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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.

Autoblog Minute: VW finds CO2 'irregularities', Takata dropped by automakers, SEMA recap

Volkswagen's diesel emissions scandal gets a new wrinkle, US regulators hit Takata Corporation with a substantial fine, and we head to Las Vegas for a look at tuner paradise at the 2015 SEMA show. Autoblog senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Volkswagen's diesel emissions scandal gets a new wrinkle. US regulators issue a significant fine to Takata Corporation. And we take a peek inside tuner paradise at the 2015 SEMA show. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. The VW diesel emissions scandal, first brought to light in September, gets a new wrinkle, as an internal investigation by the German automaker revealed [00:00:30] irregularities in CO2 emissions that could affect approximately 800,000 vehicles. VW estimates the issue could pose a 2-billion euro economic risk. VW claims that most of the vehicles affected have diesel engines, but industry analysts say a 1.4-liter gas engine is also affected. VW says that fuel consumption figures were set too low during the CO2 certification process. During all of this, sales of some diesel-powered Volkswagen, Audi, and Porsche models [00:01:00] have been halted. Takata Corporation is back in the news in connection with its deadly airbag scandal. Federal regulators fined Takata $70 million. If the parts supplier does not comply, the fine could balloon to $200 million. Takata was also dropped this week by its biggest customer, Honda. And now, Toyota and Mazda will be following Honda's lead in dropping Takata. We're also hearing that Mitsubishi and Subaru are considering a switch in air-bag inflator suppliers. SEMA 2015 [00:01:30] came and went. We saw offerings from Mopar, like the AWD Challenger concept. Honda unveiled a Ridgeline that it will race at the Baja 1000, which gives us a hint at what future production model could look like. The celebrity presence was also felt in Vegas as it always is. Kid Rock brought a Duramax Diesel Chevy Silverado, and Acura restored and presented Ludacris with his now famous 1993 Acura Legend. Those are the highlights from the week that was. Be sure to come back on Saturday for my full recap, [00:02:00] where I'll have some added insight into Hyundai's foray into the luxury sector. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive.

Mitsubishi drops two more teasers of new Outlander

Mitsubishi just keeps teasing the debut of the refreshed 2016 Outlander at the 2015 New York Auto Show on April 2. The Japanese brand already hinted at the updated CUV's look on the company's invitation to the event in the Big Apple. Now, it released an even clearer view of the front and the first official look at the crossover's rear. Debuting Mitsubishi's new design language, a shot of an Outlander waiting at port already revealed its new nose completely undisguised. The brand's latest teaser provides yet another glimpse at it and further confirms the X-shaped front end that's outlined in chrome. As with the rest of the updated styling, the rear also adapts the look of last year's Concept-S. The taillights are still separated into three bars, but here they stop at the tailgate in the center, rather than running all the way across like on the show car. Beyond just the refreshed styling, the 2016 Outlander has over 100 improvements, according to Mitsubishi, including NHV refinements, better handling and improved throttle response. We will get the full details about all of the tweaks in New York in just a few days. Related Video: MITSUBISHI MOTORS TO CONDUCT WORLD PREMIERE OF 2016 OUTLANDER AT THE NEW YORK INTERNATIONAL AUTO SHOW Mitsubishi Motors North America, Inc. (MMNA) is pleased to announce that it will make the world premiere of the 2016 Outlander during its press conference at the 2015 New York International Auto Show in the North Hall (booth 260) on Thursday, April 2, 2015 at 11:30a.m. ET. The 2016 Outlander will be the first Mitsubishi vehicle to debut the brand's new design language. The 2016 Outlander is a refined crossover utility vehicle that features over 100 engineering and design improvements including a new, powerful and dynamic appearance, enhanced road performance as the result of improvements to noise levels, ride, handling and throttle response, and a more eloquent yet functional interior space. The new 2016 Outlander demonstrates the brand's renewed emphasis on style, refinement and overall driving experience. For those who are unable to join Mitsubishi Motors in New York, the press conference will be internationally broadcast live. For details about the webcast please check media.mitsubishicars.com. Full 2016 Outlander details will be released at 11:30a.m. ET on April 2, 2015. About Mitsubishi Motors North America, Inc.