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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.

2016 Chevy Cruze is lighter, loaded [UPDATE]

UPDATE: Live photos and video of the reveal have been added at the end of the story. Chevrolet revealed the second-generation Cruze Wednesday, promising a larger, more efficient car that drives better than the sedan it replaces. We're particularly excited about the new turbocharged, 1.4-liter four-cylinder engine, which makes 153 horsepower, an upgrade from the outgoing 1.8-liter naturally aspirated engine's 138 hp. Torque climbs even more significantly, from 148 pound-feet to 177 in the new mill. Peak twist can be called up between 2,000 and 4,000 rpm, which should make performance easy to access. Combined with a lighter architecture that slashes the Cruze's curb weight by 250 pounds (although the actual curb weight hasn't been released), the new four-door can hit 60 miles per hour in a respectable eight seconds. That's not hot hatchback territory, but it should be more than suitable for the average consumer. That same consumer should also appreciate the new engine's economy. The Cruze now returns an even 40 miles per gallon on the highway and will cover 530 miles on a single tank, all the while running on plain old 87-octane fuel. There's also a diesel-powered Cruze model, although Chevy didn't release specific details, aside from saying that it will arrive in dealers in 2017, over a year after the gas-powered model's early 2016 on-sale date. Despite the 250-pound drop in weight, the new Cruze has grown significantly. Its wheelbase is now the longest in the segment, with 106.3 inches of sheetmetal between the front and rear axles compared to 105.7 in last year's model, while the sleek new body cuts the coefficient of drag to just 0.29. The overall length increases from 181 inches to 183.7, though the new model is nearly an inch lower overall. That's both good news and bad news for interior space. Rear legroom is up from 35.4 to 36.1, but headroom is down in both the front and backseats by over half an inch. Tech fans, meanwhile, will appreciate the new standard MyLink display. The seven-inch touchscreen is compatible with both Android Auto and Apple CarPlay, while an optional eight-inch display will be offered, as well. 4G LTE wi-fi, heated rear seats, a heated steering wheel, and wireless phone charging will also be offered as an optional extras. New safety features include blind-spot monitoring with cross-traffic alert, lane keeping assist, and forward collision warning.

More Corvette Stingray Factoids: Vanishing panel gaps and 26-mpg LT1

During January's Detroit Auto Show, we managed a longer than expected wandering tag-team interview with C7 Corvette chief engineering exec Tadge Juechter (pictured above), and LT1 engine boss Jordan Lee (pictured below). They are, quite honestly, two of the very nicest bigshot lads to ever walk the engineering corridors of an American manufacturer. Both are enthralled by what they're doing for a day job. So are we.
We've followed the pre-sale anticipation for the Chevrolet C7 Corvette Stingray like an Oreck vacuum yanking every speck of dirt from a well-trampled carpet. Everything is reportable and contains a grain of further knowledge about this dramatically important and cheered-for car, as it continues to be pressured into representing all that is superior about the American dream. The Corvette wears one heavy cloak.
So, most of what was talked about has been expertly reported already right here on Autoblog. But, looking through our notes again, both Jeuchter and Lee added facts to the buzzing mix.