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Ford recalls Explorer and Lincoln MKC for fire hazard

The Basics: Ford will recall 5,536 examples of the 2016 Explorer and 2015-2016 Lincoln MKC. The Explorers have build dates between October 20, 2014, and January 28, 2016, at the Chicago Assembly Plant. The MKCs are from between November 25, 2013, and January 25, 2016, at the Louisville Assembly Plant. In total, there are 3,129 total affected examples of the 2015-2016 Lincoln MKC and 2,407 examples of the 2016 Ford Explorer. Of these, 1,543 are in the US and 3,993 are in Canada. The Problem: The combination of the engine block design and the block heater in these vehicles can cause the part to overheat when plugged in. Injuries/Deaths: None reported, but there are two cases of underhood fires in Canada. If you own one: Ford will begin notifying owners during the week of May 16, company spokesperson John Cangany tells Autoblog. Related Video: Ford issues safety recall for certain 2015-2016 Lincoln MKC and 2016 Ford Explorer vehicles to replace engine block heaters Ford is issuing a safety recall for approximately 5,500 2015-2016 Lincoln MKC and 2016 Ford Explorer vehicles to remove the heaters and replace them with an updated design. The engine block design, coupled with the particular block heater installed in these vehicles, causes the unit to be susceptible to overheating when the vehicle is parked and the block heater is plugged in –increasing the risk of an underhood fire. Ford is aware of two reports of underhood fires in Canada, but is not aware of any accidents or injuries related to this issue. Affected vehicles include certain 2015-2016 Lincoln MKC vehicles built at Louisville Assembly Plant, Nov. 25, 2013 through Jan. 25, 2016 and certain 2016 Ford Explorer vehicles built at Chicago Assembly Plant, Oct. 20, 2014 through Jan. 28, 2016. There are 5,536 vehicles affected by the issue, including 3,129 2015-2016 Lincoln MKC and 2,407 2016 Ford Explorer vehicles, with 1,543 of the affected vehicles in the United States and federalized territories and 3,993 in Canada. Dealers will remove and replace the engine block heater with an updated design and, if needed, replace the cord at no cost to the customer.

These are the cars with the best and worst depreciation after 5 years

The average new vehicle sold in America loses nearly half of its initial value after five years of ownership. No surprise there; we all expect that shiny new car to start depreciating as soon as we drive it off the lot. But some vehicles lose value a lot faster than others. According to data provided by iSeeCars.com, trucks and truck-based sport utility vehicles generally hold their value better than other vehicle types, with the Jeep Wrangler — in both four-door Unlimited and standard two-door styles — and Toyota Tacoma sitting at the head of the pack. The Jeep Wrangler Unlimited's average five-year depreciation of 30.9% equals a loss in value of $12,168. That makes Jeep's four-door off-roader the best overall pick for buyers looking to minimize depreciation. The Toyota Tacoma's 32.4% loss in initial value means it loses just $10,496. The smaller dollar amount — the least amount of money lost after five years — indicates that Tacoma buyers pay less than Wrangler Unlimited buyers, on average, when they initially buy the vehicle. The standard two-door Jeep Wrangler is third on the list, depreciating 32.8% after five years and losing $10,824. Click here for a full list of the top 10 vehicles with the least depreciation over five years. On the other side of the depreciation coin, luxury sedans tend to plummet in value at a much faster rate than other vehicle types. The BMW 7 Series leads the losers with a 72.6% drop in value after five years, which equals an alarming $73,686. BMW's slightly smaller 5 Series is next, depreciating 70.1%, or $47,038, over the same period. Number three on the biggest losers list is the Nissan Leaf, the only electric vehicle to appear in the bottom 10. The electric hatchback matches the 5 Series with a 70.1% drop in value, but since it's a much cheaper vehicle, that percentage equals a much smaller $23,470 loss. Click here for a full list of the top 10 vehicles with the most depreciation over five years.

Ford gets out of car subscriptions, sells Canvas to rival Fair

Ford says it’s selling its Canvas subscription service to competitor Fair, getting out of the subscription game after less than three years. Terms of the deal were not announced. Ford acquired Canvas in 2016 as a wholly-owned subsidiary based in San Francisco as a service to pilot subscriptions to Ford and Lincoln vehicles, eventually rolling out to Los Angeles and Dallas. The company said it had amassed around 3,800 subscribers in that time, who will have the opportunity to join Fair when their current subscriptions end and will receive more information from both subscription companies. But that number pales in comparison with Santa Monica, California-based Fair, which claims more than 45,000 subscriptions in 30 markets since launching in 2017. Ford was always fairly quiet about Canvas, and Automotive News last year reported that Lincoln executives expressed surprise over soft demand, saying that subscribers were looking for short-term solutions and often dropped out after just a few months. Ford is also in cost-cutting mode under CEO Jim HackettÂ’s $11 billion restructuring plan. The Blue Oval joins Cadillac, which put its $1,800-a-month Book By Cadillac subscription service on ice late last year, citing higher costs and fewer customers than expected. Cadillac has pledged to eventually relaunch the service as a pilot in select cities, but mumÂ’s been the word since. More recently, VolvoÂ’s Care by Volvo subscription service has come under scrutiny from dealers and an investigation from the California Department of Motor Vehicles and has made changes to its program. Thought it also has added the XC60, XC90 and V60 to the list of available vehicles. Fair touts itself as a “commitment-free” solution, with all-inclusive plans covering 24-7 roadside assistance, routine maintenance, insurance and other perks. It uses a mobile app to get customers prequalified, and it analyzes their eligibility and targets an affordable range of monthly payments. Customers then shop for cars and sign up for one via an initial payment that ranges by vehicle type, with the ability to keep the cars as long as they want and drop the service at any time. It peddles used cars from more than 30 different brands, none more than six years old or with more than 70,000 miles on the odometer. Fair on Tuesday announced it has raised $500 million in loans from a group of creditors, including Mizuho Bank and Japan's SoftBank, as it looks to expand its leasing services to Uber drivers.