1954 Chevy Corvette Convertible White 235c.i. New Mexico Powerglide Transmission 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.

Mark Reuss: GM can't afford product 'misses,' has 'thought about' CT6 V-Series

Mark Reuss is a busy man. He oversees General Motors' global product portfolio, an all-encompassing task for a company that sold more than 9.9 million cars and trucks last year. When GM launches a well-received product, like the road-going rocket ship that is the Chevrolet Corvette Z06 – he gets credit. When the company stumbles with the slow-selling Chevy Malibu or grapples with fallout from the decade-old Saturn Ion and its flawed ignition switch, he gets blamed. GM owners, the press and sometimes the federal government, demand answers. Bob Lutz famously held the job before Reuss. So did Mary Barra, who's now GM's chief executive. There's a New GM, but the lineage is connected to a long history. When he's not thinking product, Reuss, an executive vice president, also runs the purchasing and supply chain for the company, which is still one of the largest industrial empires in the world. We caught up with Reuss on the floor of the New York Auto Show, where GM had just rolled out two crucial new products: the 2016 Cadillac CT6 and the 2016 Chevrolet Malibu. Speaking with a small group of reporters, Reuss delved into a variety of subjects, including the new Malibu, Cadillac's future (he thinks the ATS-V is going to "flame the M3 and M4"), and other topics. On fixing the Malibu: "We can't miss. We can't have those kinds of misses [like the previous generation] on our cars and crossovers and trucks. We can't do that. If we do that, we give a reason for someone to go buy something else. It's that simple. "On a car like the Malibu we have a chance to really fix all of that, which we have, and then lead. Then you've got a real opportunity there. So that's what we've really been focused on here – to fix those things." He later added: "We need that car here to transform Chevrolet desperately because it's the heart of the market. And when you think of Chevrolet, people will come back and think about what we did with the [new] Malibu and the Cruze... It's hugely important to us." On Cadillac: "If we go out and try and out-German the Germans, it's probably not going to work. We've got an opportunity here generationally where there's a lot of people younger than me that have parents that drove BMWs and Mercedes, and I think there's an opportunity there for those people to drive something different than what their parents did, and I think that's always been an opportunity in the auto industry if you look at the history of it.

GM re-recalls 11k SUVs

General Motors is recalling a bunch of previously recalled SUVs because, well, they still aren't quite fixed. The latest repairs are necessary on 10,974 SUVs in North America, including 9,932 in only the US. Affected models include the 2006-2007 Buick Rainier, Chevrolet Trailblazer, and GMC Envoy; plus the 2006 Trailblazer EXT and Envoy XL. While not listed by NHTSA, a statement by GM to Autoblog says the 2006-2007 Saab 9-7X and Isuzu Ascender are also affected. In these SUVs, it's possible that liquid could get into the driver's door master power window switch module and cause a short circuit. This could potentially lead to a fire, and owners are urged to park the vehicles outside until repaired. GM has been trying to fix this issue for years. It started as an investigation into fires, and that led to a recall for about 250,000 vehicles in cold-weather states. A nationwide campaign came in 2013 for 193,000 of them in the US. Last year, the automaker decided to replace the whole module as a repair. However in a recent investigation of these recalls, GM discovered that this latest group of SUVs never received the new part. According to documents submitted to NHTSA (as a PDF), "Some dealers incorrectly used the labor code associated with module replacement when, instead of replacing the module, they only added a protective coating to the module." To fix things this time, the models finally get the correct component. Related Video: GM Statement General Motors is recalling 9,932 older midsize SUVs in the U.S. because they were mistakenly excluded from an earlier recall. Certain 2006 Chevrolet TrailBlazer EXT and GMC Envoy XL, and 2006-2007 TrailBlazer, Envoy, Buick Rainier, Saab 9-7X and Isuzu Ascender vehicles may continue to have a condition in which the printed circuit board inside the driver's door may corrode and short if exposed to certain fluids such as melted snow containing road salt. GM is aware of four fires but no crashes, injuries or fatalities associated with the expanded recall. The total number of vehicles being recalled, including Canada, Mexico and exports is 10.974. Customers are urged to park these vehicles outside until repairs have been made. GM reported this recall to the NHTSA on September 23.