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Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

Jeep driver nearly gets washed away by fast moving river

Just because you can do something doesn't mean that you should. For example, you should never attempt to cross a fast-moving river in a bone stock Grand Cherokee no matter how shallow the river looks. Especially if you don't know what you're doing. A video posted recently to the Facebook group Jeep EXPERIENCE, shows an inexperienced jeep driver learning that lesson the hard way. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The video starts innocently enough, with a group of off-roaders watching one of their friends attempt to ford a shallow looking river. Things quickly go sideways however, when the driver of the silver Grand Cherokee just plunges right in and quickly gets in over his head. The river is moving faster than the driver thinks it is, the driver panics, makes some bad decisions, then the jeep is turned over and swept downstream. Eventually, the jeep is hauled out by a Land Rover after a long comedy of errors that involves one guy losing his trousers to the current and the Cherokee ingesting untold gallons of water. What went wrong here? Well, It's pretty obvious from the video that the Cherokee driver didn't have a clear idea of where he was going or about the condition of the riverbed. He chickened out halfway across the river, and in what appears to be a misguided attempt at turning back, he reverses, digs himself deeper in the riverbed, then turned broadside on into the current. When he changes his mind again and decides to just gun it for the opposite shore, he drives directly into a deep water hazard that would have been obvious to an experienced off-roader. At that point the jeep and the driver were doomed. Hopefully the driver learned a lesson here, and hopefully he didn't pollute that river too much with the jeep's fluids. Related Video: News Source: Jeep EXPERIENCE Weird Car News Jeep Land Rover Driving Safety SUV Off-Road Vehicles Videos river

Woman throws coffee at man over handicapped parking spot

A Toronto area busybody started a decidedly un-Canadian altercation over a woman illegally parking in a handicapped parking spot this week. He now regrets his decision to film it. On March 21, Ryan Favro confronted a young woman outside the Tim Hortons in Toronto as she approached her jeep with two cups of iced coffee. The situation quickly escalated, and ended with the woman hurling obscenities and both of her coffees at Favro before driving off. Favro quickly uploaded his video to Facebook where it quickly became viral, garnering more than a million views and spreading as far as New Zealand. Toronto Police caught wind of the video, which clearly shows the woman's face and the license plates of her Jeep, and issued her a warning. "We've cautioned her for assault and parking in a disabled spot, which is really what we can do under the circumstances," said Toronto Police spokesman Mark Pugash. Favro changed his mind about the public shaming by mid-week and, in a futile attempt to put the genie back in the bottle, he removed the video from his Facebook page. "I don't want to grind this woman into the ground," he said. "There has to be a way for her to recover." His attempt to walk back his video and make the situation go away have not been particularly successful, however. Although he took the original video down, it has been copied and posted so often by now that it has become impossible to completely erase it. His attempts to do so, and his post about it on Facebook, have received some mixed feedback. "If the guy was feeling remorse for publishing it [the video], perhaps he should not have posted it online and just go to police," said Facebook user Laura Dixon. Repeated requests by the Toronto Star to interview Favro have gone unanswered News Source: TheStar.com Chrysler Jeep SUV Off-Road Vehicles Videos parking toronto coffee parking lot handicapped parking