2003 Toyota Solara Sle Convertible Pearl White With Leather Interior 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.

Toyota settles complaints with states Attorneys General for $29 million

Toyota announced today that it has reached a settlement with the Attorneys General of 29 states and one US territory that will resolve their complaints relating to recalls performed by the automaker from 2005-2010, including those related to sticky accelerators and malfunctioning floor mats that may have contributed to cases of unintended acceleration.
The settlement includes a payout of $29 million to be divided among the states and US territory, as well as a commitment from Toyota "to take steps to make vehicle information more easily accessible to consumers to help them operate their vehicles safely and make more informed choices." The settlement also has Toyota continuing its rapid-response service teams and quality field offices that were put in place shortly after the largest of the recalls from 2010, as well as a "range of customer care amenities for owners of vehicles subject to certain recalls," though the press release below isn't specific about what those amenities might be.
This settlement marks the second major step in the last few months that Toyota has taken to settle legal disputes surrounding the unintended acceleration recalls, the first being a $1.4 billion settlement to address economic loss suffered by owners of current and past Toyota vehicles that may have lost value on account of these recalls.

Toyota Yaris Hybrid-R zips in on its way to Frankfurt

Toyota has been known to make some exciting cars over the years, but its hybrids, well... let's just say a Prius appeals to a different kind of buyer. The TS030 Hybrid LMP1, on the other hand, now that's more our speed. And at the Frankfurt Motor Show next week, the Japanese industrial giant will bridge the gap with the concept car you see here. Previewed in bits and pieces along the way, Toyota has now revealed the full details and array of photos of its new Yaris Hybrid-R concept. And what the full picture reveals is a Prius C that's gone to the gym - or more appropriately, the track.
Powering this little pocket rocket is TMG's Global Racing Engine: a 1.6-liter inline-four with direct injection and a Garett turbocharger to drive 300 horsepower to the front wheels through a six-speed sequential gearbox. A pair of electric motors provide an extra 60 hp to each of the rear wheels for a combined output of 420 hp and through-the-road all-wheel drive. A third 60hp electric motor serves as traction control under acceleration and acts as a generator under braking to feed the TS030-derived super capacitor that boasts a higher power density and faster charge/discharge speed than a traditional battery. The system can provide a 40-horse boost for ten seconds in Road mode, or the full 120hp for five seconds in Track mode.
Though based on the three-door Yaris, there'd be no mistaking this for any ordinary econo-hatch. 18-inch TRD alloys with Michelin Pilot Sport Cup tires pack the wheel wells and a wider grille dominates the front fascia, while black and blue trim contrast sharply with the white bodywork. The rear pillar incorporates a quick-fill competition-spec fuel cap, LED daytime running lights illuminate the way and oversized brakes keep it all under control. The interior boasts Recaro racing buckets in black leather and blue Alcantara. There's more to digest in the press release below, but the bottom line is that if this is where Toyota is taking its hybrids, we want to climb into the driver's seat, and we're looking forward to seeing the concept in the flesh next week.