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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

Hero gets his truck back better than new thanks to community support [w/video]

You ever hear a story and start cringing before you hear the end because you know how it's going to turn out? That could very well have been the case with the story from a few weeks ago in West Valley City, Utah, where a 14-year-old kid stole his grandfather's Hyundai Veloster and took it for a joyride - through a park full of children. But instead it turned into a heart-warming tale of heroism and a community banding together to do what's right... and then some.
Bryson Rowley was that hero who identified the danger and, rather than sit idly by and watch the joyrider potentially run over a child, got into his truck and drove it into the menacing runaway hatchback. The collision caused some $7,500 to his 2008 Dodge Ram 2500, but instead of getting stuck with the bill - one which his insurance may very well have refused to pay since the crash was, technically speaking, intentional - his community pitched in a helping hand.
Bryan Ellison, who owns West Valley Carstar with his brother, saw the news on television and wanted to help. So he brought Rowley a rental car, picked up his truck and brought it back to his auto repair shop. People from around the community donated parts, and when all was said and done, some $15,000 of work and upgrades were performed on the Ram that was returned to an overwhelmed Bryson Rowley better than new. Watch the video below for the full story.

1985 Dodge Omni GLH | eBay Find of the Day

Cars from the 1980s weren't exactly known for performance. The muscle car days had ended a decade prior, and computer controls and precision engineering standards were still in their infancy. But that doesn't mean the decade was a complete loss for automotive enthusiasts. For proof, take a look at this 1985 Dodge Omni GLH that's currently for sale on eBay. Carroll Shelby's affiliation with Ford was in hiatus (and under litigation in court), but the legendary tuner wasn't content to sit around and do nothing. Shelby turned to Dodge right around the time that the American company was dipping its toes into turbocharging. The partnership led to several interesting vehicles, but perhaps none of them were as unexpected as the Shelby-modified Omni hatchback. The '85 GLH you see above is powered by a turbocharged 2.2-liter four-cylinder engine that sends 146 horsepower to the front wheels through a five-speed manual transmission. These days, that might not sound like a lot of power. But when you consider that the base LG4-code 305-cubic-inch V8 in the Chevy Camaro Z28 spun out 155 hp that same year, you start to understand why the Shelby Omni was a big deal. Suspension changes to the Omni GLH included stiffer springs, firmer shocks, and a lowered ride height that dropped the bodywork closer to its 15-inch aluminum wheels. GLH badging — which, in true Shelby fashion stood for "Goes Like Hell" — and blacked-out bodywork rounded out the updates. Dodge sold 6,513 Omni GLH models in 1985, and just 3,509 were equipped with the turbocharged engine. You'll have to look long and hard to find one that's nicer than this on eBay. The seller claims it's mostly in original condition, and its low odometer reading of 15,901 miles seems to back that up. It's located in Wixom, Michigan, with an asking price of $18,900.