2008 Mitsubishi Lancer Evolution Mr 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.

Yes, the Mitsubishi Evo could become an electrified crossover, but don't panic

By now, many of you have seen that Mitsubishi will reveal a concept with the Evolution name at the Tokyo Motor Show, and it will be an electrified crossover. On the surface, that sounds like heresy when the Evolution name has always stood for an uncompromising, rally-bred, turbocharged sports sedan. But don't jump to the conclusion that this will be a terrible, halfhearted product that ruins the Evo name. It's a smart move for Mitsubishi, it could be the only way we get a performance vehicle from the company, and there's no reason it can't be good. Creating an Evo version of a crossover, or even a standalone Evo model, simply makes the most sense for Mitsubishi right now. There's no sign that people are getting tired of little lifted automobiles, which means that's where the sales and money are. Because of that, crossovers are the only product that Mitsubishi can safely afford to invest in right now. As much as we'd like to see another Evo sedan, the company can't afford to sink a big development budget into a one-off sedan for the very small enthusiast market. Investing in a basic sedan to use as a base isn't a good idea either, since that market also continues to shrink, and it's populated with very competitive models. Those facts won't comfort Mitsubishi fans, but looking at it another way could. Rather than looking at this concept as Evolution blasphemy, consider it a sign that the company wants to make something exciting again. Since most of the news from Mitsubishi has been the discontinuation of really old models, and updates to the less-old models still in the lineup, it's been hard to tell if any of the Mitsubishi that fans loved was left. Look at this crossover as a gateway to getting a fun Mitsubishi again. And this possible future Evo could genuinely be fun. We're not exactly raving fans of crossovers, either, since they're often heavy, expensive, slow and inefficient compared with similarly sized hatchbacks and sedans. But that's not a hard and fast rule. Nissan proved this with the Juke Nismo. Despite its tall body, it had a healthy amount of power and entertaining dynamics. There's no reason Mitsubishi couldn't do the same with a small crossover. It might even be better, because Mitsubishi clearly has some wizards when it comes to weight and cost, as evidenced by the one-ton, ultra-affordable Mitsubishi Mirage. The same goes for electrification.

Feds say Americans' bid to avoid extradition in Ghosn escape is 'flawed'

BOSTON — U.S. prosecutors on Tuesday said a former Green Beret and his son, wanted by Japan for helping former Nissan boss Carlos Ghosn flee the country, were advancing a "flawed" interpretation of Japanese law to fight their extradition. Michael Taylor and his son, Peter Taylor, were arrested in Massachusetts last month at Japan's request for allegedly smuggling Ghosn out of the country on Dec. 29, 2019, in a box while he was out on bail awaiting trial on financial charges. Ghosn fled to Lebanon, his childhood home, after being charged with engaging in financial wrongdoing, including by understating his compensation in Nissan's financial statements. He denies wrongdoing. Lawyers for the Taylors in a motion last week asked a federal judge in Boston to quash the provisional warrants issued in May for their arrests, arguing that "bail jumping" is not a crime in Japan. Defense lawyers argued that helping someone jump bail was also not a crime. While Japan issued arrest warrants for the Taylors in January, the lawyers said the crime stated in the warrants is an immigration offense and a non-extraditable misdemeanor. But U.S. prosecutors in a brief filed on Tuesday said it would be "unprecedented" for the extradition case at this junction to be tossed based on a "flawed interpretation of Japanese law and a mischaracterization of the facts." While Japan has not yet formally sought their extradition, the country has confirmed that Taylors' conduct constitutes a felony, U.S. prosecutors said. "The purported loophole through which the Taylors seek to evade justice simply does not exist," U.S. prosecutors wrote. Prosecutors added that neither Taylor, including Michael, a U.S. Army Special Forces veteran and private security specialist, should be released from jail as they are flight risks. Abbe Lowell, the Taylors' lawyer, said he was reviewing the filing. Related Video: Government/Legal Mitsubishi Nissan Renault Carlos Ghosn