2010 Red Lt! 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.

Both Android Auto and Apple CarPlay slated for Chevrolet lineup

Long awaited, the race among automakers to keep drivers connected to their smartphones has officially entered a new era. Hyundai said Tuesday it would be the first manufacturer to put Google's Android Auto into a production car, the 2015 Hyundai Sonata sedan. Not to be outdone, General Motors said today it'd offer both Android Auto and Apple's CarPlay on several Chevrolet models set to hit dealerships this summer. By giving car buyers the choice between these rival phone-projection systems, Chevrolet hopes to quell concerns from prospective customers worried about the compatibility of their smartphones and vehicles. "It's about providing choice," said Alicia Boler-Davis, GM's senior vice president for global connected car consumer experience. "No two customers are alike, and we cannot expect a single solution that works for every driver in every situation." Across the industry, automakers are rushing to add both to their cars as a growing base of customers seek an array of connected features. Estimates from automotive technology research firm SBD indicate smartphone-integrated content is available in 36 percent of current vehicles, and the company expects that penetration rate will grow to 84 percent by 2025. For Chevrolet, the systems will be available on select 2016 iterations of the Cruze, Camaro, Volt, Spark and Malibu as early as next month, and appear on 14 Chevy models overall for the 2016 model year. They're available on all trim levels, but they only work with the company's MyLink infotainment package installed in the cars, and the first to hit showrooms will only work on the seven-inch touchscreen models. "CarPlay and Android Auto, these are things that are addressable to the broad market, and I think it makes a lot of sense for GM to put it into Chevys first," IHS Automotive senior analyst Mark Boyadjis said. Via physical connections, both Apple CarPlay and Android Auto allow users access to smartphone features like turn-by-turn directions, phone calls, voice-to-text messages and music streaming. Interfaces are similar to the ones found on the respective smartphones, but on the dashboard, they're redesigned for a simpler, in-car experience. Fonts are larger, for example, and easier to press on a touchscreen. CarPlay relies heavily on Siri so that drivers spend more time staring at the road instead of their touchscreen. That sounds good, at least in theory.

2021 Chevy Colorado and GMC Canyon facelift spied

The Chevy Colorado and its GMC Canyon twin have been on sale for a good long time now, and while things move a little more slowly on the truck side when it comes to facelifts and model changeovers, it seems like it’s about time. So itÂ’s no surprise to see some lightly camouflaged trucks running around ahead of what appears to be a minor refresh for the 2021 model year. Starting with the Colorado, it appears to have a bowtie hiding behind some camo in the center of the grille, which otherwise looks like the no-bowtie option you can get on 2019-and-up trucks. It could be that Chevy is keeping the no-bowtie grille design but allowing a bowtie to grace it, or it could be misdirection. Either way, the grille pattern adds a bit of flair to the otherwise staid front end design. There also appears to be a bit more shape to the lower air inlet, with echoes of some of the lower fascias of its bigger Silverado stablemate. The Canyon, on the other hand, shows more extensive front-end changes. At first glance, it looks to emulate some variants of the GMC Sierra, which would make sense given those modelsÂ’ changes for the 2020 model year. In particular, this Canyon has hints of Sierra HD, being more square and monolithic than the regular Sierra 1500s, although itÂ’s a little hard to tell with the camo covering the edges of the grille. It could certainly also adopt more rounded corners like the 1500s. Either way, itÂ’s more vertical and thereÂ’s less differentiation between the upper grille and lower opening. ThereÂ’s nothing in the way of changes around the sides or back, and while there may be some minor changes inside, we arenÂ’t expecting any. The word around town is that this isnÂ’t a full facelift, but rather a minor front end tweak thatÂ’ll just be a regular part of the model-year changeover.