Latest news with #ChevroletSilverado1500
Miami Herald
21-06-2025
- Automotive
- Miami Herald
The Unexpected Generations Paying Top Dollar for Auto Loans
Experian reported at the end of 2024 that monthly average car payments were $742 for new vehicles and $545 for used ones, but new data from auto refinancing company Caribou has shown that the amounts that different generations pay vary more than you might think. Caribou's study included Gen Z, born between 1997 and 2012, millennials, born from 1981 to 1996, Gen X, born between 1965 and 1980, and baby boomers, born from 1946 to 1964. In its report, Caribou cited Gen Z as spending the largest share of their income on car payments, but millennials were listed as having bigger average loan balances at $38,600. Gen Z was listed as spending the least monthly income on vehicle payments, and baby boomers had the highest average credit score at 735. According to Caribou, Gen Z drivers are most likely to be behind the wheel of a Honda Civic, with an average loan amount of $32,069 and having a 14.05% APR. Millennials were cited as frequently driving a Chevrolet Silverado 1500 and taking on loans with a 12.44% APR. Their higher loan balances can be attributed to the colliding costs of education, housing, and family. Gen X is described as carrying the most significant original loan amounts due to a fondness for larger trucks like the Ford F-150, but these higher starting costs meant the demographic was more likely to achieve the highest monthly savings after refinancing at $147. Next to Gen Z, baby boomers took out the lowest loans at $35,844 on average, and they carried the lowest APR of 11.91%, aligning with millennials in their preference for the Chevrolet Silverado 1500. Caribou evaluated what these generations' auto loans looked like after refinancing by accessing its customers with good credit scores and steady incomes who refinanced their auto loans in 2024. Gen X scored the highest average refinance monthly savings of $147, with millennials following at $143, and baby boomers and Gen Z logging $131 and $126 average monthly refinance savings, respectively. Gen X and baby boomers were tied for the lowest monthly refinance APR at 8.39%, while millennials landed at 8.42%, and Gen Z at 8.50%. Across the board, annual percentage rate (APR) reductions ranged from 3.51 to 5.56 percentage points. "Car payments are one of the biggest monthly expenses for millions of Americans, and for too long, people have assumed they're stuck with the rate they got at the dealership. Our data shows that drivers of all ages can unlock real savings by refinancing. This isn't just some money hack; it's a necessity for many households," said Simon Goodall, CEO of Caribou. While refinancing might pose upfront costs that increase your overall loan cost, Caribou's data shows that generations from baby boomers to Gen Z can benefit from the practice. Higher original loan balances mean larger payments earlier in a borrowing term, but they can also lead to greater savings through refinancing. Caribou's report also illustrates that Gen Z drivers face unique affordability challenges with their pattern of spending larger shares of their monthly income on car payments despite lower loan amounts. Baby boomers exhibited strength in multiple categories on account of their stronger average credit scores. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
31-05-2025
- General
- Yahoo
Driver reportedly injured in road-rage shooting on I-85 in Rowan County
CHINA GROVE, N.C. (QUEEN CITY NEWS) — Authorities are seeking a suspected after a driver was injured in a reported shooting in southern Rowan County Friday evening. According to the Rowan County Sheriff's Office, deputies responded to Interstate 85 North near mile marker 68. It's where an apparent road rage incident allegedly occurred, and the victim was transported to a hospital. Suspects identified in Statesville shootout that began at job fair still on the run: Sheriff The suspect vehicle is described as a white Chevrolet Silverado 1500 extended-cab truck with possible yellow writing on it. The vehicle was last seen northbound on I-85 traveling into Davidson County. Anyone with information is asked to contact the Rowan County Sheriff's Office at 704-216-8700 or you can contact Rowan County Crime Stoppers at or by calling 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-05-2025
- Automotive
- Yahoo
Engine Teardown Reveals Internal Failures Behind GM's L87 6.2L V8 Recall
Engine Teardown Reveals Internal Failures Behind GM's L87 6.2L V8 Recall originally appeared on Autoblog. General Motors began 2025 facing a major issue: the National Highway Traffic Safety Administration (NHTSA) launched a formal investigation into the company's widely used 6.2-liter L87 V8 engine. The probe affects 877,710 full-size trucks and SUVs, after multiple reports of engine failures were filed with the agency. The investigation has since led to a large-scale recall and a stop-sale order. In some cases, these engine failures occurred while driving down the highway or just a few miles into vehicle use. Needless to say, they pose serious safety risks. View the 3 images of this gallery on the original article The list of affected vehicles includes the not-rookies-to-recall Chevrolet Silverado 1500, Tahoe, and Suburban; the Cadillac Escalade and Escalade ESV; and the GMC Yukon, Yukon XL, and Sierra 1500, model years 2021 to 2024, all powered by the small-block V8 engine. The American automaker hasn't pinpointed the exact issue with the problematic power plant, only saying that the connecting rod and/or crankshaft components have unspecified manufacturing defects. But what happens inside the L87 V8 engine when it fails? Internet mechanic I Do Cars got its hands on one for an engine teardown, providing a more intimate look at the internals of one of GM's V8 mill that faced a catastrophic failure. The engine in question is said to have been recalled (from a 2022 GMC Yukon Denali), although details of how he got it weren't disclosed. The teardown starts optimistically: the engine can be cranked by hand, indicating no fully seized components. However, the first sign of trouble appears on the pushrods, which exhibit abnormal wear. The lifters, though none have completely collapsed, show signs of debris exposure, with one in particularly poor condition. View the 2 images of this gallery on the original article Removing the oil pan reveals more – a lot more. The internal oil has turned carbon-black, indicating severe overheating and oil breakdown. All eight connecting rods are completely shot, showing extensive damage. The camshaft lobe is also missing a chunk, while the block's front shows scoring, suggesting the crankshaft struck the block. The teardown reveals significant and unusual damage for a relatively young and modern engine, though it aligns with GM's claim that the problem lies with the connecting rods and crankshafts. It's also likely that this engine failed gradually, unlike other reported cases of instant engine failure. As the presenter notes, the owner likely ignored early signs of engine trouble, leading to more catastrophic damage. As part of the recall, GM has already provided a solution to the issue. Affected engines that haven't failed yet will have their oil replaced with thicker 0W-40 oil (replacing the former 0W-20), offering increased protection at operating temperatures. They will also get a new oil filter and oil fill cap that reflects the change. Engines that were shot will be replaced. However, not everyone's happy with GM's band-aid solution to this widespread problem. A lawsuit claims that replacing the engine's oil with higher viscosity would decrease fuel economy. The lawsuit claims that "owners are presented with two bad options: do nothing and risk catastrophic engine failure or get the recall and pay hundreds of dollars more for gasoline." Engine Teardown Reveals Internal Failures Behind GM's L87 6.2L V8 Recall first appeared on Autoblog on May 30, 2025 This story was originally reported by Autoblog on May 30, 2025, where it first appeared.
Yahoo
23-05-2025
- Automotive
- Yahoo
GM Facing New Class-Action Lawsuit Over 6.2-Liter V8 Issues
In the wake of this April's major recall of 598,000 full-size trucks and SUVs due to issues with their 6.2-liter V-8 engines, General Motors is now facing a new class action lawsuit. The case was filed on Monday, May 19 by Seattle's Hagens Berman law firm in the U.S. District Court for the Eastern District of Michigan. The plaintiffs allege that GM knowing sold vehicles containing a definitive engine, fully aware of the safety hazards that decision presented. The lawsuit, featuring plaintiffs from Washington and California, details familiar issues with the L87 engine, specifically in vehicles manufactured for model years 2021–2024. As outlined in that April recall, the engines may feature sediment on the connecting rods or in the oil galleries for the crankshaft, which can lead to rod-bearing damage. GM has also acknowledged some engines may feature a crankshaft that is out of production spec. Any of these issues can result in a catastrophic engine failure. The engines were installed in popular models like the Chevrolet Silverado 1500, Tahoe and Suburban, GMC Sierra 1500, Yukon and Yukon XL, as well as the Cadillac Escalade and Escalade ESV. Beyond the safety issue, the plaintiffs allege that this situation is causing financial harm due to decreased vehicle values. They further claim that replacing the defective powertrains with new L87 V8s doesn't properly address the bearing issue, leaving owners at risk of further issues. While that sentiment is understandable, GM maintains that the faults have been remedied for model year 2025. The automaker's internal investigation was able to locate a specific manufacturing defect that reportedly only impacted engines built between March 1st, 2021, and May 31st, 2024. That said, the lawsuit specifically includes model year 2019+ Silverado 1500 and Sierra 1500s in its list of impacted vehicles. You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car
Business Wire
20-05-2025
- Automotive
- Business Wire
Hagens Berman: Law Firm Behind Many of the Largest Auto Class Actions Sues GM for Engine Failure Defect in Over 800,000 SUVs and Pickup Trucks
DETROIT--(BUSINESS WIRE)--A class-action lawsuit aimed at General Motors accuses the automaker of bungling one of the largest engine recalls in its history, according to Hagens Berman, and abandoning consumers who own or lease one of more than 877,000 vehicles affected by a defect that causes sudden, catastrophic engine failure. 'GM markets itself as an automaker that advocates for the safety of its customers and their families,' Berman added. 'Now would be a great time for GM to fulfill that promise.' According to the lawsuit filed May 19, 2025, in the U.S. District Court for the Eastern District of Michigan, the defect occurs with no warning in vehicles equipped with L87 6.2L V8 engines with as little as a thousand miles of use, occurring more often at high speeds. According to the class action, GM has known about the defect for several years but failed to disclose it to affected owners prior to the purchase of their vehicles. If you own a GM-branded vehicle equipped with L87 6.2L V8 engines contact Hagens Berman to find out more about this issue and your consumer rights against GM. Affected model years include 2019-2024 Chevrolet Silverado 1500, 2019-2024 GMC Sierra 1500, 2021-2024 Chevrolet Tahoe, 2021-2024 Chevrolet Suburban, 2021-2024 GMC Yukon, 2021-2024 GMC Yukon XL, 2021-2024 Cadillac Escalade and 2021-2024 Cadillac Escalade ESV. 'What started as a recall has ballooned into what appears to be the need for full engine replacement for at least 870,000 vehicles,' said Steve Berman, managing partner of Hagens Berman and attorney representing affected owners. 'This defect is serious because it involves sudden catastrophic engine failure with no warning and is more common at high speeds. This spells danger for anyone in or near the car.' 'GM markets itself as an automaker that advocates for the safety of its customers and their families,' Berman added. 'Now would be a great time for GM to fulfill that promise.' According to the lawsuit, GM's L87 6.2L V8 engine connecting rod and/or crankshaft engine components may have manufacturing defects that can lead to engine damage and catastrophic engine failure. The National Highway Traffic Safety Administration (NHTSA) states in its summary of the defect, '…complainants report a bearing failure that may result in either engine seizure or breaching of the engine block by the connecting rod.' GM dealerships have reportedly informed consumers that there is no guidance for them to fix the defect at the root of the recall, the lawsuit states. The lawsuit seeks compensation for those who purchased the affected vehicles under California and Washington state consumer protection laws including false advertising law, unfair competition law and the California Consumer Legal Remedies Act, as well as the Song-Beverly Consumer Warranty Act. Attorneys say the affected vehicles have significantly suffered in value: 'In addition to rendering the Class Vehicles unsafe to drive, the Bearing Defect significantly reduces the value of the Class Vehicles. And, if GM had disclosed the truth about the Bearing Defect, Plaintiffs would not have purchased their vehicles or would have paid less.' Hagens Berman is a global plaintiffs' rights complex litigation law firm with a tenacious drive for achieving real results for those harmed by corporate negligence and fraud. Since its founding in 1993, the firm's determination has earned it numerous national accolades, awards and titles of 'Most Feared Plaintiff's Firm,' MVPs and Trailblazers of class-action law. More about the law firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw.
