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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.

Toyota preparing Scion-badged Nissan Juke fighter

As we've said on multiple occasions, the sub-compact crossover market is The Next Big Thing™. With that in mind, Toyota's lack of a competitor to the new breed of super-small, super-cute crossovers like the Nissan Juke, Honda HR-V, Mazda CX-3, and Jeep Renegade has been especially glaring. But as these photos show, the hole in the Japanese giant's lineup could soon be filled. Our spies captured this heavily disguised prototype testing in the deserts of the American southwest, signaling that Toyota is preparing to wade into the Nissan Juke's space by offering a tiny, but very heavily styled crossover of its own. Our spy photographers call the cute ute's look "aggressive," citing inspiration from the Toyota C-HR concept from the 2014 Paris Motor Show. Based on the meaty wheels and tires and what we can see through the camo, we're inclined to agree with their assessment. Underneath that sheet metal, we're told the new car rides on Toyota's new NGA platform. Like the Juke, a four-cylinder engine and continuously variable transmission will be on offer, although there's no telling whether Toyota will follow its rival's enthusiast beat and offer a six-speed manual version. What we find most interesting about all of this conjecture, though, is what it means for Scion, rather than its parent. Introducing a small crossover is the next logical step for Toyota's troubled sub-brand, and would serve as a delectable followup to the recently released iA sedan and iM hatch. Such a three-model lineup, when combined with the enthusiast-oriented FR-S, would transform Scion into a force to be reckoned with in the entry level space. Supporting this conjecture isn't too hard, either. As the spy photos show, this camo'd tester is being supported by a xB, the closest thing Scion (or its parent company, for that matter) have to a sub-compact CUV. It's unclear just when this new model will make its debut, but if Toyota hopes to make inroads into this popular new segment, this CUV will need to arrive before its extremely competent rivals can establish a solid foothold. Related Video:

Camry, Avalon Hybrids involved in stop-sale of 50,000 Toyota vehicles

A number of popular Toyota vehicles can currently not be sold thanks to something called a "stop-sale" order. The reason is that the seat heater on these vehicles - which include the 2013 and 2014 Camry, Camry Hybrid, Avalon, Avalon Hybrid, Sienna, Corolla, Tacoma and Tundra models - "does not meet a provision of US Federal Motor Vehicle Safety Standards (FMVSS) requiring materials to retard flame at a specified rate." In other words, the seat heater could burn too fast. There have been no reports of fires or injuries due to the issue. Toyota told AutoblogGreen that around 50,000 vehicles are affected. No Scion or Lexus vehicles have the problem. The exact fix has not been identified, but Toyota said it is preparing a modification for all vehicles still on dealer lots, but there has not yet been an official recall. Instead, Toyota filed a "Non-Compliance Information Report" with the National Highway Traffic Safety Administration (NHTSA) today. You can read Toyota's official statement below. Toyota and NHTSA are also looking at around 30,000 2007-2008 model year Camry Hybrids for brake issues. Seat Heater Non-Compliance Issue Creates Temporary Stop Sale On Certain Toyota Models January 30, 2014 Toyota has informed the National Highway Traffic Safety Administration (NHTSA) that it has initiated a stop sale of certain Avalon, Avalon Hybrid, Camry, Camry Hybrid, Corolla, Sienna, Tacoma and Tundra vehicles equipped with seat heaters in order to address a non-compliance issue. In involved vehicles, the seat heater, which is a small portion of the soft materials of the seat assembly, does not meet a provision of U.S. Federal Motor Vehicle Safety Standards (FMVSS) requiring materials to retard flame at a specified rate. Toyota is preparing a modification for this condition, which will be implemented on all covered vehicles in dealer inventory. There have been no reports globally of any related incidents in the field with units in operation. Per NHTSA regulations, Toyota will file a Non-Compliance Information Report today. Featured Gallery 2013 Toyota Camry Hybrid: Review View 23 Photos News Source: ToyotaImage Credit: Copyright 2014 Drew Phillips / AOL Government/Legal Green Toyota Hybrid toyota avalon