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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.

GM's Fairfax, Kansas, plant closed through mid-August due to chip shortage

General Motors is further extending downtime at its Fairfax Assembly facility in Kansas City, Kan., due to ongoing microchip supply issues, the company confirmed late Monday. The plant will now remain idled through at least Aug. 16, Automotive News reports. The facility, which produces the Cadillac XT4 and (for now, anyway) the Chevrolet Malibu, was already slated to be on standby until after the upcoming July 4th holiday weekend, but GM was forced to extend the outage again – this time by more than an another month – due to the continued lack of electronic component supply.  While microchip production has begun to catch up to existing production demand, it could take months (perhaps even more than a year) for customers to see relief from the shortage.  Related video:

How to locate a fleet Chevy Caprice PPV you can buy

The Chevy Caprice shares the same platform as the now-defunct Pontiac G8 and Chevy's SS sedan. The Pontiac G8 received excellent reviews, but the economy was not doing so well, and gas prices were high, so no one bought them and Pontiac went under. The Caprice PPV is available with a 3.6-liter V6 with 300 horsepower or a 6.0-liter V8 with 355 hp. It comes standard with heavy-duty suspension and a limited-slip differential on the V8 model. The Chevy Caprice also received praise for its handling and road manners and even received a perfect score in a past assessment by the LA County Sheriff's Department. Unfortunately, you won't be able to buy one new even if you want one. The Chevy Caprice PPV is a fleet vehicle available only to law enforcement. However, if you go on Cars.com, select Chevrolet in the dropdown, click all types of vehicles, change the year filter from 2011 to 2015 and type in the keyword Caprice, lo and behold, listings for pre-owned Caprice PPVs appear. Many of these have low mileage and were not sold for whatever reason, and they sat around. Some come with the remainder of the three-year / 36,000-mile bumper-to-bumper warranty and a five-year / 100,000-mile warranty on the powertrain. Those who have strong negotiating skills can extend the bumper-to-bumper warranty a couple of years for around $1,500 or less. The purchase price of the Caprice PPV is around $30,000 to 34,000. The pre-owned ones are less; dealers took the brunt of the depreciation cost. Best of all, the bonus of driving a Chevy Caprice PPV is everyone driving around you will follow the speed limit and every motor vehicle rule in the book because they think you are the law. Used ex-law enforcement fleet purchase are risky. But this is too unique to pass up, go buy one quick. There are only a couple in the country at the moment. Follow me on Twitter: Donkleblanc Related Video: Image Credit: wikimedia Chevrolet Used Car Buying Police/Emergency chevy caprice chevy caprice ppv open road