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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

2013 Dodge Dart GT

My younger brother bought a Dodge Dart earlier this summer. It's a basic SXT, in Maximum Steel Metallic, with the 2.0-liter engine, a six-speed automatic transmission and not a whole lot else. Unfortunately, at the time, the Dart was one of the few cars in the compact class I'd never driven. I didn't know a lot about it, and therefore, didn't have a lot to say when he bought it. I think the words "based on an Alfa," popped out when I first saw it.
As it turns out, he's grown quite fond of the dark gray sedan, so it was with some degree of enthusiasm that I paid him a visit in this bright-orange Dart GT. I was excited to see what it was about the Dart that he enjoyed so much, despite my tester featuring a different engine, transmission and a lot more tech. After a week with the car, though, I must say: I don't quite see what all the fuss is about.
Driving Notes

Hellephant 1,000-horsepower Mopar crate engine priced, is available to order

The folks at Fiat Chrysler's Mopar division unveiled its meanest road-going V8 ever at last year's SEMA show. It makes 1,000 horsepower, and it's called the Hellephant in honor of the second-generation Charger's 426 "Elephant" V8, and because it has a honking big supercharger on top like the modern Hellcat. What we didn't know was the price, but now order books are open, and it's priced at $29,995. That's about $10,000 more than the currently available Hellcat engine, which makes 707 horsepower. You'll also probably want to buy the available kit that comes with all the computers, wiring, sensors and throttle to run it, and that's an extra $2,265. Putting things further into perspective, you can actually buy an entire new Dodge Challenger SXT V6 for $29,340. You'll also still need to add other accessories if you want things like air conditioning, which Mopar is also happy to sell you. What we're saying is, this is a lot of money just for an engine. But on the other hand, this is a roughly plug-and-play engine with Bugatti Veyron power for the price of a V6 Challenger, so that's pretty awesome. And you can put it into anything you have the skills or money to put it in. Plus, it should be able to make more power with higher-octane fuel. We can't wait to see the swaps and builds.