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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

Survey says $25k barrier is a problem for EVs

The majority of consumers are more or less priced out of the market.
Electric cars are gaining popularity with the general public, but are they still too expensive? According to a survey 1,084 consumers by Navigant Research, a consulting firm located in Boulder, CO, 71 percent want their next car to cost under $25,000, while 41 percent won't go a cent above $20K. Looks like people are even thriftier than we'd originally thought.

2016 Camaro gets most revealing tease yet

Chevrolet started its long teaser campaign for the 2016 Camaro by just revealing the exhaust manifold and front frame, but as time has passed the company has slowly unveiled more. In the latest glimpse ahead of the pony car's May 16 debut, we're actually getting to see the model's profile completely undisguised. As suggested by the recent tease of the rear and hood, the 2016 Camaro wears a sharper, more angular design than the current model. This is especially the case when you look at the taut lines making up the rear. Chevy claims that the new shape underwent 350 hours of wind tunnel tests to be able to generate left lift, improve cooling and reduce wind noise in the cabin. A smooth underbody pan is among the aerodynamic tweaks, and it runs from underneath the front grille to the center of the Camaro. Chevy asserts that all of the changes at the front help reduce lift by 30 percent. Related VIdeo: 2016 Camaro is all about the Aero Total aerodynamic lift improved by 30 percent for improved stability 2015-05-11 DETROIT – After 350 hours of wind tunnel testing – often 24 hours a day – the new Camaro will slip more easily through the wind, and drivers of the Camaro SS will experience a marked improvement in reduced aerodynamic lift. These changes illustrate the lengths the aerodynamics team went to for improved performance, stability, cooling and lower wind noise intrusion "The importance of aerodynamics increases exponentially as we increase vehicle performance," said Kirk Bennion, Exterior Design manager. "As engine output increases, we need more engine cooling. As acceleration and top speeds climb, we need to reduce lift for better high-speed stability. However, we cannot make any changes at the expense of increasing drag, which can hurt fuel economy. "To balance these different aerodynamic targets, we tested literally hundreds of changes on the new Camaro, millimeters at a time." For example, the initial design called for the lower grille bars to be set at a 20-degree angle to the horizon. However, after meticulous testing, the team improved engine-cooling airflow by 1 percent by shifting the angle to 13 degrees – a change that achieved the airflow target while maintaining the original grille design. And rather than a traditional front air dam to reduce aerodynamic lift, the team developed a flush belly pan that stretches from the front grille to the center of the vehicle.