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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.

5 thoughts about the 2025 Volvo EX30

Well this is a little awkward. When we drove the 2025 Volvo EX30 at the Midwest Automotive Meida Association (MAMA) Spring Rally, it was destined to arrive this year at Volvo’s new entry-level electric car. Then the U.S. government slapped huge tariffs on Chinese-built vehicles. The EX30 is currently built in Chengdu, so Volvo decided to push the on-sale date back to next year when production can begin in Ghent, Belgium, likely making the American-market EX30 a 2026 model. So, the question here isnÂ’t should you buy, but rather, will it be worth the wait? We think so. ItÂ’s a bit small, and cost-cutting has resulted in some ergonomic qualms, but the EX30 looks and drives like a premium small crossover that should carry a less-than-premium price tag. Make sure to look closely at the details Volvo really hit it out of the park with the EX30Â’s design. It does minimalism almost entirely right. At first glance, itÂ’s simple at every turn; a basic box that doesnÂ’t even have a grille. Look closer, though, and you start noticing the interesting and even exciting details. The debossed Volvo insignia up front; the panel gap that curves in the exact same way as the wheel wells; all the linework in the head and taillights. And thatÂ’s just the start. The inside follows the same philosophy. Although it looks a bit basic at first glance, what with the open dash and sole center screen, you eventually notice the actual metal door handles that are extensions of the door trim and the various fascinating materials. That includes the speckled recycled plastic in my test vehicle or the woven fabric style that Road Test Editor Zac Palmer experienced in Sweden. There are little strakes here and there to add some visual interest, and the translucent trim in the vents are another great touch. It all makes the EX30 feel more fun, but also more premium, than its anticipated low price would suggest. Volvo seems to have cheaped out on controls What is frustrating, though, is that Volvo seems to have followed the Tesla, and to a lesser extent VW, model of lowering costs. That center screen handles everything. And yes, that includes the instrumentation. Now, it is something that you can get used to, but then there a lot of less-than-ideal things in life you can get used to. Acclimation does not equal good. Having your speed and other critical info directly in front of you is still superior, be it a head-up display or just a small, supplemental display like even VW provides.

Editors’ Picks February 2023 | Audi RS 3, electric G80 and a longtime favorite

In this month’s set of EditorsÂ’ Picks, we see a wide variety of vehicles earn our recommended status. The Audi RS 3 is a truly stellar sedan with a killer engine, great handling and still enough comfort for daily use. Genesis finds its way onto the list again with its electric version of the G80 midsize sedan, and VolvoÂ’s XC90 still charms after all these years. In case you missed our previous Editors' Picks posts, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in January that earned an EditorsÂ’ Pick. 2023 Audi RS 3 Quick take: The Audi RS 3 keeps the passion alive with a superb sounding 5-cylinder engine and a torque-vectoring rear differential that massively ups the handling fun. Its interior is a little bland, but it's still a handsome Audi on the outside. Score: 8.0 What it competes with: Mercedes-AMG CLA 45, BMW M240i, Cadillac CT4-V Blackwing, VW Golf R Pros: Epic engine sound, fun AWD system, great handling and acceleration, attractive exterior styling Cons: Interior doesn't pop, expensive for its size From the editors: Road Test Editor Zac Palmer — "If you love a special engine, the Audi RS 3 is a car for you. Few powertrains sound and feel as special as the 5-cylinder engine in the RS 3, and the ferocity with which it accelerates will have you laughing your head off with every pull. The sheer performance out of this little machine is extraordinary, and I'd recommend it to anybody shopping for a small, luxury sports car daily. All that said, I wish Audi could've sorted out better steering and a suitable interior. As-is, both of those factors are negatives in a car that is almost all upside." In-depth analysis: 2023 Audi RS 3 First Drive Review: To hell with business cases   2023 Volvo XC90 2022 Volvo XC90 Recharge View 15 Photos Quick take: The XC90 may be old now, but key updates and a timeless design ensure it's competitive as ever. The Scandinavian interior design appeal has never faded, and now the Google-based infotainment system is fresh and snappy. Even the Recharge PHEV is an awesome alternative with great range and strong electric motor.