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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.

L.A. show, Chevy Colorado AEV Bison, Acura Integra, RDX | Autoblog Podcast #705

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. This week, they talk about driving the Chevy Colorado ZR2 AEV Bison, Audi A3 and S3, Toyota Corolla XSE hatchback and the new Acura RDX. As for news, they discuss the reveal of the new Acura Integra, and talk about what's new at the 2021 L.A. Auto Show. Finally, they help a listener pick a car from the list of their childhood favorites. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #705 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving 2022 Chevy Colorado ZR2 AEV Bison 2022 Audi A3 and S3 2022 Toyota Corolla XSE Hatchback 2022 Acura RDX News: 2023 Acura Integra revealed 2021 L.A. Auto Show Spend My Money: Nostalgia purchase Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: 2022 Porsche Taycan GTS Sport Turismo at the L.A. Auto Show

Genovation Cars readies all-electric Corvette prototype

Chevy runs the full spectrum from some of the most environmentally friendly cars to the least. At one end are EVs like the Spark and Volt. At the other, performance models like the Camaro and Corvette. But one American company wants to bridge that divide. That company is Rockville, MD-based Genovation Cars, which reports that it is almost done building its prototype for an all-electric Corvette. Dubbed the Genovation Extreme Electric (or GXE for short), the prototype is based on a previous-generation 2006 Chevy Corvette Z06, but ditches its enormous 7.0-liter V8 for an array of inverters, batteries, and electric motors said to be good for over 700 horsepower and 600 pound-feet of torque. That promises to deliver a 0-60 time of about 3.0 seconds and a top speed in excess of 200 miles per hour. Those are supercar benchmarks for performance if we've ever seen them, and ought to leave even the top-spec Tesla Model S P85D in... well, not a cloud of smoke, but whatever the electric equivalent is, in a non-polluting cloud of that. The GXE is also supposed to be able to travel for 150 miles on a single charge, and handle well while it's at it with 50/50 front-rear weight distribution and a low center of gravity. Sorta like the Power Wheels 'Vette pictured above, then, but bigger and faster. Look for the GXE to debut at the Electric Vehicle Technology Expo this coming September in Michigan, after which Genovation says it will put the GXE to the test on the track to back up its performance claims. Genovation Cars Nearing Completion of High-Performance All-Electric Corvette, the GXE ROCKVILLE, Md.--(BUSINESS WIRE)--Genovation Cars is nearing the completion of a prototype high-performance all-electric Corvette called the Genovation Extreme Electric or GXE. Assembly of the GXE will be completed by the end of July, followed by a three-week testing phase. The GXE is based on a 2006 Z06 Corvette. Several contributors to the GXE effort have helped design and build record-breaking electric vehicles. They include an MIT electrical engineer and a mechanical engineer from Cosworth. "We are using state of the art inverters, batteries and electric motors that will produce in excess of 700-hp and 600 lb-ft of torque," said Genovation CEO Andrew Saul. "We expect the car to achieve 0-60 mph in around three seconds and have a top speed of over 200 mph.