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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.

2016 Chevy Camaro teased as current-gen car prepares to hit 500k sales

Just as Chevrolet prepares to launch the sixth-generation Camaro, the current, fifth-generation car is about to hit a major milestone: 500,000 units sold in the United States. That's impressive, and to celebrate, Chevy has released this video, showing the Camaro Z/28 doing what it does best around a race track. But that's not all there is to see in this video. At the end, Chevy gives us a glimpse at the sixth-generation Camaro, expected to debut in the not-too-distant future. Have a look, and check out Chevy's press blast, below, for more details about the 500k sales mark. Related Video: Fifth-gen Camaro Approaches 500,000 U.S. Sales Production milestone caps five years as America's best-selling performance car DETROIT – Talk about a big family: Chevrolet expects to deliver the 500,000th fifth-generation Camaro in the United States this month. The fifth-generation Camaro has been a runaway success for Chevrolet since it went on sale in August 2009. Camaro sales passed Mustang in 2010, to become America's best-selling performance car – a title Camaro has retained for five consecutive years. In the process, the Camaro has helped bring new buyers to Chevrolet – with 63 percent of retail buyers new to GM. "The fifth-generation Camaro has clearly resonated with both long-time Camaro fans, and first time performance-car buyers," said Todd Christensen, Camaro marketing manager. "That sets the bar high for the next chapter of the car's history." Remarkably, the Camaro continues to gain momentum, even as the fifth-generation Camaro nears the end of production this year. In 2014, Camaro total sales increased 7.1 percent for its second-best year of sales since its introduction.

Chevy finishes restoration of damaged 1 millionth Corvette

When a sinkhole at the National Corvette Museum devoured eight, rare examples of the iconic American sports car last year, some of the victims emerged better than others. While damaged, the 2009 Corvette ZR1 Blue Devil was able to drive out under its own power, making for a fairly straightforward restoration. Meanwhile, the one-millionth 'Vette came out looking like a pancake. Bringing the convertible back to perfection has taken four months and 1,200 man-hours, but the milestone car is finally on display again. After being a brief exhibit at the National Corvette Museum, the millionth 'Vette was moved to the General Motors Design Center. There, a 30-person team started on the difficult restoration. "When we disassembled it, we found that each employee involved in building it had signed a part of the car, which was fantastic and moving to see," said GM executive Mark Reuss. Therefore, the team tried to retain as many original parts as possible. The damage was extensive, and repairs included straightening the front sub-frame damage, patching the seats, and carefully restoring the dashboard pad to maintain the signatures below. The hood, front fascia, and side sills were replaced with parts from a donor vehicle. To keep the 'Vette perfect, the team scanned the names and put them on the new components. In one case, they even went back to an original employee to sign a replacement part. Surprisingly, the engine and transmission were fine. With the work done, the National Corvette's Museum's revived exhibit is nearly complete. Five of the other cars aren't being restored, and the museum is bringing the 1962 Corvette back to life. <p>Your browser does not support iframes.</p> Chevrolet Fulfills 1 Millionth Corvette Restoration Pledge Sinkhole-damaged milestone returns to National Corvette Museum 2015-09-03 BOWLING GREEN, Ky. – After more than four months and 1,200 man-hours of painstaking craftsmanship, restoration of the milestone 1 millionth Corvette – a white 1992 convertible – is complete. It was unveiled today at the National Corvette Museum, where it returns as part of the permanent exhibit. The car was damaged on Feb. 12, 2014, when it and seven other rare Corvettes tumbled into a sinkhole that opened beneath the museum's Skydome area. Chevrolet pledged to restore it.