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Chevrolet Malibu gets across-the-board price cuts, hopes to dig out of slump

To say that things aren't going well for the newly redesigned 2013 Chevrolet Malibu is a pretty sizable understatement. Reports have been swirling about the Malibu getting an emergency design refresh, less than a year after its introduction, as well as having its production at the Fairfax Assembly Plant halted twice already this year for excessive inventory. Now, Motor Trend is reporting that the midsize sedan will be receiving price drops across the board ranging from $300 on a number of models up to $770 on the 1LT trim; offsetting some of MSRP drop, though, the destination charge has increased from $760 to $810.
Without destination, the entry-level Malibu LS now starts at $21,995, which is still about $300 more than a Honda Accord and about $300 less than the segment's top-selling Toyota Camry. This new pricing also drops the price of the Eco, 2LT and 3LT trims by $300. The LTZ trim has dropped by $415, meaning that the Malibu's top dog now starts at just under $30,000, excluding destination.
Here are the new starting prices for all eight of the Malibu trim levels compared to the previous prices for the 2013 model year (including destination):

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.

GM claims it's first to sell million 30+ mpg vehicles

As we continue to put together all the data for the year-end edition of By The Numbers, General Motors has announced that it sold more than a million vehicles in the US last year that achieved at least 30 miles per gallon on the highway. More impressively, GM managed this feat using multiple strategies including small vehicle size, turbocharged engines and hybrid or plug-in technologies across four brands (Buick, Cadillac, Chevrolet and GMC) accounting for 13 separate models. This number will grow even more in 2013 thanks to cars like the all-electric Spark, the diesel Cruze, the range-extended Cadillac ELR and the Buick Encore compact CUV.
GM's small car sales were up 39 percent last year helping to attain this million-sales mark for 30-mpg models, and almost 40 percent of all GM sales consisted of cars with fuel-efficient I4 engines. In regards to more advanced means of improving fuel economy, GM says that it plans on having 500,000 vehicles with "some form of electrification" on the road by 2017.
Scroll down for the full list of GM's million 30+ mpg cars as well as an informative press release.