1977 Chevelle Malibu Classic on 2040-cars

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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.

2014 Chevrolet Corvette Stingray convertible headed for Geneva debut

While most of the world is still coming down from all the hype surrounding the debut of the 2014 Chevrolet Corvette Stingray at the Detroit Auto Show earlier this month, we're already looking to the future. And according to Autoweek, the next chapter in the C7 story will unfold at the Geneva Motor Show in March. That's right, General Motors is reportedly using the Swiss stage as its venue to debut the Corvette Stingray convertible.
If this strikes you as odd, you aren't alone. After all, with a car that's such an American icon, we'd fully expect Chevrolet to unveil it here on our shores in either Chicago or New York. But according to Autoweek, GM is looking to boost export sales of its halo car, and since the C7 was engineered to compete with the world's best and brightest, showing it off in Geneva is somewhat of a smart move. What's more, those with sharp memories will recall that GM used the Geneva expo to debut the sixth-generation C6 Corvette convertible back in March 2004, so there's also a precedent.
Details surrounding the Corvette Stingray convertible are still slim, though we fully expect the 6.2-liter V8 and choice of either six-speed automatic or seven-speed manual transmissions to carry over unchanged. Prototypes spotted on the road showed the car fitted with a cloth convertible roof, as well.

GM to make most cars LTE hotspots for 2015

General Motors isn't the first automaker to deliver in-car Internet access, but a proposed plan announced today could make the technology more widespread than any of its competitors have offered. By the 2015 model year, most Chevrolet, Buick, Cadillac and GMC products in the US and Canada will offer 4G LTE mobile broadband access. Initially, GM will just be pairing with AT&T to deliver this service, but additional carriers will be revealed in the future.
Current in-car Wi-Fi hot spots are limited to 3G, but GM says that 4G LTE is 10 times faster than 3G service and will allow for full Internet access, including streaming video for entertainment as well as services like real-time traffic updates and navigation driving directions. There is also no need for a paired smartphone with this new system, which should make it easier to use, and GM and AT&T will also be working together to develop new apps for customers.
Buyers can expect to start seeing 4G LTE in their cars starting next year, and GM is already planning to expand the service to other global markets as well. All of the information from GM's announcement is posted in a press release below.