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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.

Worldwide, Nissan Leaf has outsold next two competitors combined

Nissan may not be meeting some of the more optimistic prognostications with sales of its Leaf electric vehicle, but it's certainly kicking the competition's butt. EV Sales is tracking global sales of plug-in vehicle models and estimates that Nissan has sold almost 172,000 units of the Leaf worldwide. That's more than the two next-best-selling plug-ins combined. Globally, EV Sales estimates, the Chevrolet Volt extended-range plug-in has moved about 88,000 units, while Toyota has sold about 71,000 of its Prius Plug-in Hybrid vehicles worldwide. Fourth-place Tesla Model S is close behind at about 66,000 units. Among automakers, Nissan is also by far the lead dog, but Mitsubishi has leapfrogged Chevrolet among plug-in vehicle makers, as the Outlander Plug-in Hybrid continues to sell well. Impressively, the relatively new BMW i3 has moved almost 23,000 units since its debut in Germany last year. As for Nissan, company chief Carlos Ghosn said at the New York Auto Show earlier this month that the company could sell as many as 50,000 units a year of the Leaf in the US, provided that charging infrastructure throughout the country improves. Earlier this year, cumulative US Leaf sales moved past 75,000 units since its late-2010 launch. Related Videos: Featured Gallery 2013 Nissan Leaf View 55 Photos News Source: EV Sales Green Chevrolet Nissan Electric volt

Recharge Wrap-up: EV torque secrets, UC Davis maps future of biofuels

A UC Davis white paper maps out "Three Routes Forward for Biofuels," balancing investment risk with carbon benefits. The first option is "incremental," in which we tinker with the existing biofuel manufacturing infrastructure for small improvements over time. The "transitional" plan suggests integrating cellulosic production and other innovations with existing operations. The third route, called "leapfrogging," would mean building refineries based on new technology such as cellulosic and algae-based biofuels. The paper suggests ways the US could use these three routes together in different areas, and predicts the payoffs in terms of carbon emissions could be significant if the right people are willing to risk the capital. After all, financial advisers are always telling investors to diversify their portfolios to manage risk and rewards in the same way. Read more over at the UC Davis Institute of Transportation Studies. The Formula E Long Beach ePrix will offer free admission. The seventh round of the inaugural all-electric race season, which was moved from Los Angeles to the streets of Long Beach, will offer fans free grandstand and general admission. The race, which takes place on April 5, 2015, will use a 1.6-mile portion of IndyCar's Grand Prix of Long Beach. Read more at LA Times. Polaris is now offering its 2015 GEM electric vehicles, including the new street-legal eM1400 LSV. The passenger and utility vehicles come in two- to six-passenger configurations, many of which are street legal on roads with posted speed limits of up to 35 miles per hour. The eM1400 LSV utility vehicle seats two, offers 1,250 pounds of payload, 1,250 pounds of towing capacity, a top speed of 25 mph and a range of up to 45 miles. Its on-board charger plugs into any standard 110-volt outlet. Read more at Hybrid Cars and check out all the different configurations yourself at the Polaris website. In EVs, more torque does not always equal faster. Green Car Reports found this out when driving the Fiat 500e (with 147 pound-feet) against the similarly weighted Chevrolet Spark EV (with 400 pound-feet). The secret is, at least in part, in the gearing. The Fiat has a 9.6:1 reduction gear, making it quicker at lower speeds despite having far less available torque, while the Chevy uses a 3:1 ratio. The trade-off though, is in top speed. Furthermore, Chevy electronically limits the torque delivery at low speeds, as 400 pound-feet is a lot of launch for the little Spark EV to handle.