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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.

Toyota Harrier gets a whale of a facelift [w/video]

Historically, the Toyota Harrier has been a doppelgänger for North America's Lexus RX - at some points, it was little more than a badge-swap and a few options away, at least aesthetically. That appears to be changing with this just-revealed new generation at the Tokyo Motor Show.
That's because this two-row, five-seat Toyota is in possession of a bold new look, dominated by a jutting, baleen-like grille edged in chrome, along with new headlamps and fascia. The greenhouse has likewise been revamped and gotten more pointed at the rump, which has new taillights, a resurfaced tailgate and a faux rear diffuser. Were it to be ported over to North American Lexus dealers intact, the Harrier's look would be jarring in light of the brand's spindle-grille-based design language, so we suspect that if the RX gets any of these updates (it was just refreshed for 2013), it will strike out on a different path visually.
Unlike the US RX, the new Harrier will rely on smaller-displacement four-cylinder engines, namely a 2.0-liter paired with a continuously variable transmission or a 2.5-liter four backed up by an electric motor. We'd like to see a smaller-displacement option for the US RX (it presently runs with 3.5-liter V6 engines in both gas-only and hybrid guise), but suspect it won't arrive until the next all-new model.

Toyota donates engineers, not money, to country's largest anti-hunger charity

Key to production of any kind is efficiency - the ability to achieve maximum productivity with minimal effort or waste. Toyota has become a master of efficiency, with streamlined manufacturing operations around the world. In fact, the Japanese brand has become so well known for efficient operations that it now offers consulting services for organizations and companies outside the auto industry.
It also offers the same consulting for non-profits, free of charge. The New York Times took an in-depth look at the transformative impact that Toyota's engineers had on the city's charities, including The Food Bank, the country's largest anti-hunger charity. The auto manufacturer helped revolutionize the way these organizations served the community, showing that there's more to corporate philanthropy than just donating money.
Head on over to the Times' website and give the story a read.