1977 Chevrolet El Camino 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.

Weekly Recap: Autonomous driving goes commercial in Nevada

Nevada granted Daimler Trucks North America the first license to run an autonomous commercial vehicle on public roads in the United States Tuesday, marking another milestone in the technology's rapid advancement. Gov. Brian Sandoval and Daimler truck chief Wolfgang Bernhard promptly used the license to lap Highway 15 near Las Vegas in a newly revealed Freightliner Inspiration Truck. It was a clear signal that autonomous driving is big-rig reality, though it's still a long way from widespread use. Nevada certified two of Daimler's Freightliner Inspiration Trucks, which use the company's Highway Pilot system with a stereo camera, radar, and lane-keeping collision-prevention features to regulate the brakes and steering. The radar component has a long-range sensor that can cover 820 feet at an 18-degree angle and a shorter-range unit that stretches 230 feet at a 130-degree angle. The Inspiration trucks are based on the existing Freightliner Cascadia Evolution model used on US roads. In addition to the autonomous technologies, it also has futuristic design cues, including blue lighting in the front and a new hood and grille. While there are only two Freightliner Inspiration trucks in existence, Daimler expects to bring the Highway Pilot system into mass-produced big rigs by 2025, in time to capitalize on the market's predicted growth. The German truckmaker predicts the global hauling market will triple by 2050, and the United States will be a key part of that growth. Trucks carry 69.1 percent the nation's domestic freight tonnage and hauled 9.7 billion tons of freight in 2013, according to the American Trucking Association. Daimler expects autonomous driving to augment this growth, and perhaps evolve the role of the truck driver. Still, the company points out autonomous tech is not meant to replace drivers, but to assist them and relieve fatigue and monotony on long hauls. The driver has to stay in control for passing, in city traffic, and when hooking up the trailer. The company said autonomous driving also offers the potential for improved fuel economy – tests showed a five-percent gain – and lower maintenance costs. Daimler also said the technology could reduce congestion on the road. Much of this is attributable to the constant flow of traffic, which is aided by autonomous driving. While the benefits are becoming increasingly apparent, autonomous technology is still met with skepticism.

Ford, Toyota clean up in Best Car For The Money Awards

The U.S. News Best Cars for the Money Awards picks winners by looking at the average transaction price, five-year total cost of ownership, the regard a car has from the automotive press, reliability figures from J.D. Power and Associates and safety data from the National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety. The result, according to the magazine, is "the best combination of critical acclaim and long-term value."
Ford nabbed six of the 21 categories that received awards this year, the Focus, Fusion, Fusion Hybrid, Taurus, Escape and Edge getting trophies. Toyota and its Lexus and Scion sub-brands took another five, the Tacoma and Tundra owning the two categories given to pickup trucks. The other ten awards were split between Honda with three, Buick with two, and one each for Subaru, BMW, Hyundai, Chevrolet and Mazda.
Follow the link to see all the winners and read about why they were chosen.