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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 Bright creating exclusive 1:8 scale radio-controlled C7 Corvette

If you want a new 2014 Chevrolet Corvette but can't quite save up enough pennies for the monthly payment, we have good news for you. Toymaker New Bright has pulled the covers off of its 1:8 scale remote-controlled version of the American sports car. Complete with a very detailed interior and LED headlights, this large-scale R/C is as close as most of us will ever come to having one of the menacing Chevrolet models to call our very own. New Bright still hasn't released pricing or availability, but word has it the coupe should hit the market soon.
Right now, it appears as if the C7 will hit shelves in Torch Red, though we don't know if other colors are planned as well. The good news is that New Bright isn't exactly turning its back on the old C6 - representatives say the company will continue to make its popular C6R racecar for those who prefer round taillights.

Meet the mother-daughter team that's worked on almost every Chevy Volt

It's Mother's Day, and we're soft enough we love our mothers enough to share a new video from General Motors with you. In it, we meet Monique Watson (left) and Evetta Osbourne, a mother-daughter team that works at the Detroit-Hamtramck Assembly where GM makes the Chevy Volt (along with all of GM's other plug-in hybrids: the Opel Ampera, Holden Volt and Cadillac ELR). The two work side-by-side and have installed the lithium-ion battery pack on almost all of those vehicles - nearly 80,000 of them - since GM started making the pre-production Volts in 2009. In a prepared statement, Watson said that she likes working next to her mom, day in and day out, and they the two are totally in sync when it comes to putting the 400-pound, 16.5-kWh packs into the vehicle undersides. They two can also share stories throughout the day, and Watson said, "The arrangement has absolutely improved our relationship." Osborne started working at Detroit-Hamtramck in 1999, Watson since 2006. If you're driving a Volt today, you probably have them to thank for doing a bit of the work putting your car together. See a short video of them in action below. It's Always Mother's Day for Detroit-Hamtramck Duo Mother, daughter install lithium-ion battery pack in nearly all GM electric vehicles 2014-05-08 DETROIT – For Detroit resident Evetta Osborne, every day is Mother's Day. That's because she literally works side by side with her daughter, Monique Watson, at General Motors' Detroit-Hamtramck assembly plant. They have installed the lithium-ion battery pack on nearly every Chevrolet Volt, Opel Ampera, Holden Volt, and Cadillac ELR since production began. In fact, apart from vacation days and an occasional sick day, the mother-daughter duo has installed almost every battery pack since the Volt was in pre-production in 2009. The ELR launched earlier this year. All told – including Ampera – that's more than 80,000 electric vehicles. "We're a good team and our relationship is secondary when it comes to performing our jobs – but it's great to work alongside my daughter, said Osborne, a mother of five. Because the battery packs weigh more than 400 pounds each, automatic guided vehicles – robotic carts that use sensors to follow a path through the plant – deliver them just as the vehicle body structures glide into position overhead. The carts then lift the T-shaped packs, and Osborne and Watson guide them into the chassis and secure each one with 24 fasteners.