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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.

New Chevy Malibu helps parents monitor teen driver's performance

For teens, a driver's license can represent freedom. For parents, it can represent fear. Now there's a way parents can alleviate some of their worries and monitor their teen drivers. The 2016 Chevy Malibu, which debuted Wednesday at the New York Auto Show, contains a new feature that tracks driving performance and helps inexperienced drivers rein in some of their more dangerous habits. Accessed through a password in the car's infotainment system, parents can learn how far their child has driven, how fast they've gone and how many times they've braked hard, among other features. "It's an in-vehicle report card that gives parents information," says Mary Ann Beebe, one of the lead engineers who designed the system. "It's meant to be used as a teaching tool. Parents can sit down and talk with their teen about, 'Here are some areas where you're doing well, and here's some where you can use improvement.'" Car accidents are the leading cause of death for teens ages 16 to 19, and only last week, AAA released a study that found their driving behavior can leave them particularly susceptible to crashes. General Motors had sought ways to help educate and train younger drivers. In an era where data can be harvested from cars, monitoring performance is one way to provide information. Parents access the Teen Driver system in the car through a PIN-number entered into the Malibu's infotainment system. The report card can only be seen in the car – so far, it's not available via a smartphone app, like some other types of on-board diagnostic information. The system is activated by the use of a specially programmed key fob that lets the system know who is driving the car. Once the vehicle recognizes the key fob, it takes preventive measures to ensure safer conduct behind the wheel: Until the driver and front passenger buckle their seat belts, the radio is muted. Safety systems such as forward-collision assist and electronic stability control are automatically turned on. Parents can preset preferred speed limits, and drivers will hear a warning if that sound is exceeded. "We have these great technologies, and we want to make sure we turn them on for the teen," Beebe said. There are no geo-location aspects of the program, and data is stored on the car, not uploaded to the Cloud or even seen by General Motors, she said.

How easy is it to rebuild a Chevy small block V8?

Chevrolet's famous small block V8 stands as one of the workhorse engines in American auto history, with its variants going into vehicles from hot rods to pickup trucks. But do you know that you can fully disassemble and completely restore one of these mills in just under four minutes? Well, as long as there's some assistance from time-lapse photography, that is. Hagerty created this short clip showing a dirt-covered small block turning from a frog into a prince. Thankfully, the time-lapse doesn't speed the process up too much, and it's still easy to see how all of the principal parts fit together. With all sorts of sensors and software helping to drive the modern automobile, viewing the internal combustion engine in its purely mechanical form is still fascinating. Related Video: