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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 puts 3 million miles on hydrogen fuel cell test fleet

Have General Motors' hydrogen fuel-cell vehicles emitted enough water vapor over the past six-plus years to equal the steam coming out of Old Faithful? Not exactly, but GM has released a few figures related to the Project Driveway initiative it began in 2007. The numbers are impressive, if not quite of the geyser-spouting variety. In all, the General converted 119 Chevrolet Equinox SUVs to run on hydrogen, and those vehicles have just collectively surpassed the 3 million mile mark. And if you were waiting for us to tell you that the distance equals a half-dozen round trips between the earth and the moon, well, there you go. The better news is that the SUVs have combined to save almost 158,000 gallons worth of gas, and some of the vehicles have more than 120,000 miles on them. More than 5,000 drivers have participated in the project. GM reached that landmark about 10 months after it announced that it was working with Honda to accelerate the development of hydrogen fuel-cell powertrain technology. The two companies estimated last summer that it may have something to sell to the public as soon as 2020. For now, you can check out General Motors' press release below. GM Fuel Cell Fleet Tops 3 Million Miles Chevrolet Equinox fuel cell vehicles driven in real world reach milestone DETROIT – General Motors' fleet of fuel cell vehicles recently passed 3 million miles of hydrogen-powered, real-world driving. Some individual vehicles have accumulated more than 120,000 miles. By GM's estimate, using hydrogen to power these vehicles, the fleet has avoided 157,894 gallons of gasoline consumption. This specially equipped fleet of Chevrolet Equinox Fuel Cell vehicles are part of GM's 119-vehicle Project Driveway program, which launched in 2007. Since then, more than 5,000 drivers have provided feedback on the functionality and drivability of fuel cell technology. "Hydrogen fuel cell technology is an important part of GM's advanced propulsion portfolio and we continue to make substantial progress in furthering this technology," said Charlie Freese, executive director of GM's global fuel cell engineering activities. "These vehicles have operated through seven full winters and a wide range of environmental conditions, proving that fuel cells can meet the demands of real-world drivers." Last year, GM announced two fuel cell-related collaborations.

Autoblog's guilty pleasure cars

Guilty pleasures are part of life – don't even try to pretend like you don't have one (or two, or six). In the non-automotive space, this could come down to that secret playlist in your iPhone of songs you'll only listen to when you're alone; or think of that one TV show you really do love, but won't admit to your friends. I've got plenty, and so do you. Going back to cars, here's a particularly juicy one for me: several years ago, I had a mad crush on the very last iteration of the Cadillac DTS. Oh yes, the front-wheel-drive, Northstar V8-powered sofa-on-wheels that was the last remaining shred of the elderly-swooning days of Cadillac's past. Every time I had the chance to drive one, I was secretly giddy. Don't hate me, okay? These days, the DTS is gone, but I've still got a mess of other cars that hold a special place in my heart. And in the spirit of camaraderie, I've asked my other Autoblog editors to tell me some of their guilty pleasure cars, as well – Seyth Miersma, as you can see above, has a few choice emotions to share about the Mitsubishi Lancer Evolution. Read on to find out what cars make us secretly happy. Mercedes-Benz SL65 AMG This decadent convertible is the epitome of the guilty pleasure. It's big, powerful, fairly heavy and it's richly appointed inside and out. It's a chocolate eclair with the three-pointed star on the hood. Given my druthers, I'd take the SL65 AMG, which delivers 621 horsepower and 738 pound-feet of torque. That output is borderline absurd for this laid-back convertible. I don't care. You don't need dessert. Sometimes you just crave it. The SL line is about the feel you get on the road. The roof is open. The air, sun and engine sounds all embrace you. It's the same dynamic you could have experienced in a Mercedes a century ago, yet the SL gives you the most modern of luxuries. An Airscarf feature that warms my neck and shoulders through a vent embedded in the seat? Yes, please. Sure, it's an old-guy car. Mr. Burns and Lord Grantham are probably too young and hip for an SL65. I don't care. This is my guilty pleasure. Release the hounds. – Greg Migliore Senior Editor Ford Flex I drove my first Flex in 2009 when my mother let me borrow hers for the summer while I was away at college. The incredibly spacious interior made moving twice that summer a breeze, and the 200-mile trips up north were quite comfortable.