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Ford recalls nearly 1.3 million Fusions, Lincoln MKZs for brake hose leaks

Ford Motor is recalling nearly 1.3 million Fusion and Lincoln MKZ sedans built from the 2013 through 2018 model years because their front brake hoses may rupture and leak brake fluid, which could affect stopping ability and increase the risk of a crash. The company notified the National Highway and Transportation Safety Administration and says that in the event a leak occurs, the brake fluid warning light may illuminate on the instrument cluster behind the steering wheel. Dealers will replace the front brake hoses, free of charge, and notification letters to owners are to be mailed in mid-April. A second letter will be mailed once replacement parts are available. Owners may contact Ford customer service at 1-866-436-7332. Ford's number for this recall is 23S12. The vehicles affected were manufactured between Feb. 3, 2012, and July 19, 2017. In mid-2020, Ford recalled 488,594 Ford Edge and Lincoln MKX SUVs for a similar problem regarding leaking brake lines.   Recalls Ford Lincoln Safety

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 nets $5.7B in 2012, $1.6B in fourth quarter

Ford brought in $5.7 billion in net income during 2012, which is around $307 million less than one year prior. Even so, the automaker closed out 2012 with the highest pre-tax profit for a single quarter in nearly 10 years, earning $1.7 billion in the fourth quarter thanks largely to a higher-than-average truck mix in the US. That's a jump of $577 million over 2011. Likewise, that translated into fourth quarter income of $1.6 billion. All told, Ford set a full-year pre-tax profit record in 2012. But that doesn't necessarily mean everything is rosy in the land of the Blue Oval.
Like every other manufacturer, 2012 saw Ford get hammered in the European Union, where a deep economic recession continues to drive down consumer confidence. The automaker lost more than $700 million in Europe, and saw full revenue of $26.6 billion in 2012. That's a decline of $7.2 billion compared to last yea. Ford says the market for new vehicles in Europe has contracted to 13.5 million units, the lowest number in 17 years. You can read the full press release below for more information.