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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.

GM’s Charlie Wilson was right: Stronger regulations can help U.S. automakers

Charlie Wilson had been the president and CEO of General Motors before being nominated to become secretary of defense by Dwight Eisenhower. During his Senate confirmation hearings, he controversially said, "For years I thought what was good for our country was good for General Motors, and vice versa." And he was right. While car companies aren't necessarily the most progressive when it comes to things that might have the slightest possibility of political blowback, General Motors should be credited for doing something absolutely forthright in this regard with its announcement that it wants the federal U.S. government not to squash the California Air Resources Board's emissions requirements but to actually create a 50-state "National Zero Emissions Vehicle" program that, in the words of Mark Reuss, executive vice president and president, Global Product Group and Cadillac, "will drive the scale and infrastructure investments needed to allow the U.S. to lead the way to a zero emission future." Filing comments to the Safer Affordable Fuel-Efficient Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks is one thing. But a graphic the company developed for this announcement — shown above — is something else entirely, something that is absolutely credible, creative and clever. There is a photo of a Chevrolet Bolt EV driving along a highway, which seems to be in Marin County (based on the blurred San Francisco skyline in the background). Text on the photo states: "It's Time for American Leadership in Zero Emissions Vehicles." It seems to say, in effect, "If we want to make America great again, then we're going to do it by leading in technology, not by retreating behind weakened regulations." General Motors understands that the auto market is globally competitive, and if U.S.-based companies are going to be in the game, then they'd better be able to out-innovate the companies based elsewhere, where emissions and economy standards are not being weakened. What's good for our country ... Related Video:

New Chevrolet Silverado to be revealed on Facebook on Thursday

There's not much to see here, but if you're one of those waiting for the reveal of the 2014 Chevrolet Silverado 1500, above is the teaser image that Chevrolet posted on its Facebook page. We've seen the truck in form-fitting camo before, and even less can be made out here beyond those seriously punchy Silverado-esque fenders and the knowledge that the projector-beam headlamps teased previously do indeed work. We'll have to wait until Thursday for a full perusal of the "bold exterior design" and "careful attention given to every detail" we've been promised.
Gathering intel and rumors, magnesium and aluminum contribute to the Silverado's weight loss plan, the purported "High Country" top-tier trim will contribute to luxury pickup truck competition and profit margins and the next-generation small-block V8 will contribute to improved fuel economy. On the engine note, there have been rumors of available V6 engines, and when Facebook user John Jones asked "Where's your answer to that EcoBoost Chevy?", the Bowtie replied "stay tuned on the 13th. We think you'll be pleased...".
Along with the "Raise the Bar" tag, Chevrolet says of the Silverado, "You asked, we delivered." You can watch the reveal live on Chevrolet's Facebook page at 9:30 am EST, this Thursday, December 13. The GMC Sierra 1500 will also be there, and we'll see both in person at the Detroit Auto Show in January.