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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.

Obama to herald auto industry turnaround from idled Ford plant

President Barack Obama will tout the recent successes of the American auto industry in a speech on Wednesday. This would be a fine and dandy plan aside from two small hitches. First, the president is visiting Ford's Wayne, MI factory, which is rather strange considering the government bailed out the company's local rivals, Chrysler and General Motors. Even more worrying, considering the topic of the speech, is that the Wayne facility has been idled due to a lack of demand. According to The Detroit News, the White House said the speech will focus on "the workers in the resurgent American automotive and manufacturing sector now that the auto rescue has been completed and the decision to save the auto industry and the over one million jobs that went with it." Wayne Assembly employs some 5,100 Michiganders when its lines are up and running, but as gas prices have plunged below $2 per gallon in some areas over the past month, its fuel-efficient products – the Focus and C-Max – have seen their sales plummet, as well. In December, the Focus' year-over-year sales were down 4.4 percent, while the C-Max dipped 3.3 percent, Ford told The News. Lagging sales for the two compacts aren't a new thing, though. Focus sales in all of 2014 were down 6.4 percent, while the C-Max struggled with a 21.6-percent drop last year. According to The News, Ford made the decision to idle the factory before being approached by the White House. Considering that, we wonder what the team at 1600 Pennsylvania Avenue was thinking when it selected the Ford facility, and what impact the location will have on the president's message. News Source: The Detroit NewsImage Credit: Mira Oberman / AFP / Getty Images Celebrities Government/Legal Plants/Manufacturing Ford

Ford wants smart cruise that's speed and grade sensitive

Ford is working to make adaptive cruise control even smarter and more economical for future vehicles. The automaker now has a patent (pdf link) on a system to use information on the grade of the road, traffic data, and a driver's preferences to eke out better fuel mileage over a journey. This solution would essentially put a little hypermiling right into a model's software. The Blue Oval's patent refers to this tech as "route navigation with optimal speed profile," and the system starts by splitting the way to the driver's ultimate destination into many smaller pieces. Each one is analyzed based on GPS data, and traffic info is also constantly updated. Based on the occupants' preferred travel time, all this info is combined to figure out the most efficient speed for each leg of the journey. All of these calculations are actually more than the car's computers can handle, so some of the math is offloaded to a cloud-based network. According to Ford, some of the benefits come when tackling hills while diving. Maintaining a single speed when going up and down steep grades isn't the most efficient method, but current technology can't easily make the necessary adjustments. This system uses the GPS data to adapt the vehicle's speed and leave the situation with better fuel economy. Ford is currently making major investments into autonomous driving technology and has some prestigious partners. While the patent documents don't specifically mention the optimal speed profiles for driverless vehicles, they seem like a natural fit. Over the course of an entire trip, the fuel economy gains would likely be even greater than over a few miles on a relatively flat interstate.