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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 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.

Scion xB death sentence uncertain, minor updates announced

The last time we discussed the Scion xB and xD, in April of this year, it was to announce a report that both models were being killed. The vice president of the brand had said, "We don't have plans for a direct xB or xD replacement," but no date was given for the termination. Turns out rumors of their deaths have been greatly exaggerated: as part of a Toyota press release that summarized feature and pricing changes for 2013, the Scion xB was included.
The 2013 hatchback (above) gets a new front bumper and lower fascia with LED lighting, and the rear end gets a black diffuser. Stingray Metallic and Elusive Blue Metallic exterior hues will disappear, Absolutely Red and Nautical Blue Metallic will take their places. Inside will be light bronze metallic and chrome accents, as well as new seat fabric and the availability of the BeSpoke Premium Audio. It increases in price by $500, the manual costing $16,800, the automatic $17,750.
The xD (inset) has been left off the list and the Scion website it still hawking the 2012 car. But 2013 xD pricing and new features were announced earlier this year, the MSRP rising by $125 to $16,500. New equipment and options includes smoked headlight covers, more airbags and a two-tone paint job.