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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 Recalling 370,000 Trucks For Fire Risk

DETROIT (AP) - General Motors is recalling 370,000 Chevrolet Silverado and GMC Sierra pickups from the 2014 model year to fix software that could cause the exhaust components to overheat and start a fire. The recall includes 303,000 trucks in the U.S. and 67,000 in Canada and Mexico. All of the trucks involved have 4.3-liter or 5.3-liter engines. GM said eight fires have been reported, but no injuries. One garage was damaged, the company said. All of the incidents occurred in cold weather. The company is asking customers not to leave their trucks idling unattended. GM dealers will reprogram the software for free. The company will inform owners starting Jan. 16. The major recall announcement, which came on Saturday, marred the Silverado's winning of the 2014 North American Truck of the Year Award at the Detroit Auto Show on Monday. Related Gallery Our Favorite Cars For Winter View 11 Photos Recalls Chevrolet sierra

2016 Chevrolet Spark lights up New York

The little Spark has been somewhat of a surprising entry in the modern Chevy lineup in the US. Given its diminutive stature, you might have expected the slightly larger Sonic to cannibalize the tiny sibling's sales, but that hasn't happened. The Bowtie moved 39,159 Sparks in the US in 2014, a 14.7 percent boost from the previous year. Now at the 2015 New York Auto Show, the latest generation is being unveiled with a new engine and much improved styling. Replacing the current 1.2-liter four-cylinder is an all-aluminum 1.4-liter unit making 98 horsepower. That still doesn't sound like much, but it's 16 percent more than the 2015 Spark. The new mill can be connected to either a five-speed manual or a continuously variable transmission with which Chevy estimates 40 miles per gallon highway fuel economy. The 2016 Spark also gets a longer wheelbase and 1.6-inch lower overall height. Combined with more elliptical headlights at the front, the changes make for a somewhat more sleek appearance than the current, boxy model. The platform underneath is more rigid as well, and Chevy claims the latest underpinnings mean better handling and lower NHV levels inside. The little hatch isn't growing up too much, though, and gets a trio of new colors that sound like jellybean flavors: Toasted Marshmallow, Kalamata and Splash. Chevy is packing the interior with better quality materials and improved tech. Chevy's latest seven-inch MyLink system sits in the center stack with a capacitive touchscreen, and it now comes with a physical volume control and other buttons for easier use. All models also get a rearview camera, and a LCD instrument cluster remains in front of the driver. The available suite of safety systems includes Forward Collision Alert, Lane Departure Warning and Side Blind Spot Alert. The 2016 Spark goes on sale in the US in the fourth quarter of 2015 and is produced in South Korea. Expect a gallery showing off all its new styling from the New York show floor soon.