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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

Chrysler recalls 468,700 Jeep Grand Cherokees, Commanders over rollaway risk

Chrysler has issued a recall covering a combined 469,000 units of the 2005-2010 Jeep Grand Cherokee and the 2006-2010 Jeep Commander (inset). Of that number, 295,000 are in the US, roughly 33,000 in Canada and Mexico and the remainder in other markets. It seems an electrical fault in the transfer case can allow the affected SUVs to shift into neutral on their own, while an Associated Press report says that Chrysler had "found cracks in a circuit board that turns the four-wheel-drive system on and off." The issue was discovered when an owner started his car remotely and it rolled away.
Chrysler is expected to begin notifying owners in June 2013, who can then take their cars to dealers. The dealer will reflash the final drive controller free of charge. There's a bulletin from the National Highway Traffic Safety Administration below with more information.

2016 Jeep Grand Cherokee SRT Night puts on a dark face

We'd love to tell you that the Jeep Grand Cherokee SRT you see above is powered by a hellish 707-horsepower supercharged V8 engine, but we can't. We hope that's coming soon, but in the meantime, we'll all just have to live in a world where an SUV with a 6.4-liter engine sends a mere 475 horsepower and 470 pound-feet of torque to all four wheels. So it goes, right? It's not a Trackhawk, and it's not a Hellcat. This is the Jeep Grand Cherokee SRT Night. That basically means it's just like all other 2016 Jeep Grand Cherokee SRT models, except that any and all brightwork has been replaced with gloss black bits. To complete the dark and mysterious look, all of the car's badging, its front fascia and its unique set of 20-inch wheels are done up in a satin-black finish. The body can be ordered in Velvet Red, Billet Silver and Granite Crystal (dark grey). Inside, as you'd expect, all the chrome has been painted black, and the black leather seats have silver stitching. Sure, we want to see the Hellcat engine dropped inside the Grand Cherokee SRT just as much as you do, but it's hard to complain about a 4.8-second 0-60 time or a top speed of 160 miles per hour. Feel free to read more in the press release below. 2016 Jeep Grand Cherokee SRT Night The new Jeep Grand Cherokee SRT Night features a stealth-like appearance with the roof, rear spoiler, front grille bezels, B and C pillars and side window surrounds all adorned in Gloss Black. The front applique is Satin Black, as is badging on the hood and rear liftgate. New lightweight, split five-spoke "5Ten" 20-inch wheels are also finished in Satin Black and are designed to showcase the Grand Cherokee SRT8's standard Brembo brakes. Interior appointments include Black Laguna leather with Silver accent stitching and Light Black Chrome bezels. Available colors for the Jeep Grand Cherokee SRT Night include Velvet Red, Billet Silver and Granite Crystal. Jeep Grand Cherokee SRT Night features a standard 6.4-liter V-8 engine with Fuel Saver Technology that delivers 475 horsepower and 470 lb.-ft. of torque, an adaptive damping suspension and a Selec-Track Traction Control system. Available features include a dual-pane sunroof, a 19-speaker 825-watt Harman Kardon stereo system, trailer tow package, three-season tires, a full-size spare tire and a dual-screen rear entertainment system.