2010 Toyota 4runner Limited 4x4 Sunroof Nav Leather 8k Texas Direct Auto on 2040-cars

Auto blog

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.

NHTSA opens safety investigations into Toyota, GM and Honda crossovers

The National Highway Traffic Safety Administration is evidently keeping itself very busy these days, as the federal agency has just announced it is launching or renewing investigations into Toyota, Honda and General Motors crossovers.
2006-2008 model year Toyota RAV4 crossovers are under review for allegations of rear tie-rod rust which can result in failure. NHTSA also said it is probing some 35 complaints about 2005 Honda Pilot models with inappropriate activation of the vehicles' stability control system. The alleged malfunction can cause the vehicles to slow down or stop in bad unsafe situations. At the moment, NHTSA is reviewing a petition regarding the Pilot issue, a move that will determine whether it needs to open a full-blown investigation.
In addition, Saturn Outlook and GMC Acadia three-row crossovers built in 2007-2009 are getting looked at for "loss of low beam headlamp" function. One complainant said the wiring in his Outlook overheated and melted. NHTSA says it has received 415 complaints about the problem and a GM spokesman confirmed that the automaker already started a "Customer Satisfaction Program" in December to address the issue.

Automakers donating money, vehicles and supplies to Oklahoma tornado relief effort

Judging by the destruction the Oklahoma City area experienced earlier this week, residents are going to need a lot of help in coming months. Fortunately, a number of automakers - including General Motors, Ford, Chrysler, Volkswagen, Honda and Toyota - have stepped up to donate money, supplies and vehicles to aid in the recovery and rebuilding processes.
Here's a quick rundown of which automakers have pitched in and what each contributed so far:
Ford Motor Company has donating $250,000 and a Transit Connect to the American Red Cross, and it will match all other donations made to the Red Cross (up to $250,000) using a special URL tied to the latter's website (link here). Additionally, its local Oklahoma dealers have thrown in an extra $150,000 for the United Way and the automaker will be offering an extra $500 toward the purchase of a new Ford vehicle.