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Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

Will the Dodge Demon do a 10-second quarter-mile?

The final teaser for the Dodge Demon is finally here, and it might just give us a clue as to how quick the new car really is. A brief glimpse at a time slip shows what might be a 10-second quarter-mile time. That's a significant step up from the standard Hellcat's 11.7 seconds, but considering all of the Demon's modifications, it's not an unreasonable time. The new video, "Judgment Day," shows the new Demon in its natural habitat, a quarter-mile drag strip. There isn't much new information, aside from the brief glimpse at a time slip. There is a good shot of the car in action and some nice audio from what we assume is a supercharged 6.2-liter Hemi. For comparison, the new 2016 Chevrolet COPO Camaro is capable of a 10.7-second quarter-mile run, while the 2016 Ford Mustang Cobra Jet dips all the way down into the 8s. The full reveal is less than a week away. Look for more information, including the long-awaited horsepower rating, next week during our coverage of the 2017 New York Auto Show. Related Video: New York Auto Show Dodge Coupe Performance dodge demon dodge hellcat

General Patton's Dodge WC57 Command Car headed to auction

Indiana will see some excellent vintage metal on several auction blocks this summer. Mecum Auctions has the 1965 Pontiac GeeTO Tiger and 1963 Shelby Cobra that was a Ford demonstrator planned for in Indiana in late June. Two weeks before that, and as noted by Carscoops, Worldwide Auctioneers will offer what could have been Gen. George S. Patton’s Dodge WC57 Command Car. We say "could have been" because although the WC57 came out of the National Military History Center in Auburn, Indiana, a few years ago and is fitted with the modifications Patton made to his personal WC57, the auction house doesn't have paperwork explicitly linking Patton to this car, and there are other replicas of Patton Command Cars out there. That could help explain why when RM Auctions put this WC57 up for sale in 2017 with a pre-sale estimate of $100,000 to $150,000, the vehicle failed to make the $60,000 reserve. Dodge had been making vehicles for the U.S. military since before World War I, most of them based on civilian models. Before the U.S. entered World War II, Dodge turned its civilian TC pickup into the 1940 VC-1 military truck. The VC-1 quickly evolved into the WC range, the WC57 Command and Reconnaissance Weapons Carrier riding on a three-quarter-ton, 4x4 chassis and weighing almost 5,400 pounds. Built from 1942 to 1945, they were powered by Dodge's T214 side-valve, 230-cubic-inch inline-six with 92 horsepower.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. General PattonÂ’s Dodge WC-57 Command Car - Offered Without Reserve The WC57 was simple, reliable, capable, and at the end of the war, was part of the inspiration for the Dodge Power Wagon. The story is that soldiers returning from active duty badgered Dodge for a civilian version of the indefatigable WC warhorse, so Dodge responded with the postwar's most hardcore pickup in 1946. The open-topped WC57 rig was also popular with U.S. Army officers, and because of that, it was popular target practice for German infantry and Luftwaffe pilots. So Patton, before heading to France in 1944 with the Third Army, had the motor pool in Cheltenham, England, modify his WC57. Mechanics added an armor flap to shield the radiator, half-inch armor plate under the floor, and a Browning M2 .50-caliber machine gun for fending off aerial attacks. A second, drop-down tailgate provided extra space and covered tool storage.