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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.

Chevy Bolt will go into production in Michigan in 2016 [UPDATE]

While nothing official has been announced, it appears that General Motors may actually put the all-electric Chevy Bolt into production next year. That's the rumor that Reuters is reporting, citing two sources at suppliers for the upcoming $30,000 EV (although that $30,000 number bears some scrutiny). This rumor does fit in with earlier comments that the Bolt would arrive on the market in 2017. If it gets built, the Bolt will share more than a similar-sounding name with the Chevy Volt: the EV will be put together in metro Detroit. Reuters says the 200-mile electric car (and an Opel version) will be made in "an underused small-car plant north of Detroit," which means the Orion Township plant. GM could make between 25,000 and 30,000 Bolts a year there, if what the suppliers are saying is true. We have asked GM for a statement on this story and will update it if we hear back. UPDATE: General Motors manager of electrification technology communications, Kevin Kelly, told AutoblogGreen that, "Bolt EV Concept is just that – a concept. We're currently evaluating the vehicle program, but do not have any production announcements to make at this time."

GM's Reuss predicts 2016 Chevy Camaro will outperform Ford Mustang in every way

We aren't going to be seeing the next-generation Chevrolet Camaro until next month. But even though we know when we're going to see the new muscle car, it's totally unclear whether Chevy will dole out technical details. That means we can't answer the latest version of the age-old question: Camaro or Ford Mustang? Not surprisingly, General Motors North America President Mark Reuss has already stated his position, saying he was "very confident" that the sixth-generation Camaro will be faster, more agile and more efficient than the Ford. Reuss made his comments after saying he drove the new Camaro back-to-back with the Mustang the week prior. Reuss' statement came in a conversation with Fox News about the 2016 Camaro where he elaborated on the car's weight shedding and how it fit into GM's strategy on other new models. "There are some really cool things in the Camaro, that are quite different than the Malibu, [and] CT6," Reuss told Fox. As we reported previously, the Camaro will shed some 200 pounds by switching to aluminum and other lightweight composites for some of its components. With May 16 just over a month away, here's hoping Reuss decides to loose some other details on the next Camaro ahead of its debut. Related Video: