2012 Fiat 500 C Lounge Convertible Navigation Leather Bose Audio Green Coupe on 2040-cars

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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

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Abarth 600e electric crossover previewed with 240 horsepower

The second electric member of the Abarth family is nearly ready to make its debut. Based on the Fiat 600e crossover unveiled in 2023 for the European market, it features a muscular-looking exterior design and the most powerful drivetrain the brand has ever put in a car. Finished in Hypnotic Purple, the Abarth 600e sits much lower than the Fiat-branded model. The picture released by the firm shows the Scorpionissima trim, which will be limited to 1,949 units and only offered at launch, so keep in mind that the standard car might look a little different. With that said, it gets a deeper front bumper, 20-inch wheels designed to clear bigger brakes, and a massive roof-mounted spoiler. Abarth hasn't released full technical specifications. All we know at this stage is that the 600e Scorpionissima Edition will ship with a 240-horsepower drivetrain. That figure makes it the most powerful regular-production model in the brand's history, but it doesn't tell the full story. The 600e stretches 164 inches long, so it's likely the biggest car in Abarth's history, and there's a chance it will be the heaviest as well. That's not to say it won't be fun to drive. Abarth wrapped the big wheels with sticky tires and, significantly, fitted a mechanical limited-slip differential. We'll need to be patient to find out what the 600e looks like inside; Abarth has only clarified that the model will be "loaded." More details about the Abarth 600e Scorpionissima Edition will emerge in the coming months, though nothing suggests we'll see the model in the United States. And, while the standard 600e has a gasoline-burning counterpart, it doesn't sound like the Abarth will get one. Related video: