1969 Chevrolet Camaro 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.

Autoblog In Cuba: 1957 Chevy Bel Air Review

If you've been following the Autoblog In Cuba series, you may remember that my efforts to rent a car in the country were ultimately unsuccessful. Misinformation, bad planning, and a lack of rental car inventory conspired to disrupt my hoped-for driving adventure. I discovered in my week of exploration, however, that the terrific thing about Havana is that there's always another adventure to be found – if you're willing to look. A car I could drive myself might have been impossible to come by, but a ride to remember was not. After all, even when reviewing a new car, I've found that impressions about the car and the route can be credibly formed from the right seat. Starting from the parking lot of the grand Hotel Nacional, finding an interesting car for hire is as simple as walking up and down the block. Scads of classic American iron wait just outside the hotel gates, in a riot of colors and conditions befitting the tropical climate. Fords from the 1940s are plentiful – more sedans than coupes – and the glory days of General Motors are represented by enough Pontiacs and Cadillacs to fill a Bruce Springsteen B-sides album. But the Chevy Bel Air is the king of the road here, by some margin. View 30 Photos I settled on a burnt orange 1957 Chevy Bel Air convertible, in tourist-appropriate condition. I was looking for a hardtop at the request of my crew's audio/video needs, but settled on a burnt orange 1957 Chevy Bel Air convertible, in tourist-appropriate condition. This car might look good as a prop in the background on your vacation photos – hair blowing in the breeze with the ocean at your back, parked in front of Che's face in Revolution Square, etc. – but was far from pristine on a closer inspection. A perfect representative of the Cuban average. At least the price was right: $50 for two hours to make it 12 miles to Hemingway's house, and back. My driver was a kid named Daniel who looked to be about 20 years old. The Chevy doesn't belong to him, he co-drives it with the owner, but he was able to give me the basic mechanical rundown. The eight- or six-cylinder engine that Chevy shipped this convertible with was long gone. No surprise there, as nearly every American-made car I'd ridden in so far was powered by some belching Mercedes diesel. Despite it's clattering note, Daniel said the lump under the hood of the '57 drinks gas: a four-cylinder of Russian origins, pulled out of a GAZ Volga as best I can understand.

GM’s Charlie Wilson was right: Stronger regulations can help U.S. automakers

Charlie Wilson had been the president and CEO of General Motors before being nominated to become secretary of defense by Dwight Eisenhower. During his Senate confirmation hearings, he controversially said, "For years I thought what was good for our country was good for General Motors, and vice versa." And he was right. While car companies aren't necessarily the most progressive when it comes to things that might have the slightest possibility of political blowback, General Motors should be credited for doing something absolutely forthright in this regard with its announcement that it wants the federal U.S. government not to squash the California Air Resources Board's emissions requirements but to actually create a 50-state "National Zero Emissions Vehicle" program that, in the words of Mark Reuss, executive vice president and president, Global Product Group and Cadillac, "will drive the scale and infrastructure investments needed to allow the U.S. to lead the way to a zero emission future." Filing comments to the Safer Affordable Fuel-Efficient Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks is one thing. But a graphic the company developed for this announcement — shown above — is something else entirely, something that is absolutely credible, creative and clever. There is a photo of a Chevrolet Bolt EV driving along a highway, which seems to be in Marin County (based on the blurred San Francisco skyline in the background). Text on the photo states: "It's Time for American Leadership in Zero Emissions Vehicles." It seems to say, in effect, "If we want to make America great again, then we're going to do it by leading in technology, not by retreating behind weakened regulations." General Motors understands that the auto market is globally competitive, and if U.S.-based companies are going to be in the game, then they'd better be able to out-innovate the companies based elsewhere, where emissions and economy standards are not being weakened. What's good for our country ... Related Video: