Clean 2003 Chevy Silverado Ss Awd In Excellent Condtion 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.

McLaren and Alonso will use Chevy engines at Indy 500

Fernando Alonso will have a Chevrolet engine in his McLaren when the double Formula One champion attempts to win next year's Indianapolis 500 in his second attempt, the British team announced on Tuesday. The 37-year-old Spaniard led 27 laps last year on his debut at The Brickyard in a Honda-powered Andretti Autosport car before retiring with an engine problem with 21 laps to go. The 2018 Indy 500 winner, Australian Will Power, won with Chevrolet-powered Team Penske last May. "Having Chevrolet power behind me means we're putting ourselves in the best possible position to compete at the front," said Alonso in a McLaren statement. The double Monaco Grand Prix winner, who won the Le Mans 24 Hours with Toyota this year, left Formula One at the end of the season last month and is targeting Indianapolis as the final part of the "Triple Crown of Motorsport": winning the Formula One championship (or Monaco), Le Mans and the Indy 500. The late Briton Graham Hill, also a two-times Formula One champion who died in 1975, is the only one to have done it, completing the triple in 1972.Reporting by Alan BaldwinRelated Video: Motorsports Chevrolet McLaren Racing Vehicles IndyCar

GM cutting Chevy Sonic, Buick Verano production [UPDATE]

UPDATE: A previous version of this story indicated that Orion Assembly would be idled for seven weeks, from February 16 through April 6. This was incorrect. The factory will instead only be idled for the weeks of February 16 and April 6. The story has been edited to reflect this. General Motors has announced that the factory responsible for the Buick Verano and Chevrolet Sonic will be idled for the weeks of February 16 and April 6, with blame being placed on excess supply. The Orion Assembly plant, about 45 minutes north of GM's Renaissance Center headquarters, employs about 1,800 people, but they'll be given a pair of furloughs as inventories of the sub-compact Sonic and premium compact Verano reach 127 days and 84 days, respectively. That works out to 26,600 Chevys and 9,800 Buicks waiting for buyers. According to Automotive News, the compact Chevy sales bested the industry average in 2014, jumping up nine percent versus the the overall segment's eight-percent gain, while the Buick sedan's sales were down four percent. When asked about the shutdown, a GM spokesman told AN that it will "build to market demand," while also pointing out that the company did not comment on production plans. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Chevrolet GM buick encore orion assembly