick plans to sell the Velite 7 EV here in the States, though we expect an updated Chevy Bolt eventually, and we wouldn't be surprised if Buick brings something along shortly to fill the void left by the departure of the Regal sedan and its variants.  Related Video:

General Motors reportedly considering small electric pickup

General Motors is considering adding a small entry-level model to its range of electric pickups, according to a recent report. The carmaker is currently showing a prototype to a select group of customers to gather feedback about the model before executives decide its fate. Industry trade journal Automotive News claims that it saw the pickup during a workshop organized by General Motors and describes it as being "smaller than the Ford Maverick and the Hyundai Santa Cruz." For context, the Maverick stretches about 200 inches long, 73 inches wide, and 69 inches tall, so it's around 12 inches shorter, 11 inches narrower, and 10 inches lower than the recently-unveiled Chevrolet Colorado. It sounds like this little GM truck would be closer in size to the Brazilian-market Chevy Montana, pictured at top. But unlike the Montana, the model that Automotive News got a look at had two doors, a "low roofline," a four- to four-and-a-half-foot cargo box, and a design described as futuristic and sporty. If launched, the yet-unnamed pickup would be marketed as an "affordable" EV with a base price pegged under $30,000. However, that's a big if: the pickup — whose name hasn't been announced — hasn't been approved for production. "We're creating these to get a reaction and then to try to modify it or move on," Michael Pevovar, the director affordable EV and crossover design for Chevrolet, told the publication. "The input may come back that it's just too small, and that's okay," he added. If it turns out to be too small for buyers, General Motors hasn't ruled out building its entry-level electric pickup on a different architecture to make it a little bigger. It's too early to tell where the electric pickup would slot in the General Motors portfolio if executives approve it. Chevrolet immediately comes to mind, especially considering the sub-$30,000 price point. The model would make more sense with a bowtie on its front end than with a Cadillac emblem, GMC's trucks are normally positioned higher than Chevrolet's, and Buick hasn't built a pickup in many decades. Similarly, there's no word on when it would enter production or where it would be built. With that being said, there's very clearly a market for affordable, small pickup trucks. As of the third quarter of last year, Ford had sold more Mavericks than it had the Expedition or the Ranger. Hyundai hasn't sold as many Santa Cruz trucks, but it's still not too shabby, having beaten out the Venue and Accent last year.