2005 Chevrolet Silverado 3500 Drw Lt 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.

Consumer Reports no longer recommends Honda Civic

Consumer Reports annual Car Reliability Survey is out, and yes, there are some big surprises. First and foremost? The venerable publication no longer recommends the Honda Civic. In fact, aside from the walking-dead CR-Z and limited-release Clarity fuel-cell car, the Civic is the only Honda to miss out on CR's prestigious nod. At the opposite end there's a surprise as well – Toyota and Lexus remain the most reliable brands on the market, but Buick cracked the top three. That's up from seventh last year, and the first time for an American brand to stand on the Consumer Reports podium. Mazda's entire lineup earned Recommended checks as well. Consumer Reports dinged the Civic for its "infuriating" touch-screen radio, lack of driver lumbar adjustability, the limited selection of cars on dealer lots fitted with Honda's popular Sensing system, and the company's decision to offer LaneWatch instead of a full-tilt blind-spot monitoring system. Its score? A lowly 58. The Civic isn't the only surprise drop from CR's Recommended ranks. The Audi A3, Ford F-150, Subaru WRX/STI, and Volkswagen Jetta, GTI, and Passat all lost the Consumer Reports' checkmark. On the flipside, a number of popular vehicles graduated to the Recommended ranks, including the BMW X5, Chevrolet Camaro, Corvette, and Cruze, Hyundai Santa Fe, Porsche Macan, and Tesla Model S. Perhaps the biggest surprise is the hilariously recall-prone Ford Escape getting a Recommended check – considering the popularity of Ford's small crossover, this is likely a coup for the brand, as it puts the Escape on a level playing field with the Recommended Toyota RAV4, Honda CR-V, and Nissan Rogue. While Ford is probably happy to see CR promote the Escape, the list wasn't as kind for every brand. For example, of the entire Fiat Chrysler Automobiles catalog, the ancient Chrysler 300 was the only car to score a check – there wasn't a single Dodge, Fiat, Jeep, Maserati, or Ram on the list. That hurts. FCA isn't alone at the low end, either. GMC, Jaguar Land Rover, Mini, and Mitsubishi don't have a vehicle on CR's list between them, while brands like Mercedes-Benz, Volvo, Nissan, Lincoln, Infiniti, and Cadillac only have a few models each. You can check out Consumer Reports entire reliability roundup, even without a subscription, here.

There are still 6,000 first-gen Chevy Volts on dealer lots

The next-gen 2016 Chevrolet Volt looks to be a pretty fantastic vehicle with more electric driving range, better fuel economy than its predecessor, and a lower starting price. However, if you're looking for a deal, the 2015 model of the plug-in hybrid might not be a bad place to check because Chevy has a ton of them to get rid of. According to The Detroit Free Press, there are around 6,000 examples of the 2015 Volts that are still sitting on dealer lots. That might not sound like a lot, but Chevy only sold 905 of them in April and 2,779 through that month in 2015. It moved 18,805 of the PHEVs for all of 2014. Buyers are in a pretty good spot to haggle at the moment, too, with the a new Volt right around the corner. According to The Detroit Free Press based on TrueCar figures, the current average closing price for a 2015 model is $30,607 before any federal or state tax credits. You can also lease one for 39 months for $299 a month and $1,649 due at signing. In April, Chevy was reportedly offering customers 2.9-percent financing for 48 months and leases with no money down for buyers trading in a vehicle from a competitor. Of course, there's also always the option to buy a pre-owned example. Just a few months ago, prices for used Volts were reportedly as low as $13,000 at auction.