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New auto loans could soon extend out to 84 months

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans. This past week, Bloomberg reported that FCA's Ram Trucks division is currently offering the longest loans. Some stretch to 73 months. Jeep, Fiat and Chevy aren't far behind. More noteworthy is that we'll likely soon see lenders moving from 73-month to 84-month loans. That's seven years worth of interest. More than two-thirds of US auto sales come from light trucks like the Ford F-150, Chevy Silverado and Ram 1500. The average transaction price of a new vehicle is well over $30,000. It's not difficult to spec out a heavily-optioned truck up to $60,000. Vehicles depreciate from the moment they roll off a dealer lot, and these six or seven-year loans could hurt consumers and lenders both in the long run. The U.S. Senate voted last week to kill rules that would prevent discriminatory auto lending. These Obama-era guidelines were meant to curtail lenders who offered higher loans based on race, religion, sex or national origin. Related Video: News Source: Bloomberg Chevrolet Fiat RAM Car Buying car loan car values

Trump tells Detroit 3 CEOs he wants more US jobs, calls environmentalists 'out of control'

As expected, President Donald J. Trump met with top executives from FCA, Ford, and General Motors this morning as part of a larger push to generate jobs in America. "I want new plants to be built here for cars sold here!", Trump said in a tweet ahead of the meeting. Not everything said in the meeting was made public, but the President later tweeted that he had a "Great meeting with automobile industry leaders." FCA CEO Sergio Marchionne, Ford chief Mark Fields, and GM's Mary Barra all echoed the positive vibes after the meeting. In a statement, Barra called the discussion "very constructive and wide-ranging," adding that it focused on "policies that support a strong and competitive economy and auto industry," and "that supports the environment and safety." That's noteworthy, because Trump is reported to have said "I am to a large extent an environmentalist. I believe in it, but it's out of control." Fields, speaking to reporters after the meeting, said, "We're excited about working together with the president and his administration on tax policies, on regulation and on trade to really create a renaissance in American manufacturing." The Ford CEO was specifically talking about Trump's withdraw from the Trans-Pacific Partnership. "We've repeatedly said that the mother of all trade barriers is currency manipulation, and TPP failed in meaningfully dealing with that, and we appreciate the president's courage to walk away from a bad trade deal," he said. Marchionne focused on American manufacturing in his statement after the meeting. "I appreciate the President's focus on making the US a great place to do business. We look forward to working with President Trump and members of Congress to strengthen American manufacturing." Perhaps equally as interesting as what was said and who was invited are what wasn't said and who wasn't invited. Trump has been very vocal about his distaste for US automakers' plants in Mexico, but no mention was made of the North American Free Trade Agreement by Trump or any of the Detroit CEOs after the meeting. We also have to wonder if Trump plans to meet with representatives from German, Japanese, and Korean automakers that have made massive investments into American plants and produce a large number of cars in this country. Related Video: News Source: Reuters, General Motors, Fiat Chrysler Automotive, Donald J.

2021 Ram 1500 TRX First Drive | King of the Jurassic parking lot

Looking over the spec sheet of the 2021 Ram 1500 TRX, it’s hard not to think America has hit peak pickup truck. Everything about the TRX is bigger, better and badder than any truck thatÂ’s come before, including its one obvious bogey, the Ford F-150 Raptor. For starters, the Ram has a 252-horsepower and 140-pound-foot advantage on the Ford. That means the TRX is quicker and faster, and it can haul and tow marginally more. The TRX has a nicer interior and its supercharged V8 engine sounds a heck of a lot better than the RaptorÂ’s turbocharged V6. Altogether, that ought to equal a truck thatÂ’s more fun to drive. The TRX certainly doesnÂ’t hide its off-road-performance intentions under subtle bodywork. Big, burly fenders with thick black flares cover massive 35-inch Goodyear Wrangler All Territory tires. Those body sides blend in nicely with an equally swollen hood that features a huge blacked-out air intake nostril at its leading edge and matte black gills on either side. A trio of government-mandated running lights sit inside the scoop, echoing the marker lights attached to ultra-wide dually pickups. Naturally, huge RAM scripting features front and rear, and thereÂ’s plenty more badging to make sure everyone knows this T-Rex sits at the top of the dino food chain. More important than the muscular styling is what that bodywork encases, starting with a frame that Ram says shares just 25% with lesser 1500s. ItÂ’s designed to be stiff and durable enough to withstand off-road terrain at speeds of 100 mph. The TRX boasts 11.8 inches of ground clearance, and can ford water up to 32 inches deep. Bilstein Black Hawk e2 adaptive shocks with nitrogen-charged remote reservoirs continuously adjust to handle current demands, whether that means taking the edge off a bumpy road or absorbing much larger impacts, like when landing a jump. There's 13 inches of wheel travel up front and 14 inches out back, allowing for a huge amount of articulation.  All that heavy-duty equipment adds weight. Ram says the TRX gains about 600 pounds of burly mass in the transition from regular Hemi-powered 1500 to Beast Mode off-roader, leading to a truck that tips the scales at over 6,350 pounds. For perspective, a Ram Rebel 4x4 weighs a little less than 5,400 pounds and the Ford Raptor SuperCrew weighs less than 5,700. 2021 Ram TRX View 61 Photos Good thing about that massively powerful engine, then.