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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

Hyundai reportedly eyeing a takeover of FCA

The CEO of Hyundai Motor Group plans to launch a takeover bid for Fiat Chrysler ahead of the planned retirement of FCA Chief Executive Sergio Marchionne next spring, Asia Times reports, citing unnamed sources close the situation. CEO Chung Mong-koo will wait for an expected decline in the Italian-American automaker's shares to make his move. Hyundai isn't commenting on the rumors, unsurprisingly, but would presumably stand to benefit by gaining Chrysler's dealer network and the lucrative Jeep brand and probably Ram, too. An FCA spokeswoman in Auburn Hills told Autoblog the company had no comment. But like any story about a possible takeover, this one gets complicated with inside players — and President Trump's posturing on international trade issues. FCA has been the subject of takeover interest before, including by Hyundai, but Marchionne has denied a merger was likely, instead saying his company was in talks with the Korean automaker about a technical partnership. In 2015, Marchionne lobbied General Motors hard, but unsuccessfully, for a tie-up; he was also spurned by Volkswagen. Marchionne had repeatedly stressed the need for car companies to merge to decrease overcapacity and better afford the massive investments needed for things like autonomous and electric vehicles. In the case of Hyundai's reported interest, there is a cast of characters. One is Paul Singer, principal of the hedge fund Elliott Management, an activist shareholder with a $1 billion stake in Hyundai and a major owner of equities in Fiat's home turf of Italy. Then there is FCA Chairman John Elkann, who reportedly disagrees with Marchionne on a successor as CEO of Fiat Chrysler but has little interest in running the company himself and would prefer a merger. Compounding things is what the Trump administration would think of a further blending of Fiat Chrysler's international DNA, though a deal with a Korean automaker is thought to be more palatable to the president and members of Congress than by a Chinese conglomerate like Great Wall Motor, which has confirmed its interest in taking over all or parts of FCA. The full Asia Times piece is here. Related Video: News Source: Asia TimesImage Credit: REUTERS/Rebecca Cook Chrysler Fiat Hyundai Jeep RAM Sergio Marchionne FCA merger takeover

2019 Ram ProMaster, ProMaster City vans lose the crosshair grille

Ram is updating its commercial van offerings with the 2019 Ram ProMaster and ProMaster City full-size and compact vans. They're very minor updates, mainly consisting of a new grille. The old crosshair versions are gone in favor of mesh grilles with the Ram logo in all caps. This brings them inline with the 2019 Ram 1500 pickup trucks. The compact ProMaster City doesn't get any other changes, but the big ProMaster sans-City gets some upgrades buyers may appreciate. The variety of van configurations has been expanded to include 136-inch wheelbase, low-roof options for the 2500 and 3500, and a high-roof 136-inch body for the 3500. With the current ProMaster, only 1500 models can be had with a low roof, and there are no 136-inch offerings for the 3500. View 7 Photos Ram has also increased payload capacities for each trim, with the 1500 now sitting at 4,000 pounds, the 2500 at 4,250, and the 3500 at 4,680. Towing capacity is also up, with a maximum weight of 6,800 pounds. The most a current generation van can tow is 5,100 pounds. All of this is done with the same 280-horsepower 3.6-liter V6 and six-speed automatic. One additional change to both the big ProMaster and little ProMaster City is pricing. Both vans see base price increases of $200. The ProMaster starts at $31,840, and the ProMaster City starts at $25,740 for the two-seat cargo van. The two-row wagon version is an extra $1,700. Featured Gallery 2019 Ram ProMaster Image Credit: Ram RAM Minivan/Van Commercial Vehicles ram promaster ram promaster city