2003 Ford Ranger Edge Extended Cab Pickup 4-door 3.0l on 2040-cars

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Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.

Ford announces recall of 220,000 units in three different actions

Ford has announced three separate recalls affecting 220,000 vehicles built between model years 2011 and 2015. By far the biggest affects just under 213,000 Ford Explorer and Police Interceptor Utility SUVs from MY2011 through 2013. In these vehicles, a spring in the doorway handle could be come unseated, Ford reports, causing the doors to open in a side-impact accident. The affected vehicles were built over a wide range of dates, starting with February 1, 2011 and November 30, 2012. As usual, the majority of the 212,911 vehicles were sold in the US market – 194,484 vehicles, in fact, while Canada and Mexico split the remainder, with 12,392 and 6,035, respectively. The other two recalls focus on specialty vehicles, with Ford recalling 6,500 F-Series Super Duty ambulances and emergency trucks from model years 2011 to 2015. In the case of the 2014 and 2015 F-Series, only trucks with the 6.7-liter turbodiesel are affected. These trucks may have faulty exhaust gas sensors, which according to Ford, could cause the trucks to think they're in a high-temperature situation. The trucks in questions were built at Ford's Kentucky truck plant between February 22, 2010 and February 1, 2015. Finally, the Blue Oval is recalling 1,725 specialty Lincoln MKT crossovers from MY2013 to 2015. These include limos and hearses built between March 6, 2012 and March 4, 2015. Affected MKTs may have a faulty vacuum pump relay that could cause a fire under the hood. In the case of the Explorers, dealers will inspect all four door handles and repair them as needed. The Super Duty's will get software updates, while the MKTs will have the vacuum pump relays replaced outright. A pair of MKT fires has been the only reported incident caused by the recalled components, while the company is unaware of any injuries or deaths. Scroll down for the official press release from Ford. Related Video: FORD ISSUES THREE SAFETY RECALLS IN NORTH AMERICA DEARBORN, Mich., March 25, 2015 – Ford is issuing three safety recalls in North America. No accidents or injuries are attributed to these conditions. Details are as follows: Ford issues safety recall for certain 2011-2013 Ford Explorer and Ford Police Interceptor Utility vehicles for interior door handle issue Ford is issuing a safety recall for approximately 213,000 2011-2013 Ford Explorer and Ford Police Interceptor Utility vehicles in North America (actual 212,911) for an issue with the spring that controls the interior door handles.

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.