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Top Gear names BMW i8 Car of the Year, Corvette, Ferrari, Mercedes also win big

The lads at Top Gear have released their listing of the finest cars of the past year, handing the ultimate honor to BMW's revolutionary i8 plug-in-hybrid supercar. "The i8 is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers - and then some," the British mag wrote. The i8, though, was far from the only hybridized car to take victories. James May and Richard Hammond both highlighted hybrids as their personal cars of the year, with May saluting the Ferrari LaFerrari and the Hamster, unsurprisingly, heaping praise on the Porsche 918 Spyder. Jeremy Clarkson, meanwhile, opted to shock many by selecting not only an American car as his best of 2014, but giving the honor to of all things, a Corvette. Clarkson wasn't the only person to honor the USA's iconic sports car, with the new, 650-horsepower Z06 variant being named TG's Muscle Car of the Year. Other big winners include Mercedes-Benz, which TG honored for S-Class Coupe (Luxury Car of the Year), the new AMG GT (Sports Car of the Year) and the not-for-US C-Class Estate (Family Car of the Year). The 458 Italia Speciale A snagged a second win for Ferrari. The best of the rest include the Citroen C4 Cactus, Renault Twingo, Volkswagen Golf R, Lamborghini Huracan and Audi TT. Take a look below for the celebratory press blast from BMW. The BMW i8 wins Top Gear Car of the Year The BMW i8 has been named as Top Gear magazine's global Car of the Year 2014. The plug-in hybrid performance vehicle beat off some stiff competition from a host of other premium and luxury manufacturers to win the overall award. The editorial team of Top Gear commended the BMW i8 for its breadth of abilities. Its 1.5-litre three-cylinder turbocharged petrol engine combined with an electric motor gives searing acceleration and driver enjoyment but all wrapped in a package that takes BMW's EfficientDynamics philosophy to the extreme courtesy of CO2 emissions less than 49g/km and a 135mpg combined cycle figure. Charlie Turner, Editor in Chief at Top Gear magazine, said: "The BMW is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers – and then some. It's the kind of car we should celebrate, a beautiful vision of the future, delivered now.

Recharge Wrap-up: Long Beach ePrix, London's new electric buses

London will put 51 new electric buses into service. With the addition of these buses, two more routes (in addition to one already in operation) will be all-electric. Transport for London plans to have all of central London's 300 single-decker buses running on electricity or hydrogen by 2020. "The expansion of London's electric bus fleet demonstrates our commitment to reducing emissions from public transport in London," says Deputy Mayor of London for Environment and Energy, Matthew Pencharz. "The Ultra Low Emission Zone that will be introduced in 2020 is the most ambitious measure of its kind taken to tackle air pollution anywhere in the world, and it will transform our bus fleet into a cleaner, greener and more pleasant way of travelling for Londoners." Read more from Transport for London, and from Green Car Congress. The Chevrolet Volt is subject to a tie-rod recall. Along with 10 Cruze vehicles, one 2015 Volt has been recalled because of a tie rod that might not have been tightened to the steering gear correctly, which could lead to a loss of steering control. Chevrolet will replace the steering gear assembly, supplied by Robert Bosch Automotive Steering, for free. There have been no reported injuries from this issue. Read more at Detroit News. The Formula E Long Beach ePrix will take place on April 2, 2016. For the second season of the electric racing series, Long Beach is the only confirmed US host, as the spot on the calendar previously held by Miami still remains to be determined. More than 20,000 fans attended the inaugural Long Beach ePrix earlier this year, where Nelson Piquet, Jr. took first place before going on to win the Drivers' Championship. "It's extremely exciting to welcome the ePrix back to Long Beach for a second year," says Long Beach Mayor Robert Garcia, "and we are hopeful that this demonstration of innovation, sustainability, and cutting edge technology will return to our city year after year." Read more in the press release below. Related Video: LONG BEACH ePRIX TO RETURN APRIL 2, 2016 (July 14, 2015) – The Long Beach ePrix will return to the city streets on Saturday, April 2, 2016. The FIA (Federation Internationale de l'Automobile) World Motor Sport Council recently approved the calendar for the second season of the FIA Formula E Championship, with Long Beach scheduled as the sixth of 11 rounds in the series. Overall, 10 venues will host Formula E events, with the 2015-16 season beginning once again in Beijing on Oct. 17.

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.