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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

Dodge Challenger Hellcat valet mode angers parking attendant

I spent over three years as a valet. It was good money and an excellent second job when I was getting my start as a writer – ten hours per week at the small restaurant I worked for was good for anywhere from $150 to $250. Over those years, I can say with absolute confidence I never goofed off in someone's car. Unfortunately, not all valets are so trustworthy. Like these idiots. Apparently, a Dodge Challenger Hellcat owner captured the valets at Universal Studios in Florida on his dashcam messing about behind the wheel of his 707-horsepower muscle car. One valet is behind the wheel and there's another riding shotgun as they aimlessly wander about the parking lot, lamenting the fact that the owner (wisely) engaged valet mode before handing over the keys. "We can't do anything," they whine. The owner, for his part, seemed pretty cool about the whole thing, writing in the YouTube description that he purposely kicked up the exposure at the end of the video to hide the identities of the valets. He also added that they didn't do anything wrong – this former valet agrees to disagree, based on the over four minutes it takes to actually park the car – and that he was thankful for valet mode. You can check out the video above – be warned, though, there is some language in it. And remember, if you valet your car, use valet mode, check the odometer when you drop off and pick up, and if everything checks out, give the poor guys a tip. Want more recent Hellcat news? Check out the Wrangler Trailcat concept headed to the Easter Jeep Safari in Moab, photos of a possible Hellcat HD Ram pickup, and spy shots of the Hellcat-engined Jeep Grand Cherokee Trackhawk. It's been a good week for 707-hp Mopars. Related Video:

Dodge Viper and Jaguar XK revival | Autoblog Podcast #543

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Consumer Editor Jeremy Korzeniewski. We talk the possible rebirth of the Dodge Viper and Jaguar XK, as well as the recent goings-on at Tesla. Then we share some of our experiences driving in Europe. We also discuss the cars we've been driving, and help spend another listener's hard-earned dough in this week's "Spend My Money" segment. Autoblog Podcast #543 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Dodge Viper and Jaguar XK to make a return? Tesla Model 3 braking issues and Elon Musk vs. media Driving in Europe Cars we've been driving: Porsche Panamera Turbo S E-Hybrid Sport Turismo, Infiniti QX50, Range Rover Velar Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Auto News Green Podcasts Dodge Infiniti Jaguar Land Rover Porsche Tesla Car Buying Used Car Buying Driving Safety Performance jaguar xk infiniti qx50