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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.

Chevy donates first 2016 COPO Camaro to United Way

Want to get your hands on the first new COPO Camaro? Scottsdale will be the place to be this weekend. That's where Barrett-Jackson will auction off the drag-racing muscle car with the serial number 2016COPO001. The example on the docket is the very same show car that Chevy revealed at the SEMA show just a couple of months ago. Like every new COPO Camaro, it's based on the new sixth-generation coupe and packs an array of drag-racing upgrades. Those include a three-speed automatic transmission, solid rear axle, and adjustable suspension. While Chevy will offer the new COPO Camaro with a choice of three engines, this particular example packs the 5.7-liter supercharged V8, as well as a unique red and black livery designed by Chevy drag racing driver Courtney Force. 100 percent of the proceeds from the sale are destined to go to United Way, following previous examples that benefited wounded veterans. You can bet it will raise a pretty penny at auction, but if you miss this one, of course there will be more. Just don't wait around too long as the Bowtie brand will only make 69 of them this year. 2016 COPO Camaro No. 1 Sale to Benefit United Way Courtney Force designed show car to be auctioned for United Way 2016-01-26 DETROIT – Chevrolet will auction off the first, sixth generation 2016 COPO Camaro race car to raise money for United Way. The purpose-built COPO Camaro, serial number 2016COPO001, will be sold on Friday, Jan. 29, at the Barrett-Jackson Scottsdale auction. All proceeds of the winning bid will benefit United Way. "This is a special opportunity to purchase the first of the sixth generation, 2016 COPO Camaro while also helping such a great cause," said Jim Campbell, U.S. vice president of Performance Vehicles and Motorsports. The COPO is a powerful, purpose-built Camaro designed to race in NHRA Stock Eliminator class. The COPO Camaro legacy continues with an all-new sixth-generation version. This modern-looking machine infuses legendary COPO performance with the modern, lighter and stronger design of the 2016 Camaro. Chevrolet introduced the sixth generation COPO Camaro No. 001 last November at the SEMA Show and includes a personalized look created by Chevrolet and NHRA Funny Car driver Courtney Force. It features a Red Hot exterior color with Courtney Force-signature graphics and red-accented grille trim. "I was extremely honored to work with Chevrolet and help design the 2016 COPO Camaro," said Courtney Force.

Coronavirus blues, and the 2021 Hyundai Elantra debuts | Autoblog Podcast #619

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and News Editor Joel Stocksdale. Get a behind-the-scenes look at life for Autobloggers during the coronavirus outbreak, as they talk about how it's not only affecting the automotive industry at large, but the people who cover it as well. Amidst the chaos, Hyundai unveiled the 2021 Elantra, and out editors opine about the new small sedan. They briefly discuss what cars they'd want to drive cross-country if they had a flight that had been canceled, before talking about the cars they've actually been driving, including the Mercedes-Benz GLS 580, Jeep Renegade and Lincoln Corsair. Finally, they reach into the mailbag and help a listener pick a new car. Autoblog Podcast #619 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown The coronavirus is affecting the auto industry, and those who obsessively cover it 2021 Hyundai Elantra has been revealed Poll: Your flight's canceled. What car do you drive cross-country? 2020 Chevy Corvette orders end Cars we're driving: 2020 Mercedes-Benz GLS 580 2020 Jeep Renegade 2020 Lincoln Corsair Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: