2015 Ford Explorer Limited 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.

Ford Police Interceptors dominate Michigan State Police testing

Once again, Ford Motor Company builds the fastest police vehicles. The Blue Oval touted the news in an official release following Michigan State Police and Los Angeles County Sheriff's Department testing. Ford did very well. Except for one acceleration metric – zero to 10 miles per hour – the Blue Oval's Taurus and Explorer-based cop cars were the quickest, with particular praise coming for the EcoBoost-powered models, which bested Chevrolet and Dodge's V8-powered variants. Dearborn's products also posted the fastest average times around MSP's vehicle dynamics course. But it wasn't all positive for Ford. The only four-cylinder in the contest, the 2.0-liter, EcoBoost Ford SSP Sedan, had both the lowest top speed, 120 mph, and the slowest acceleration figures. It was also the slowest in track testing. Ford's products also failed to match the braking and top speeds of its rivals from Detroit and Auburn Hills – the rear-drive Charger Pursuit posted the best braking stats of the entire test, while the V8-powered Chevrolet Caprice hit the highest top speed, at 155 mph. Ford did score a top speed award, among SUVs, but at 132 mph, the naturally aspirated Police Interceptor Utility had to share its award with the equally fast, rear-drive Chevrolet Tahoe. The LA County Sheriff's timing isn't publicly available, but according to Ford, the EcoBoost-powered police cars put on a similarly impressive show for cops on the West Coast. We've assembled a spreadsheet on Google Docs that offers an easy to browse comparison of the different stats assembled by the Michigan State Police, and divided the vehicles between standard V6-powered sedans, high-performance sedans (EcoBoost and V8 models), and SUVs. You can check it out here. Related Video:

Ford recalling 450,000 Fusion, Mercury Milan sedans

Ford has announced a pair of recalls, and both are critical safety issues. The exponentially larger of the two recall campaigns affects over 450,000 Ford Fusion and Mercury Milan sedans manufactured at the Hermosillo plant between July 21, 2008, and March 4, 2011. The canister purge valve in the fuel tank could malfunction and could cause the top of the tank to crack and leak fuel. That could cause a fire, although Ford "is not aware of any accidents, injuries or fires" resulting from the issue. Affected vehicles will have their ECU software updated and their fuel tanks inspected for potential replacement. The company estimates there are 411,205 affected units in the United States (and its federalized territories), plus another 33,605 in Canada, and 7,055 in Mexico. The second recall affects 13 F-650 trucks. The column shifter's park position mechanism may fracture and let the truck roll away unexpectedly. Those 2016 models built in Ohio between July 29 and September 3, 2015 are all located in the US. Fixing the problem will require replacing the steering column and reconfiguring the instrument panel. FORD ISSUES TWO SAFETY RECALLS IN NORTH AMERICA DEARBORN, Mich., Nov. 23, 2015 – Ford Motor Company is issuing two safety recalls in North America. Ford is not aware of any accidents, injuries or fires related to these conditions. Details are as follows: Ford issues safety recall for certain 2010-2011 Ford Fusion and Mercury Milan vehicles in North America for potential fuel tank issue Ford Motor Company is issuing a safety recall for approximately 450,000 2010-2011 Ford Fusion and Mercury Milan vehicles for a potential issue with the fuel tank. Some of these vehicles might have a canister purge valve that does not work properly, causing internal pressure changes inside the fuel tank. Repeated pressure changes inside the tank could result in a crack on the top of the tank, possibly allowing fuel to leak. A fuel leak in the presence of an ignition source can lead to a fire. Ford is not aware of any accidents, injuries or fires related to this condition. Affected vehicles include certain 2010-2011 Ford Fusion and Mercury Milan vehicles built at Hermosillo Assembly Plant from July 21, 2008 through March 4, 2011. There are a total of approximately 451,865 vehicles that might be affected in North America, including 411,205 vehicles in the United States and federalized territories, 33,605 in Canada and 7,055 in Mexico.