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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.

Ford to announce Mulally retirement, Fields CEO as early as May 1

Ford CEO Alan Mulally may be about to announce his long-rumored retirement from the Blue Oval, according to a pair of insiders who spoke to Bloomberg. An official statement on the succession could arrive as soon as May 1. Chief Operating Officer Mark Fields is rumored to step up as the new CEO. The company is said to be readying the announcement soon to ensure an orderly transition of power, according to the insiders.
Mulally's retirement from Ford has been a hot topic for a while. He was seriously rumored last year to be leaving the automaker to take over as the CEO of Microsoft. The board even said at one point that it was okay with them if he stepped down early. However, the CEO maintained he would stay with the business through at least the end of 2014. Fields has been rumored as a frontrunner to take over the top spot at the company since he was promoted to COO.
For the moment, Ford isn't officially confirming any of these plans. "We don't comment on speculation. We do have succession plans in place for our key leadership. We take succession planning very seriously," said Susan Krusel, Ford Global News Manager, to Autoblog.

Lincoln plans electrified versions of all models by 2022, say sources

DETROIT - Ford Motor Co's premium Lincoln brand plans to offer hybrid gasoline-electric versions of all its U.S. models by 2022, according to three sources familiar with the plans. Details could be announced as early as Oct. 3, when Ford Chief Executive Officer Jim Hackett plans to update investors on the automaker's strategy. Company officials are also considering whether to introduce one or more all-electric Lincoln models, one source said. The proposed electrification scheme could be critical to Lincoln's future in China, which will require automakers to make electric vehicles an increasing percentage of their total sales. The Lincoln hybrids are part of a broader Ford program to offer at least 18 new electric and hybrid models over the next five years, the sources said. Lincoln aims to follow a path blazed this year by several European premium brands, including Daimler AG, Zhejiang Geely Holding Group's Volvo Cars, BMW and Jaguar Land Rover, all of which have announced plans to offer more hybrid and all-electric vehicles. Global luxury brands are responding to competitive pressure from Elon Musk's Tesla Inc, and proposals by the Chinese government to mandate significantly higher levels of electric vehicle sales in the world's largest auto market. The plan to offer a portfolio of Lincoln hybrid models was crafted before Hackett took over in May, the sources said. Ford said in January 2016 it would spend $4.5 billion to electrify a portion of its U.S. fleet, including hybrid versions of the Mustang and the F-150, and at least 11 other models. The extent of its electrification effort, including details on specific new and redesigned models, has not previously been disclosed. A Ford spokesman said the company would not comment on future products. As the Lincoln brand rolls out redesigned versions of its existing models and introduces at least one new model, it is planning to introduce plug-in hybrid versions of those vehicles, beginning with the redesigned MKC crossover and the new Aviator crossover in 2019, the sources said. The redesigned Lincoln Navigator utility vehicle, which goes on sale this autumn, is expected to add a conventional hybrid version in 2019. Subsequent redesigned Lincoln models, including the MKZ sedan in 2020 and the Continental sedan and MKX crossover in 2022, are expected to include plug-in hybrid variants, the sources said.