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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.

2014 Toyota Corolla priced from $16,800*

We'll be publishing our First Drive of the 2014 Toyota Corolla later today, but right now, we can reveal that the eleventh-generation compact will be priced from $16,800 when it hits dealerships this fall (*not including a $810 destination charge).
Four trim levels will be offered, and that sub-$17,000 price point reflects the base L grade with a six-speed manual transmission. Adding the four-speed automatic (yep) brings that price up to $17,400, which gets you the usual features standard on this class of car, including Bluetooth connectivity, eight airbags and - a first for this price point - LED headlamps.
From there, the LE trim ($18,300) adds a backup camera, cruise control, keyless entry, Entune audio (including a 6.1-inch touchscreen) and a brand-new continuously variable transmission replacing the four-speed auto. There's even an Eco version of the LE trim that uses a different engine tune to provide fuel economy of up to 42 miles per gallon on the highway.

Toyota to show Camry and Corolla Special Editions, updated Avalon in Chicago

Toyota has quite the party ready for the upcoming Chicago Auto Show with the unveiling of some colorful Special Edition versions the Camry and Corolla to go along with the biggest piece of news, a refresh for the Avalon. The company didn't announce any specific info about the updated sedan but did release this dark teaser image, which we lightened (pictured right) to show off more detail. The stylists seemingly tweaked the higher portion of the grille, while giving the lower section a wide-open mouth. After the Camry's 2015 refresh, the popular sedan now has sharper, somewhat more aggressive styling, and this Special Edition based on the SE trim leans into that demeanor even more. Limited to 12,000 units starting in August, power still comes from a 2.5-liter four-cylinder rated at 178 horsepower and 170 pound-feet of torque with a six-speed automatic, but Toyota tries make it look a meaner, including 18-inch wheels with black highlights, smoked taillights and a choice of either Blizzard Pearl or Blue Streak Metallic paint. The interior changes are more thorough, with black bolsters and blue centers for the seats, plus matching cerulean highlights for the instruments and trim. Buyers also get a few luxuries inside with an Entune Audio Plus stereo, push-button start and moonroof. Navigation is optional. Where the Camry has a blue theme, the Corolla Special Edition goes crimson for its limit of 8,000 units beginning in August. Based on the S Plus trim, exterior upgrades are limited to a set of gloss black 17-inch wheels and a choice of Absolutely Red, Black Sand Pearl or Super White paint. There are a few more updates inside, with red stitching and accents for the seats, dashboard and door trim. These models also get push-button start, but an improved audio system with navigation and power moonroof are optional. View 8 Photos TOYOTA TO CREATE TURBULANCE IN WINDY CITY WITH SPORTY CAMRY AND COROLLA SPECIAL EDITIONS Camry and Corolla to Create Excitement With Special Edition Debuts Limited Production Models Equipped With Unique Sport-Themed Features Refreshed Avalon to be Unveiled at Chicago Auto Show CHICAGO, Feb. 5, 2015 - - Winds of change will be blowing into the Chicago Auto Show. Toyota's Camry mid-size sedan, the best-selling car in America for the past 13 years, and Corolla compact sedan, the world's best-selling car of all time, will debut special edition models at next week's Chicago Auto Show.