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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.

Chevy Malibu will become 45-mpg strong hybrid with next update

Come next year there'll be no more mild hybrid pretensions for the Chevrolet Malibu - the next-generation sedan will borrow technology from the 2016 Volt and get a proper hybrid powertrain. A 1.8-liter four-cylinder engine gets help from a two-motor drive unit adapted from the Volt for 182 system horsepower, the motor drive powered by an 80-cell, 1.5-kWh lithium-ion battery. Chevrolet says that when combined with features like grille shutters and a lower ride height, it expects the Malibu Hybrid will post a combined fuel economy rating of more than 45 miles per gallon, which would best the hybrid trims of the Ford Fusion, Toyota Camry and Hyundai Sonata. Electric power alone can power the car up to 55 miles per hour, and The Bowtie's first use of exhaust gas heat recovery will help maintain high hybrid performance in cold weather and be used to heat the engine and cabin. The Malibu Hybrid should go on sale in the Spring of next year, for now there's a press release below. Chevrolet Malibu Hybrid Derives Technology from Volt GM estimates combined fuel economy ratings to exceed 45 mpg DETROIT, 2015-03-25 – Chevrolet's recent production announcement of its all-electric vehicle based on the Bolt EV concept, as well as the introduction of the 2016 Chevrolet Volt, will be joined by a strong hybrid version of the next-generation Malibu. Using technology from the 2016 Chevrolet Volt propulsion system, Malibu Hybrid will offer an estimated combined fuel economy rating exceeding 45 mpg, higher than the combined mileage ratings of the Ford Fusion, Toyota Camry and Hyundai Sonata hybrid variants. "The 2016 Malibu Hybrid will offer impressive fuel economy, exceptional driving characteristics and gorgeous styling," said Jesse Ortega, Chevrolet Malibu chief engineer. "Besides leveraging innovation from the Chevrolet Volt, the Malibu Hybrid also has unique features that help improve aerodynamics, like upper and lower grille air shutters to improve airflow and a reduced ride height, all of which help reduce fuel consumption," Ortega said. An all-new direct-injection 1.8L 4-cylinder engine mated to a two-motor drive unit slightly modified from the 2016 Chevrolet Volt drive unit powers the Malibu Hybrid. The drive unit provides additional power to assist the engine during acceleration, for 182 horsepower (136 kW) of total system power.

Valet mode captures joyride in red Corvette

A man in California is among the first to catch a valet behaving badly in his 2015 Corvette using a controversial built-in recording feature. Dan Cowles told KTLA 5 when he bought his dream car, a 2015 Chevrolet Corvette Stingray, he opted for the Performance Data Recorder. The Corvette PDR uses a high-definition camera mounted in the windshield header, a microphone in the cabin and a GPS receiver that record and track the sports car's movements and sounds. They work together to produce a video with telemetry overlay, so you can see acceleration rates, lap times and g-forces. The system can be customized to show extensive performance data, or simply video of your drive like a traditional dash cam. It also comes with Valet Mode, which locks the glove box, disables entertainment and records video. The audio recording feature ran afoul of several state's recording consent laws, but this video has no audio, indicating the fix may have been as easy as turning off the microphone. Cowles dropped off his hot red 'Vette with the valets at the Segerstrom Center for the Performing Arts in Costa Mesa, CA. When he got his car back he checked the PDR and discovered footage of the valet taking a short, but intense, joyride in the garage. In the video, the valet finds a straightaway in a tiered parking garage and pushes the car to 50 miles per hour in five seconds before quickly stopping. He then parks the car without incident. The valet then gets out of the car and takes one more admiring look at the front. The valet company has yet to commented on the video, according to Fox News, but valets everywhere should be on notice; that little red Corvette you have your eye on may have its eyes on you. Related Gallery Ward's 10 Best Engines of 2015 View 10 Photos Chevrolet Driving Classics valet parking