1955 Chevrolet Bel Air 2 Door Sedan on 2040-cars

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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.

New Chevrolet Silverado to be revealed on Facebook on Thursday

There's not much to see here, but if you're one of those waiting for the reveal of the 2014 Chevrolet Silverado 1500, above is the teaser image that Chevrolet posted on its Facebook page. We've seen the truck in form-fitting camo before, and even less can be made out here beyond those seriously punchy Silverado-esque fenders and the knowledge that the projector-beam headlamps teased previously do indeed work. We'll have to wait until Thursday for a full perusal of the "bold exterior design" and "careful attention given to every detail" we've been promised.
Gathering intel and rumors, magnesium and aluminum contribute to the Silverado's weight loss plan, the purported "High Country" top-tier trim will contribute to luxury pickup truck competition and profit margins and the next-generation small-block V8 will contribute to improved fuel economy. On the engine note, there have been rumors of available V6 engines, and when Facebook user John Jones asked "Where's your answer to that EcoBoost Chevy?", the Bowtie replied "stay tuned on the 13th. We think you'll be pleased...".
Along with the "Raise the Bar" tag, Chevrolet says of the Silverado, "You asked, we delivered." You can watch the reveal live on Chevrolet's Facebook page at 9:30 am EST, this Thursday, December 13. The GMC Sierra 1500 will also be there, and we'll see both in person at the Detroit Auto Show in January.

Junkyard Gem: 1988 Chevrolet Spectrum Sport Coupe

Before General Motors created the Geo brand for cars built or designed by its overseas partners, the Chevrolet Division put its badges on U.S.-market versions of the Toyota Corolla Sprinter, the Suzuki Cultus and the Isuzu Gemini. Those cars were known as the Nova, the Sprint and the Spectrum, and all became Geos starting with the 1989 model year. Today's Junkyard Gem is one of the last Chevy Spectrums ever sold, found in a Denver self-service yard a few months ago. Midway through 1988, the Chevrolet Spectrum abruptly became the Geo Spectrum and was assigned to the 1989 model year. This car was built in May 1988, making it one of the very last of the pre-Geo Spectrums. The Chevrolet/Geo Spectrum was available as a four-door sedan and as a three-door hatchback, from the 1985 through 1989 model years. For 1988 only, a Spectrum Sport Coupe package, featuring some trim upgrades and these rad decals, could be had on the hatchback. This car was essentially identical to its Isuzu-badged counterpart, the I-Mark. In 1988, the MSRP for the cheapest possible Chevy Spectrum hatchback (the stripped-down Spectrum Express) was $6,495, while its somewhat better-equipped I-Mark twin started at $7,439 (that's $17,128 and $19,617 in 2023 dollars). Meanwhile, the base Hyundai Excel hatchback listed at $5,295 and the Yugo GV cost a hilarious $4,199 ($13,963 and $10,941 in today's money). Power came from this 1.5-liter SOHC four-cylinder, rated at 70 horsepower. A turbocharged version with 110 horsepower was available as well. You could get an automatic transmission in the Spectrum, but this car has the base five-speed manual. This car didn't get the optional air conditioning, but at least it has the traditional Isuzu HVAC control icons featuring blow-dried hair and high-heeled dominatrix boots. Just over 170,000 miles on the odometer. Someone installed a pretty good (for the 1980s) Blaupunkt Charlotte CR148 cassette deck in the dash. This was a necessity if you wanted to enjoy full appreciation of the music of the era. The Spectrum is special! It's as slick as city rain. "I didn't spend a lot of money but with my Spectrum it looks like I did." Joe Isuzu mocked Toyota salesmen when pitching the I-Mark. As was nearly always the case during the 1980s, the JDM ads for the same car were much more fun. They should have recreated this commercial with Spectrums.