Over at Autobytel, Juan Barnett (better known as DC AutoGeek) takes a look at the history of auto financing, originally intended as a way for the common man to be able to afford an automobile some 90 years ago. The most striking thing is how attitudes have changed so dramatically over time.
Initially, bankers were calling for a ban on financing of personal automobiles, fearing that it would lead to financial imprudence. How times have changed.
In a 2008 letter to the Security and Exchange Commission, a collection of automotive finance companies argued against a proposed federal rule that would have made 60 months the maximum term for an automotive loan. The group said “[that the] 72 month term has become the industry standard,” and that it was critical to the American economy to allow banks to determine independently the risk as it relates to automotive loans. They argued that any mandated term limit would cripple the automotive industry. They were probably right.
Now that I’m done reviewing Bob Lutz’s new book, I’m going to give a copy away, just like we do with all the accumulated swag over at TTAC Towers. There may or may not be some greasy fingerprints sustained during an attempt to read this book while eating a grilled cheese sandwich. But the price is right. If you want it, all you have to do is give me the most compelling reason why you deserve it. Email your answers to editors at ttac dot com. Contest closes one week from today.
The perpetual promise of Alfa Romeo’s return to North America has gone on for so long, it’s become the car guy equivalent of a religious belief that one day, we will be redeemed by Christ/Mashiach/The 12th Imam. Every year, we hear that Alfa is coming, only for it to be pushed back again and again. Now I’m wondering, why bother?
This is the Honda Grom. In the rest of the world, it’s called the MSX125. Squint really hard, and it almost looks like a Ducati Monster. I say almost because this thing is tiny – those are 12 inch wheels, you know. It packs a whopping 125 cc, much like a scooter, but it has a real 4-speed gearbox. It also gets 130 mpg.
The spyshots were right all along. This is the hatch version of the 2015 Mazda3. We’ll get an official look at the car today at 2:30 PM EST, along with technical details. Europe will get 1.5L and 2.0L gasoline SKYACTIV motors making 99, 118 and 163 horsepower respectively. Expect the 2.0 to make it here, along with the 2.5L engine in the CX-5 and Mazda6. Europe will also get the 2.2L diesel used in the 6, which would be a real treat, and a nice rival to the Golf TDI. No weight figures have been announced, but the new 3 should be a good deal lighter than the current model. No word on a sedan model either.
EDIT: The North America spec 2.0L makes 155 horsepower. No word on a North American diesel. The i-ELOOP regen braking/capacitor system will power the car’s entire electronics, as well as an all new HUD system. Production will take place first in Japan, then in Mexico starting in Spring, 2014. Sales start in September. Sedan to debut in 2 weeks. Weight should be down by a couple hundred pounds, wheelbase is up 2.4 inches while overall length is down by 1.8 inches.
Just as Mercedes prepares to do away with one historic nameplate, it appears to be reviving another. The flagship of the next-generation S-Class range will wear the Pullman badge.
Despite being one of the most antiquated vehicles in Renault’s lineup (at least from a technology standpoint), the Dacia Duster is still its most popular. Through the first 5 months of the year, the Duster sold 155,729 units in Europe, besting the Clio (139,397 units) Megane (133,116 units) and Sandero (124,918).
Next up on the CVT’s hit list is this Honda Civic. Honda’s Tetsuo Iwamura confirmed that the Civic will get an all-new Earth Dreams powertrain, featuring direct injection and a CVT transmission, within the next couple years.
For an extra $550, Mercedes-Benz owners will now be able to enjoy the latest in LED lighting technology, now that a customed LED-illuminated Mercedes logo is available as an option. The logo will stay lit for 40 seconds while the car is unlocked and for five seconds while the doors are open. US regulations prohibit it being illuminated while the vehicle is in motion. Expect this to be very popular with C250 owners, much like the infamous “Bentley grille” was with base-trim Chrysler 300 models in the middle of the last decade.
As Volkswagen gears up for a decision on expanding their Chattanooga factory, a member of Volkswagen’s supervisory board told the Handlesblatt that any new product would be contingent on VW adopting a works council (explanation by our own veteran of Volkswagen BS here) for the plant.
The Smart ForJeremy concept, a collaboration between Smart and haute couture designer Jeremy Scott, is going into production and is set to go on sale in Q4 of this year.
Ontario is home to a number of auto plants, both import and domestic, union and non-union, as well as numerous suppliers. None of them are so tightly intertwined as General Motors is with the town of Oshawa, about 40 miles from Toronto (though, as any area resident will tell you, it’s really 2 hours away, thanks to our horrendously inadequate infrastructure). For nearly a century, GM has been building cars in Oshawa in one form or another, as the plant has established a reputation as one of GM’s best, consistently building high quality cars, trucks and crossovers over the decades. But that tradition may be coming to a close by 2016.
A proposed law that would have eliminated Tesla’s ability to sell cars in New York state has died on the vine, after lawmakers adjourned their legislative session without taking any action on the bill.
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