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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.

Read This: Auto Extremist advocates for Corvette as brand with multiple models [w/poll]

The 2014 Chevrolet Corvette really grinds Peter De Lorenzo's gears. Or, more accurately, the self-anointed Auto Extremist has an issue with what he sees as mismanagement of the legendary sports car by General Motors executives. In a new editorial on his website, De Lorenzo argues it's time to split Corvette off from Chevrolet to create an all-new brand, complete with a model range with at least three new takes on the sports car. Capable of fully leveraging the successes of the Corvette Racing program and brandishing the full might of GM's technical prowess, the Corvette brand would theoretically give Porsche something to sweat over.
Sure, that sounds like a party, but given GM's troubled track record when it comes to launching (let alone managing) brands, we say that's slippery slope that could just as easily end with the whole Corvette franchise in the scrap bin. Either way, the notion is certainly an interesting one. Head over to Auto Extremist to take in the full editorial, and then let us know what you think in Comments. Should GM split off its most storied nameplate?
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GM won't sell 2014 Chevrolet SS in Canada

Allow us to be the first to extend our condolences to our friends to the north. General Motors has announced the 2014 Chevrolet SS will not be available in Canada. The Globe and Mail reports the automaker has confirmed the high-performance sedan won't hit Canadian dealers, though GM hasn't offered up any reasoning as to why that is.
Buyers here in the US of A, meanwhile, can look forward to getting their hands on the 415-horspower, rear-wheel drive SS by late summer. Something tells us it won't be long after that before Canadian officials start seeing individually imported 6.2-liter V8 four-doors in their neighborhoods. Fortunately, Canadian buyers will still be able to take home the 2014 Chevrolet Corvette. The C7 bowed at the Canadian International Auto Show last week, reportedly drawing sizable crowds and interest.