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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 Bolt, GM's 200-mile EV, could debut in Detroit

It's not news that General Motors is working on a $30,000 electric vehicle with a 200-mile range. Then-CEO Dan Akerson said as much back in 2013. What we've heard before is that this mystery EV will be based on the Chevrolet Sonic and will will arrive in 2017. So, if that's all correct, then it would make sense that confirmation of this plan would come at the 2015 Detroit Auto Show, which is just around the corner. And lookee here... The Wall Street Journal is reporting that GM will unveil a concept Chevy Bolt at the Detroit show on Monday. That name sure makes sense, too, since GM registered that trademark back in August. According to the Journal, the rumored numbers – 200-mile range, $30,000 price – are still what's expected. Some new purported details are that the battery will come from LG Chem, which also makes the Volt's batteries, and that the Bolt will be a crossover that could be sold around the world. This all smacks of a preemptive strike against the Tesla Model 3, which is also due around 2017. Currently, GM sells the Spark EV in limited areas of the US, despite a lot of excitement for wider availability. To sell a 200-mile EV for $30,000 means that GM and LG Chem will likely have drastically reduced the cost of making a big plug-in vehicle battery. What this means for the new Volt and GM's future plans is something we're more than a little excited about to learn more of on Monday, the same day that we get to see the redesigned Chevy Volt for the first time. Well, aside from the CES teaser. Green Chevrolet Crossover Electric 2015 Detroit Auto Show Chevy Bolt bolt

2023 Chevrolet Silverado HD reportedly getting mammoth torque

Chevrolet just gave the light-duty Silverado a significant round of updates. It hasn't detailed the changes it has in store for the heavy-duty model yet, but a recent report claims the truck will arrive with significant engine upgrades. Without citing sources, website TFL Truck reported that the current pickup's 6.6-liter Duramax turbodiesel V8 will return in the updated model. Its displacement won't increase, but its output will reportedly grow to 505 horsepower and a mammoth 1,085 pound-feet of torque. To put those figures into perspective, the 6.6-liter makes 445 horsepower and 910 pound-feet of twist in the 2022 Silverado HD; GMC's Sierra HD is available with it as well. Bumping the Duramax's output is a way to keep up with the competition. Arch nemesis Ford offers buyers who have extremely heavy things to tow 475 horsepower and 1,050 pound-feet of torque from a 6.7-liter turbodiesel V8. Over at Ram, the most powerful engine available in a heavy-duty truck posts numbers of 420 and 1,075, respectively. If the report is accurate, Chevrolet will enviably take the horsepower and the torque crowns in the segment. What remains to be seen is what effect the increases will have on the Silverado's towing capacity. As of writing, it's capable of towing up to 36,000 pounds (approximately 15 times the weight of a 2021 Mazda MX-5 Miata). Moving out of the engine bay, the 2023 Silverado HD will receive an updated exterior design that will again help differentiate it from the smaller, light-duty model. We're expecting the next round of updates will also bring new tech features, and it's reasonable to assume that the trim structure will evolve; Chevrolet might notably shift the HD in a more outdoorsy direction to satisfy a growing demand for off-road-focused trucks in the United States. None of this is official; Chevrolet is keeping its lips sealed about the updated Silverado HD. Full details will likely emerge in the coming months, and sales are tentatively scheduled to start in time for the 2023 model year.