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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.

Lost power in a winter storm? Just hook up a Toyota Prius like this guy did

The Toyota Prius' battery pack just got something like a five-star rating from a truly seasoned professional – a 50-year aircraft technician. Bob Osemlak, who'd served more than three of those five decades with the Canadian Air Force, brought electricity back to his home in December during a heavy ice storm thanks to his gas-electric car. His ingenuity allowed him to turn on lights, furnace, refrigerator and the TV. The Thornhill, Ontario resident lost power for nearly a day on December 21 – not nearly as much as millions of other people hit by the recent storm - and so he still set about using his Prius for backup power, according to EV World. His ingenuity allowed him to turn on lights, furnace, refrigerator and the TV. Being an aircraft technician for so long brought Osemlak the ability to home-brew his V2H set-up that he urges other people to avoid, for safety reasons. He had planned for a potential power outage by installing an outlet on his furnace and, when the storm struck, he ran a cord through the basement window to the car. During the nine hours Osemlak used his Prius for backup power, the car's fuel gauge only reduced less than one bar, or roughly the equivalent of a gallon of gasoline. It wasn't the first time Osemlak had played with his vehicle. In the 1960s, while stationed in Winnepeg, Manitoba, he created a car starter. Every hour, the car would start up and run for 10 minutes to avoid being frozen solid in frigid winter temperatures. Featured Gallery News Source: EV WorldImage Credit: Flickr Green Toyota Green Culture Hybrid PHEV vehicle to grid storm

Toyota investing $200M in Southern manufacturing

Over the past two years, Toyota has invested more than $2 billion at its North American production facilities, and it apparently doesn't plan on stopping there. To keep up with recent strong sales, Toyota is investing an additional $200 million at its engine plants in the Southern US to increase production capacity of its V6 engines.
The bulk of this money ($150 million) will go to expand Toyota's engine plant in Huntsville, AL, which is currently responsible for supplying engines - four-cylinder, V6 and V8 - to eight of Toyota's 12 domestically produced vehicles. That includes the best-selling Toyota Camry (shown above).
Toyota didn't say exactly what improvements are being made to the plant, but this follows last year's $80 million investment in the plant that is set to be completed by next year raising the engine capacity to 750,000 annual units including 362,000 V6s. The remaining $50 million will go to the casting plants of Toyota-owned Bodine Aluminum in Missouri and Tennessee, which supply engine blocks and cylinder heads to the Huntsville engine plant as well as others in Kentucky and West Virginia. Scroll down below for the official press release.