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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

Junkyard Gem: 1983 AM General postal Jeep DJ-5L

When neither snow nor rain nor gloom of night will stay you from your appointed rounds, you don't need fancy styling or futuristic technology. All you need is a simple steel box with four wheels, one seat (on the right-hand side), a mail-sorting tray, and an engine. The Jeep DJ was that vehicle, and DJs served as workhorses for the United States Postal Service starting in 1955 and — in some rural areas— into our current century. Here's one of the last ones made, found covered with snow in a Denver self-service wrecking yard. Related: Postal truck prototypes spied from Oshkosh and Karsan When American Motors bought Jeep in 1970, it built and sold DJs via its AM General subsidiary. The DJ-5 was a stripped-down, two-wheel-drive version of the pretty-spartan-to-start-with Jeep CJ, and there wasn't much to go wrong with it. The final year for the DJ-5 was 1984. During the AMC era, the DJ received an ever-shifting array of engines, depending on what looked like the best deal in Kenosha at a given time. Starting with the Chevrolet Nova straight-four, Jeep DJ engine compartments boasted AMC straight-sixes of 232- and 258-cubic-inch displacements, followed by Audi 2-liter straight-fours (yes, the same engine used by the Porsche 924), then the 2.5-liter GM Iron Duke four, and finally the 2.5-liter AMC straight-four. This DJ-5L has Duke power. The early DJs had manual transmissions, but all the AM General DJ-5s came with automatics. If you think an Iron Duke powering a Jeep is odd, consider that it's bolted to a Chrysler Torqueflite transmission. Once the USPS was done with them, cheap DJ-5s flooded the market. This one has had a random junkyard seat swap, but retains the handy mail-sorting tray. Featured Gallery Junked 1983 Jeep DJ-5L View 21 Photos Jeep Commercial Vehicles Classics amc mail truck

2014 Jeep Cherokee: Introduction

When we look back at some of the more shocking product launches of recent yeras, the Jeep Cherokee is certainly high up on the list. And we aren't just talking about its off-the-wall, polarizing design.
For starters, it brought back the iconic Cherokee nameplate - something Jeep enthusiasts have coveted for ages. But beyond that, it brought a new evolution for the Jeep brand. After all, the Cherokee is car-based - using the same compact platform that underpins the Dodge Dart and Chrysler 200. It has a greater focus on technology and refinement than ever before, in an effort to appeal to a new crop of Jeep customers. And powering it all is a new (optional) V6 engine paired with an equally new nine-speed automatic transmission.
Can the Cherokee's car-based roots still allow for a vehicle that's superb when the going gets tough? Will its design still be a love/hate affair in one year's time, or will it start to blend in? Is the powertrain strong enough to not only support the needs of daily driving and road trips, but blaze a few trails as well? We're aiming to answer all these questions, and more, over the next 12 months. Welcome to the Autoblog long-term garage, Cherokee.