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Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Pushing Back: GM expanding Chevrolet into Korea, Daewoo out

Chevrolet Camaro goes to South Korea - Click above for high-res image
General Motors decided several years ago to begin heavily promoting Chevrolet as its global mainstream brand even in markets where its existing brands like Opel and Daewoo were a dominant force. Today, at the Busan Motor Show in South Korea, GM Daewoo president Mike Arcamone announced that the Camaro would lead the way in GM's efforts to market Chevrolet in South Korea.
For now at least Chevrolet and Daewoo-branded vehicles will coexist in the Korean market. However, while we were in China last week GM officials told us that the Daewoo brand, which has been somewhat tainted by past quality issues, would eventually be phased out in favor of Chevrolet. When the new Aveo launches next year it will likely be badged as a Chevrolet even though GM Daewoo is in charge of engineering the car.

Chevy Sonic shreds like a skateboard

Despite the fact that the 2013 Chevy Sonic is a fun, plucky little thing - especially in ever-so-slightly hotter RS guise - it is not, in fact, a skateboard. But don't tell that to rapper Theophilus London.
In General Motors' latest spot for the Chevrolet compact, London needs to make a quick run to the store for some milk. And even though, once again, the Sonic is not a skateboard, it ollies, pops and gets air because, you know, it's just so much fun to throw around.
If this video looks familiar to you, it's because this is the full ad that we first got a preview of in Chevy's longer, full-line spot, where the brand's "Find New Roads" tagline was introduced. Scroll down to see this dedicated Sonic spot, along with the older ad, and remember, the Sonic is still - still - not a skateboard.