2003 Chevrolet Express Cargo Van - V8 - Salvage Title - 195797 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.

Recharge Wrap-up: Renault Zoe recall, Proterra buses log 2M miles

Renault is recalling 10,649 examples of its Zoe electric car for potential brake hose failure. Cars built at the company's Flins factory between the Zoe's 2012 introduction and October 6, 2014 - a quarter of all Zoes ever built - are subject to the recall, though no accidents have been reported from rupturing brake lines. Recalled vehicles will have the brake hose positions inspected and, if need be, fixed. Read more from Reuters. Proposed legislation in Massachusetts would make the state even more EV friendly. While the state already encourages EV adoption with a $2,500 rebate incentive, the new bill would give battery electric vehicle drivers HOV lane access. Additionally it would set up a standard building code for EV chargers, and allow EV-only parking spaces. "With decreased gas prices, a 10 percent increase in vehicle miles traveled over the last 20 years, and a carpool rate below the national average, we must address personal vehicle use directly as part of our transportation emissions reduction strategy," says Rep. Frank Smizik. Read more from Teslarati. The New York Daily News has named the 2016 Chevrolet Volt as its "Green Machine of the Year." Seamless operation, peppiness, and a nice suite of equipment make it a top choice for the publication. "The 2016 Chevrolet Volt is all new, inside and out, and takes the plug-in hybrid segment to another level, thanks to its increased EV range, updated cabin, and more efficient gas-powered engine," writes Daily News Autos writer (and all-around good guy) Nick Kurczewski. Honorable mentions go to the Tesla Model S, BMW i3, Toyota Prius, and the hydrogen-powered Toyota Mirai. Read more from the Daily News, or at Clean Technica. Proterra electric buses have accumulated 2 million miles of revenue service. That equals 3,800 tons of carbon emissions that have been prevented and 420,000 gallons of fuel unburned. Proterra says it has 63 buses in service in 15 cities, and that it is ramping up production to meet growing demand. "This latest milestone exemplifies the economic, environmental and civic value of electric mass transit," says Proterra CEO Ryan Popple, "and demonstrates to the transit agencies that diesel - often viewed as a necessary evil - is no longer necessary." Read more at Inside EVs. Evercar, a unique EV carsharing service, has found success in Los Angeles. Evercar bills itself as carsharing for rideshare and delivery drivers.

Recharge Wrap-up: Batty battery covers, Mercedes at Silvretta, new Hyundai Sonata Hybrid available in 2015

Apparently, Chevrolet Volt battery covers make suitable homes for bats. As part of an Eagle Scout project, Matthew Netherland created 30 bat houses out of scrapped Volt battery covers donated by Chevy. 22 of the bat houses will be set up near hydroelectric dams in Michigan. Each bat house will accommodate 100 bats, and divert the scrapped materials from the landfill. The battery covers also make great nesting boxes for wood ducks, which General Motors has previously set up at its Milford, Michigan Proving Ground. Last weekend was the Silvretta E-Auto Rally, which saw emissions-free vehicles cross the Montafon Mountains in Austria, including cars from Mercedes-Benz. These cars included the B-Class Electric Drive, B-Class F-Cell, SLS AMG Electric Drive and even the Smart Fortwo Electric Drive. Also on hand for the Silvretta Classic Rally was a V8-powered C111, a 1978 Mercedes-Benz 450 SLC and 300 SL Roadster. Read more in the press release, below. BMW has finalized pricing for the i8 in the US at $135,700 (plus $925 in destination charges). In addition to the base price tag, which we've known for a while, BMW Blog has the complete pricing guide with options and packages. Most of the i8 orders were the Pure Impulse World package, which includes various aesthetic upgrades. It also provides membership to the BMW i Pure Impulse Program, which allows you to "to enjoy innovative ideas and trends in a variety of areas, including home styling, culture, gourmet gastronomy, design and many more." Head over to BMW Blog for more information. The new generation of the Hyundai Sonata Hybrid will arrive later than the rest of the model lineup, confirms Car and Driver. While the gas-powered Sonatas get updated now for the 2015 model year, the Hybrid remains unchanged until late this year or early 2015, when it will arrive as a 2016 model. Hyundai is offering a 2015 Sonata Eco edition, but with 28 miles per gallon in the city and 38 mpg highway (32 combined), it's not quite as appealing as the current Sonata Hybrid's 36/40/38 figures. Read more here. In June, average US fuel economy was 25.5 miles per gallon, making it the fifth straight month above 25 mpg, according to University of Michigan. The average window sticker ratings from vehicles sold in June dropped slightly from 25.6 mpg in May. The year started at 24.9 mpg in January, and hasn't dropped below 25 mpg since.