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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.

Production Mazda Vision Coupe concept, GRMN Supra, new BRZ/86 coming

After writing about what's in store for the next-generation Subaru WRX, Japan's Best Car magazine is back with more spy work on what's ahead for the coming Mazda sedan, fighting-spec GRMN Toyota Supra, and next-generation Subaru BRZ/Toyota 86. All three are supposedly headed for previews at this year's Tokyo Motor Show before rolling out in 2021 and 2022. Mazda showed the Vision Coupe concept at the 2017 Tokyo show, then sneaked a mention of a rear- and all-wheel drive "Large Architecture" and two inline-six engines into a 2019 investor's report. Best Car says that concept's production version will house a 3.0-liter Skyactiv-X SPCCI inline-six with "M-Hybrid" 48-volt assistance. Output figures remain a mystery, but the mag says engineers are aiming for 345 horsepower. The real deal isn't slated for dealers until 2022, bringing what Mazda bills as a "BMW, Audi quality car at the price of Volkswagen." A further treat: Best Car says the Hiroshima automaker is laying out a two-door version on the same platform. Not even a month after 2020 Toyota Supra chief engineer Tetsuya Tada told us, "With a sports car, the promise is to offer more performance with each additional version," this report says the full-fat GRMN Supra will raise the stakes. Expected in the latter stages of 2021, the current 335-hp Supra will get an "output eventually close to 400 ps" (about 394 horsepower) from its BMW-source 3.0-liter straight-six. Along with that will come a lighter, stiffer body, and a sportier suspension tune to manage and make the most of the 60-horse increase. Best Car says the next-generation Toyota 86 / Subaru BRZ will move to a new platform, without specifying whether it would be Toyota's TNGA platform suggested by a report in April — not that there are many other options. Neither the footprint nor the body dimensions are predicted to change, and transmissions will continue to include a six-speed manual and a six-speed automatic. The new platform will hold a new engine, although it won't be the revelation many fans want. The magazine says the Subaru 2.0-liter FA20 will retire, making way for the Subaru 2.4-liter FA24. The FA24 is the same engine in the Subaru Ascent crossover, where it produces 260 hp and 277 lb-ft. There'll be no such fireworks for the sporty twins due in the first half of 2021, output reported to be "improved to 220 ps," or 217 hp — a 12-hp bump over the current figure.

Toyota, Suzuki partner on hybrids, EVs, building cars for each other

NAGOYA, Japan — Toyota and Suzuki on Wednesday said they planned to produce electric vehicles and compact cars for each other to better compete with fast-changing technologies in the global auto industry. The agreement follows an initial R&D tie-up announced by Japan's No. 1 and No. 4 automakers in 2017, and will see more vehicles produced by Suzuki for Toyota, one of the world's biggest carmakers. Although Suzuki is far smaller, it is a dominant force in the fast-growing Indian market. The two automakers have been pooling their strengths. Toyota is a leader in hybrid technology and is investing heavily in automated driving, while Suzuki specializes in affordable compact cars — as many automakers struggle to keep pace with ballooning investment in EVs and self-driving cars. Under the latest agreement, Suzuki will source gasoline hybrid systems for cars it sells worldwide from Toyota, which pioneered hybrid vehicles with the Prius more than 20 years ago, the companies said in a joint statement. In return, Suzuki will produce two compact models for Toyota in India based on its Ciaz and Ertiga models. Further cooperation with Suzuki will help Toyota expand its presence in India, the world's fifth-largest passenger car market where it has struggled to grow sales due to lean demand for its lower-cost models. The deepening partnership between the two automakers will enable cost-conscious Suzuki to tap into Toyota's R&D firepower to develop lower-emission vehicles and self-driving cars — areas which Suzuki has admitted it is struggling to keep up. "We believe that the expansion of our business partnership with Suzuki ... will help give us the competitive edge we will need to survive this once-in-a-century period of profound transformation," Toyota President Akio Toyoda said in a statement. The two automakers will deepen their cooperation in India, where Suzuki's hybrid vehicles will be made using engines and batteries locally produced by Toyota. They will also join forces in Europe, where Toyota will produce electric vehicles based on its RAV4 SUV crossover and Corolla wagon for Suzuki, while Suzuki will supply Toyota with gasoline engines for compact vehicle models sold in the region. Suzuki will also produce its Baleno, Vitara Brezza, Ciaz, and Ertiga models for Toyota which will be rebranded and renamed as Toyota models for the African market.