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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.

2017 Mitsubishi Mirage G4 has a trunk for your junk

If you're in the market for an inexpensive new car and it absolutely must be a sedan, then the 2017 Mitsubishi Mirage G4 is both of those things. The tiny four-door isn't beautiful, but the vehicle offers buyers optional high-tech amenities like smartphone integration with Apple CarPlay and Android Auto. The little guy debuts at the New York Auto Show and arrives at dealers this spring. The Mirage G4 shares much of its styling with the hatchback but grafts a trunk onto the rear. The stubby front and back make the sedan look charmingly bulbous. There's just something cute about its short, rounded shape. The G4 also uses the hatchback's powertrain. A 1.2-liter three-cylinder with 78 horsepower and 74 pound-feet of torque spins the front wheels. Customers can choose between a five-speed manual or a CVT, Mitsubishi spokesperson Alex Fedorak tells Autoblog. The update for 2017 Mirage five-door also just benefited from larger brakes and a retuned suspension. Look for live photos of the Mirage G4 from the New York Auto Show soon. We're curious to see how the pudgy sedan looks in the real world. Related Video: MITSUBISHI UNVEILS ALL-NEW 2017 MIRAGE G4: A SPIRITED SEDAN WITH STYLE, VALUE, AGILITY AND CONNECTIVITY • Superior fuel economy and super-low Greenhouse Gas Emissions make the Mirage G4 one of the top environmentally conscious gas-powered sedans in the industry • Offers unexpected connectivity in a sub-compact car with Apple CarPlay support and Android Auto NEW YORK, NY March 24, 2016 – Mitsubishi Motors North America, Inc. (MMNA) today unveiled the all-new 2017 Mitsubishi Mirage G4. A sibling to the well-established and popular Mirage hatchback, the all-new Mirage G4 brings consumers a fresh dose of clean style, environmental consciousness, agility, connectivity, affordability and value. The Mirage G4 goes on sale this spring at Mitsubishi showrooms across the country. "A few years ago we entered the subcompact segment with the Mirage hatchback and its popularity with consumers has grown every year with its combination of top fuel economy, attractive pricing and one of the industry's best new car warranties. The new Mirage G4 repeats that value equation in a four-door sedan package," said MMNA executive vice president, Don Swearingen.

Mitsubishi's new Outlander could herald the return of Ralliart

Mitsubishi is on the cusp of reviving its dormant Ralliart performance line, and a new report suggests the label will return on a sportier version of the latest Outlander PHEV. The model could make its debut in late 2021. Ralliart's unexpected revival was announced during a presentation made to investors in May 2021, though no further details were released. Japanese magazine Best Car learned from unnamed sources that the new Outlander PHEV (pictured) expected to break cover in the coming months will be the first Ralliart-branded model in several years. How Mitsubishi will make the Outlander PHEV worthy of a name rooted in rallying remains to be seen. The transformation will include a race-inspired body kit, according to Best Car, and we're hoping more power from the electrified powertrain is part of the equation as well. While the Ralliart label could merely denote a sporty-looking trim level, like Mercedes-Benz's AMG Line designation or F Sport in Lexus-speak, there's a chance it will sooner or later be linked to racing. Mitsubishi boss Takao Kato revealed his team is considering returning to the rallying scene in the coming years to renew ties with the company's racing heritage. He stressed a rally program hasn't been approved yet, partly because racing is expensive, and he clarified that a new Lancer Evolution is not in the cards even though shareholders are requesting one. Interestingly, we should have seen the Outlander Ralliart already; it was reportedly scheduled to be unveiled at the 2021 edition of the Tokyo Motor Salon but the event was canceled due to pandemic-related concerns. Mitsubishi could keep the model under wraps until the 2022 show opens its doors, or it might introduce it elsewhere a little earlier. Regardless, if the report is accurate we won't have to wait long to find out how Ralliart has been reinvented. As for the next Outlander PHEV, it will land in late 2021 first in Japan and arrive in U.S. showrooms halfway through 2022. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.