2007 Mitsubishi Eclipse Spyder Gt Convertible - Red 78,000 Mi on 2040-cars

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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.

Recharge Wrap-up: Mitsubishi Outlander PHEV Finishes AXCR, Nissan Leafs drive 528 million collective miles

The Mitsubishi Outlander PHEV has successfully completed the Asia Cross Country Rally 2014. The plug-in Mitsu finished first in the EV class, and 14th overall, clocking in at 19 hours, 17 minutes and 12 seconds. For its second year in the competition, the Outlander PHEV used a new suspension with more ground clearance to help it tackle the race's treacherous terrain. Besides the glory of taking on the challenging competition, the rally helped Mitsubishi gather valuable data for EV development. The race took place over 1,367 miles of varied terrain from Thailand to Cambodia. Read more at Hybrid Cars, or visit Mitsubishi UK's Facebook page. Nissan Leaf drivers have driven more than 528 million miles worldwide. That accounts for a reduction of 150,000 tons of carbon dioxide emissions since the EV's 2010 launch. Nissan projects that Leaf drivers will surpass a collective 1 billion electric kilometers (621 million miles) by January 2015, or perhaps even sooner if sales keep increasing. The mileage data was collected through the car's CarWings telemetry. Read more at Green Car Congress. 40 percent of luxury cars will be powered by some form of electrification by 2030, according to Audi. Whether it's battery-electric, hybrid, or plug-in hybrid, electrons will be doing their share to get the well-heeled from place to place. According to an article at The Sydney Morning Herald, PHEVs are "the most promising option." The BMW i8 is a fine example, as is the Porsche Panamera S E-Hybrid, and Audi and Mercedes-Benz have plug-in plans of their own. Lexus, not so much. Read more at The Sydney Morning Herald. PGA golfer Hunter Mahan has taken delivery of a BMW i3 he won by scoring a hole-in-one. BMW offered a free, all-electric i3 to the first player to score a hole-in-one in the 2013 BMW Championship at Conway Farms Golf Club, which Mahan did on the 17th hole. The BMW Championship raised money for Evans Scholars Foundation. BMW Hole-in-One Scholar Melyzjah Smith, who was awarded a full four-year college tuition and housing scholarship in honor of Mahan's slick shot, was on hand to meet the golfer as he received his i3. Read more in the press release below. Uber has hired President Obama's 2008 campaign manager as its senior vice president of policy and strategy. David Plouffe will help the ride-hailing app navigate government policy and relations. The Taxicab, Limousine and Paratransit Association didn't think the move was a good one.

Mitsubishi Outlander PHEV sales reach 33,000 worldwide

It can be difficult to see from the US, where the Mitsubishi Outlander Plug-in Hybrid is not yet available, but the all-wheel drive SUV is a big hit in Europe and Japan. In fact, we learned at the Plug In 2014 Conference in San Jose, CA this week that Mitsubishi has sold over 33,000 copies of the PHEV around the world. The breakdown is that Mitsubishi has delivered 15,000 units in Japan and 18,000 in Europe. Fuminori Kojima, Mitsubishi Motors North America's senior manager of incentives, told AutoblogGreen that the country with the highest sales rate in Europe is Holland, with about 6,000 units sold that thanks in part to generous incentives for plug-in hybrids there. The Euro-spec version on hand in San Jose has three regen levels (the normal D mode, plus B1 and B2). We got to take a spin around the block, but the battery was mostly depleted (it was a popular attraction in the Ride & Drive) and so we were driving on gas. In the gallery from Plug In 2014, you'll note that the Outlander PHEV requires at least 95 octane (RON) unleaded fuel, which is 91 octane (AKI) premium fuel in the US. We don't know what the US version will need, but we've heard it will be "completely different." The Outlander has a 12-kWh battery and should have an EV range of around 30 miles. Whether or not it will have a CHAdeMO fast-charging port in the US is still undecided, as is the question of whether it will have a 3.3 or 6.6 kW onboard charger. The timeline Kojima gave for the Outlander's US arrival was October or November of 2015, since the SUV still needs to be tested and homologated for the US, Kojima said, but the real problem is that Mitsubishi can't build enough. "The battery production capacity is limited," he said. "So that's why, [the] first [focus is the] domestic market and Europe showed more demand." As as an example, he mentioned not only the incentives but also said that the charging infrastructure is more built up in Europe. "We'd like to have it [in the US ] as soon as possible, of course," he said. According to numbers from the European group Transport And Environment (see press release and sales chart below), overall plug-in vehicle sales have been doubling each year since the new breed was introduced in 2010. Last year, almost 50,000 plug-in vehicles were sold in the EU, with the Renault Zoe EV, Outlander PHEV and Volvo V60 Plug-in at the top of the pack.