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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.

2016 Chevy Volt arrives with 50-mile EV range, 41 mpg [w/ video]

Let's start with the numbers. The 2016 Chevy Volt will have an all-electric range of 50 miles from a new, 18.4-kWh lithium battery. It will get 41 miles per gallon (combined) once the battery runs dry and have 102 MPGe. Oh, and it has five seats, sort of. To compare, today's four-seat 2015 Volt has a 38-mile range from a 17.1-kWh battery in a powertrain that offers 37 mpg and 98 MPGe. So, across the board, there are notable improvements. Now that that's out of the way, let's talk story. General Motors will unveil the new Volt at the Detroit Auto Show later today, but it's been talking about how this new version – the first major plug-in hybrid vehicle to get a serious redo in the modern era – was crafted with reams and reams of data from first-gen Volt customers. At a preview event for journalists last week, GM executive chief engineer Pam Fletcher told Autoblog that these owners "gave us the recipe" to make the second-gen model. At the top of the request list was more range (check), more "fun-to-drive" behavior (check?) and a smoother and quieter experience (we'll assume a check here, given that the new 1.5-liter four-cylinder – the first North American application of this new engine family – should offer more power with less noise than the previous 1.4-liter, four-cylinder powerplant). Other customer-driven changes in the new Volt include a different place to store the charging cable (in the side of the trunk instead of under the load floor) and a new brake system with improved blended regenerative braking feel as well as driver-selectable regen levels. The requested 50-mile range comes from a new, lighter battery that has increased capacity from fewer cells (192 vs. 288) and a simplified control architecture. Along with the new battery, the electric drive unit is a two-motor deal that is up to 12 percent more efficient and 100 pounds lighter, while also being "tremendously smaller," notes Fletcher. It offers 294 pound-feet of torque and a maximum 149 horsepower of "motoring power" delivered to the wheels. GM says it has worked hard to reduced the amount of rare earth materials in these motors, and one of them doesn't use any at all. The new powertrain offers improved acceleration times, as well. The 2016 Volt can go from 0 to 60 miles per hour in 8.4 seconds, a seven-percent improvement, while the 0-30 mph time has been improved by 19 percent, down to 2.6 seconds. The new Volt is more conventional looking, but certainly not completely ordinary.

LG Chem's troubled Chevy Volt battery plant hiring once again

The Michigan battery plant known for paying its workers to do nothing has turned things around and is now hiring more workers, specifically to do something. South Korea-based LG Chem, which runs the factory to supply the Chevrolet Volt extended-range plug-in vehicle with its lithium-ion batteries, held a job fair recently to bring on 40 new employees in order to meet higher battery demand, according to WZZM, the ABC affiliate for Grand Rapids, MI. The LG Chem factory is in Holland, MI, about 30 miles west of Grand Rapids, and it made its first batteries last year. Prior to that, though, the factory gained notoriety after a US Department of Energy (DOE) probe found that workers there were getting paid to do, well, nothing. That's because demand for the battery packs was so low that it cost less for the plant to sit idle. The DOE was conducting the probe because of its financial grant to LG Chem. But that was then and today is today. LG Chem is looking to ramp up production in advance of the second-generation Volt. That 2016 model-year version is said to have a longer all-electric range and better performance and will ride on a new chassis, but few official details have surfaced. We will know more when we get our first look at the car at the Detroit Auto Show in January.