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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.

GM recalling 686k Lambda-platform models for hatch repair

General Motors is recalling 686,287 units of its Lambda platform crossovers. On models equipped with a power rear hatch the system can potentially fail. This campaign includes the 2008-2012 Buick Enclave, 2009-2012 Chevrolet Traverse, 2007-2012 GMC Acadia, and 2007-2010 Saturn Outlook. According to GM's documents to the National Highway Traffic Safety Administration (as a PDF), dirt can get into a portion of the strut that holds up the hatch and cause the part to prematurely fail. There's a redundancy in place called the Prop Rod Recovery system that's designed to shut the liftgate if there's a malfunction. However, if the breakdown happens too quickly after the hatch is opened the prop rod might not work the way it's supposed to. If someone were in the way of the falling liftgate, they could be hurt. For the repair, dealers will update the software for the power liftgate actuator motor control unit to prevent the hatch from closing so quickly. They'll also check the operation of the system afterward. Related Video: RECALL Subject : Liftgate Struts may Fail and Liftgate may Fall Report Receipt Date: JUN 30, 2015 NHTSA Campaign Number: 15V415000 Component(s): STRUCTURE Potential Number of Units Affected: 686,287 All Products Associated with this Recall Vehicle Make Model Model Year(s) BUICK ENCLAVE 2008-2012 CHEVROLET TRAVERSE 2009-2012 GMC ACADIA 2007-2012 SATURN OUTLOOK 2007-2010 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2008-2012 Buick Enclave vehicles manufactured January 3, 2007, to February 29, 2012, 2009-2012 Chevrolet Traverse vehicles manufactured July 6, 2008, to February 29, 2012, 2007-2012 GMC Acadia vehicles manufactured September 15, 2006, to February 29, 2012, and 2007-2010 Saturn Outlook vehicles manufactured August 17, 2006, to March 18, 2010. The affected vehicles, equipped with the power liftgate option, have gas struts that hold the power liftgate up when open. These struts may prematurely wear and the open liftgate may suddenly fall. CONSEQUENCE: If the open liftgate unexpectedly falls, it may strike a person, increasing their risk of injury. REMEDY: GM will notify owners, and dealers will update the software for the power liftgate actuator motor control unit so that the motor will prevent the rapid closing of the lift gate, free of charge. The manufacturer has not yet provided a notification schedule.

GM Design shows what could have been and what might be

We periodically like to check in with GM Design's Instagram account to see what they're cooking up. Even better is when we catch a glimpse of an alternate history of what legendary designers from The General's past were thinking, though those ideas may not have made it into production. This week, for example, the account posted some illustrations from George Camp, whose career at GM spanned nearly four decades, from 1963 to 2001. One of the renderings is of what appears to be a 1971-72 Pontiac GTO Judge, but with two headlights instead of the production unit's quad beams. The rear departs from the canonical version most dramatically, with a massive integrated wing. Other bits that didn't make the production cut include large side vents, a gill-like side marker and rectangular intakes below the headlights that wouldn't be out of place on a modern design today. Amazingly, from what we can make out of the date, it appears that the drawing was done sometime in 1965, which makes it quite prescient.           View this post on Instagram                       A post shared by GM Design (@generalmotorsdesign) There's also a very aerodynamic interpretation of a Corvette ZR-1. To our eyes it splits the difference between the 1986 Corvette Indy concept and a fourth-generation F-body Pontiac Firebird, so perhaps parts of Camp's work on this sketch did make it into physical form. There's also a radical sports car concept from May 1970 that resembles the Mazda RX-500 concept from the same year, a Syd Mead-looking Cadillac coupe, and an Oldsmobile with a cool take on the company's trademark waterfall grille and elements of the Colonnade Cutlass at the rear. Other recent posts include a FJ Cruiser-like off-road EV, a sleek coupe with the Chevy corporate grille, and a rendering of a Silverado-esque pickup that looks far better than the current production version.           View this post on Instagram                       A post shared by GM Design (@generalmotorsdesign) It's pretty easy to lose hours in the account, but it's always fascinating to see GM's visions of what could have been and what might be. Related Video: