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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 Mustang outsold Audi TT and Porsche 911 in Germany

Despite being the antithesis of the cars Germany is known for, the new Ford Mustang was the best selling sports car in the land of schnitzel and beer last month by a whisker. The Mustang beat out the Audi TT by 780 units to 708, and it beat Germany's best known performance car, the Porsche 911, 780 to 752. That makes some sense, right? The Mustang has to be cheaper than those competitors, right? Not really. Both the EcoBoost and V8-powered Mustang have higher starting prices than the equivalent TT. The 2.3-liter, EcoBoost-powered Mustang starts at 38,000 euros (around $43,300 at today's rates), while the front-drive Audi TT starts at 35,950 euros (about $41,000). The V8-powered Mustang GT, meanwhile, starts at 43,000 euros (about $49,000), which is just 2,550 euros more than the Quattro-equipped TT. When 310 horsepower or 435 hp can be had for just a couple thousand more than 220 hp, it's easy to understand the Mustang's success. The 911, of course, is a lot more expensive than the Mustang. You can buy two Mustang GTs for the price of a single Carrera. But Ford also managed to beat out the Porsche's smaller siblings, the Boxster and Cayman twins, which sold a combined 642 vehicles. Again, the pony car is significantly cheaper, but that doesn't do much to lessen the impact of the Mustang's victory. If you're in Germany and are concerned about this American invasion, you shouldn't be (yet). The TT is Germany's best-selling sports car from January through March, with 2,299 to the Ford's 1,823. Porsche is breathing down the pony car's neck, too, with 1,811 units in 2016. It'll be interesting to see if Ford's successful March carries on into the rest of 2016. Related Video:

Amazon can now deliver packages to some Ford and Lincoln vehicles

Nothing succeeds without complications popping up along the way. Sure, Amazon's Prime delivery services have made shopping more convenient than brushing your teeth, but leaving millions of packages on doorsteps comes with an inherent danger: Thieves might swipe them without anybody knowing. Amazon's solution is called Amazon Key, which allows delivery men and women to enter a customer's house or car to drop off a package. This week, Ford and Lincoln announced they would be partnering with Amazon to integrate the service into some of their vehicles. Ford is following in the footsteps of Volvo and General Motors, as both companies announced their participation about a year ago. That includes Cadillac, Chevrolet, Buick, and GMC. Key will be made available for 2017-and-newer Fords equipped with FordPass Connect, and 2018-and-later Lincolns with Lincoln Connect. Key is not available everywhere, but it can be used in dozens of city throughout the U.S., and the network is expanding. To look for compatibility for your car and city, check on Amazon's dedicated Key website. Like every other tech invention these days, Key requires a smart device application, which requires a one-time setup. The service is available on the Key app or the FordPass and Lincoln Way apps. While ordering on Amazon, customers will then select in-car delivery during checkout. Input a public delivery address, and park the car within two blocks of that address. While the order is in transit, Amazon will provide status updates, another feature that takes away some of the anxiety of waiting for a package to be delivered. The package will be put into the car within a four-hour window, and users will get notifications that the exchange is complete, and the car is again securely locked. Should customers change their minds, they can always cancel the delivery method, and the car will remain locked. In that case, the delivery could go to the building where the car is parked, or be rescheduled. Ford imagines this as the beginning of numerous car-based services in the near future that can be scheduled while the owner is not there, such as car washes.