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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

2017 Los Angeles Auto Show Recap Livestream

Autoblog editors discuss the highlights of the 2017 Los Angeles Auto Show. The Jeep Wrangler and Chevy Corvette ZR1, were huge stars, but more mainstream SUVs like the Hyundai Kona, Subaru Ascent, Nissan Kicks and Lincoln Nautilus were also significant. Editor-in-Chief Greg Migliore and Senior Editor John Beltz Snyder discuss the latest from L.A. LA Auto Show Jeep Subaru SUV Videos 2017 LA Auto Show

Your 2018 Jeep Wrangler can already be fitted with a Chevy LS V8

Over a long enough period of time, every car model on the planet will probably have at least one example receive a Chevrolet V8. And a large number of them will have an LS-series V8, commonly found in Corvettes and Camaros from the last 20 years (plus other GM vehicles in slightly different forms). Sometimes it doesn't take very long, as is the case with the 2018 Jeep Wrangler JL. The new Jeep has only been available for a couple of months, and already a company called Bruiser Conversions is offering to install LS engines under the hood. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Specifically, the company will install a GM Performance LS3 V8. Though Bruiser Conversions doesn't yet list exactly what specifications the engine has, it offers the LS3 in both 450- and 500-horsepower versions on the previous Wrangler JK generation. The new V8 will be fitted to the factory 8-speed automatic transmission, and the company says that the transmission will function exactly as it does with the original V6 or turbo inline-4. In addition, Bruiser Conversions says all factory gauges, cruise control, hill descent control and other electronic aids will work like they did from the factory. Pricing is currently not listed for the conversion, but the company is taking pre-orders for both in-shop installations and do-it-yourself kits. Going off the conversion costs for an older JK Wrangler, it will probably cost between $20,000 and $30,000 to have Bruiser Conversions do the installation. In the case of the JK kits, they're about $5,000 less than having Bruiser Conversions do the work. We've reached out to the company to see if we can get specific pricing and will update the post if and when we hear back. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Bruiser ConversionsImage Credit: Bruiser Conversions Aftermarket GM Jeep SUV Off-Road Vehicles Performance ls3