2000 Jeep Cherokee Sport Xj, 4.0l, 4wd, 4 Door, 151k, Automatic, Snow Tires on 2040-cars

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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

FCA's U.S. sales chief sues company for wrongful retaliation

Some fresh controversy is brewing at Fiat Chrysler Automobiles as The Detroit News reports that the head of U.S. sales has filed a federal whistleblower lawsuit against the company.. Reid Bigland, who's also in charge of the Ram truck brand, alleges that FCA made him a scapegoat for wrongful sales inflation practices and fixing vehicle sales statistics, which are currently under investigation by federal agents. Bigland claims that FCA executives punished him for cooperating with the federal investigators in the case by cutting his pay by more than 90 percent, according to the lawsuit he filed. The plan apparently was to use the money saved to pay for fines following any settlements made with the Securities and Exchange Commission. So far, the lawsuit alleges that FCA cost Bigland over $1.8 million in income. "They had the largest growth in retail sales in 17 years last year and refuses to pay him," Deborah Gordon, Bigland's lawyer in the case, said to The Detroit News. "Why is that? Because he participated in the SEC investigation and they don't like what he said." Bigland claims he just cooperated with the SEC investigation by testifying about FCA's sales reporting, from the time he took the position to the period prior to being appointed the company's U.S. sales chief. "In late 2018, presumably as a way to wrap up their investigation with some result, the SEC suggested to plaintiff that he admit to some wrongdoing as to defendants' monthly sales reporting," Gordon further said in a statement as part of the lawsuit. "The SEC also suggested a resolution involving some penalty to FCA. Because (Bigland) had not engaged in any wrongdoing, and there was no wrongdoing, he declined to do so." However, exacerbating the issue is the fact that Bigland reportedly sold his shares in the company last year, prompting FCA to act against him even more. FCA came under fire recently by federal agents in at least two separate investigations, potentially exposing conspiracy and corruption between company executives and private entities. The investigations are being led independently by the U.S. Attorney's Office and the FBI. So far, eight convictions were reportedly secured, with one including former Fiat Chrysler Automobiles Vice President Alphons Iacobelli, as one of the defendants. Iacobelli was one of the former top labor-relations executives for the automaker.

2019 Jeep Renegade gets new turbo engine and new styling

We told you about the European-spec 2019 Jeep Renegade in June, but today we have the low-down on what the U.S. can expect from the refreshed crossover. New for 2019 is a 1.3-liter turbocharged four-cylinder engine that makes 177 horsepower and 200 pound-feet of torque. That means the 1.3-liter boosted four is actually more powerful than the outgoing 160 horsepower 1.4-liter. This engine will be standard on Limited and Trailhawk models but optional on the Sport and Latitude — those cheaper trims will get the carryover 2.4-liter naturally aspirated four-cylinder engine standard. If you option the 1.3-liter, it'll come with stop-start tech as well. Regardless of engine choice, you'll be getting a nine-speed automatic transmission because the existing six-speed manual is MIA for 2019. As a refresher from what we learned before, the Italian-built Jeep crossover gets new front and rear fascias plus new wheel designs to differentiate it from 2018. You can even get 19-inch wheels on Latitude and Limited trims. An available full LED lighting package brings LED headlights, daytime running lights, fog lamps and taillights. Driver assistance features including adaptive cruise control, parallel/perpendicular park assist and front parking sensors are optional as well. There aren't any pictures of the new colors yet, but you can get Slate blue, Sting grey and Bikini paint on your Renegade ... interesting name choice on the last one. Of course, the Renegade will be offered in both front-wheel and four-wheel drive, with the Trailhawk being the most capable of the bunch off-road. Jeep hasn't released official fuel-economy numbers for the 1.3-liter turbo, but it says the smaller engine and active grille shutters should yield an improvement over 2018. Pricing and availability remain a mystery, but we don't imagine it'll be much longer until that information is available. Featured video: