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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

Hypermiling a Ram 1500 EcoDiesel to 38.1 mpg

You never quite know what Wayne Gerdes has up his sleeve. The man who coined the term hypermiling is always looking for adventurous ways to prove that anyone – even you... yes, you – can eke out more miles per gallon just by changing the way you drive. Saying that is easy. Proving it by going on outlandish cross-country drives is hard. But for Gerdes and his team of fuel economy fiends over at CleanMPG, hard is half the fun. Our latest adventure appeared, at first glance, to be nearly impossible. Which is why we always answer the phone when Gerdes calls. He likes to take journalists along on his drives, not only to try teach us how to hypermile but also to prove that we can be taught. The first time I 'helped' him and his team was when we got over 30 miles per gallon in a 2011 Ford F-150 XLT with the EcoBoost 3.5-liter V6. The EPA rated that truck with at just 16 mpg in the city and 22 on the highway. So, we'll count that trip as a success. Next up was a cross-country drive last fall in a trio of Audi TDI vehicles to prove that you don't need to drive extra slow to beat the EPA numbers. In fact, we made it from Los Angeles to New York City in just over 46 hours, cramped but not cranky. We had once again proven that how you drive is hugely important to your fuel usage. Our latest adventure appeared, at first glance, to be nearly impossible. The EPA says that the Ram 1500 EcoDiesel we would be driving gets just 22 combined mpg (19 city and 27 highway). Gerdes' idea was to drive it as far north from Houston, TX towards Detroit, MI as we could go on one tank. The day before we left, our itinerary got an extra stop. Instead of taking one of the official Shell Eco-marathon prototype vehicles to Detroit, it was decided to bring the winning diesel-powered prototype from the just-finished event to The Henry Ford Museum, where it had been arranged the car would be displayed. The winning car was built by a small team (just four students) from Sullivan High School in Sullivan, IN, who managed to beat a number of college teams with a score of 1,899.32 mpg. That target would be a bit out of reach for the Ram, but could we get 1,000 miles from the tank? Since the truck has a 26 gallon tank (officially, anyway), that would mean the EPA says we could only go 702 miles, assuming all highway driving. Could we make up 300 miles with careful driving? That spells both challenge and fun.

Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.