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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.

Weekly Recap: Toyota, Mazda team up to 'make cars better'

Toyota and Mazda are teaming for a noble purpose: to "make cars better." That's how the two Japanese automakers termed their partnership, which was announced this week. So what does this actually mean? The companies said they will set up a joint committee to look for areas of cooperation and named safety and the environment as issues they plan to tackle. From a product perspective, it's believed that Toyota is interested in Mazda's Skyactive engine portfolio. In turn, Mazda has its eye on Toyota's fuel-cell and plug-in hybrid technology. While more specifics were not confirmed, the companies said the "agreement will go beyond the traditional framework of cooperation," and it has the potential to be a long-range partnership. "The main purpose of this initiative is to enhance the appeal of our cars," Toyota president Akio Toyoda said at the announcement. Previously, Mazda has licensed Toyota's hybrid tech and assembled compact cars for Toyota in Mexico. Akio Toyoda said these projects "triggered" the automakers to explore further collaboration. Dave Sullivan, product analysis manager for AutoPacific, said the tie-up echoes Daimler's wide-ranging work with the Renault-Nissan alliance. "This could be a well-groomed match due to each having very unique skill sets," he said. OTHER NEWS & NOTES Volvo selects South Carolina for US factory Volvo confirmed this week that it will build its first US factory in South Carolina, with construction set to begin this fall. The company first revealed plans in March, though it didn't announce a site. The plant will have initial annual production of 100,000 units, though the vehicle or vehicles to be assembled were not specified. The factory, located near Charleston, will open in 2018 and ultimately employ 4,000 people. The facility will help Volvo continue its growth strategy, which includes strengthening its presence in the US market, where it wants to sell more than 100,000 cars per year. "Building a plant in the US is a reflection of Volvo Cars' commitment to the US and the key role the US plays in our growth objectives," Lex Kerssemakers, senior vice president, Americas, said in a statement. Ford GT spied on the road The 2017 Ford GT was spotted testing around the Blue Oval's headquarters in Dearborn, MI, this week. The raw body panels were exposed, and they lacked paint or camouflage. It's the first time the GT has been captured on the street after a spring of auto show reveals.

Toyota sold record 1.52 million hybrids in 2017

Toyota has been selling electrified cars for more than two decades now, launching the Prius hybrid in Japan in 1997. Back in the fall of 2015, the automaker announced a number of goals as part of its "Environmental Challenge 2050." One of those was to sell 1.5 million hybrids (including its Lexus brand) annually by 2020. Toyota has announced that is has already achieved that goal, selling 1.52 electrified vehicles in 2017. That's an 8 percent increase of Toyota's 2016 hybrid sales, and means the company has sold more than 11.47 million electrified vehicles since it began. Toyota says that represents a reduction of more than 90 million tons of CO2. Last year's achievement "is a testament from our customers to the quality, durability and reliability of our electrified powertrains," says Toyota Executive VP Shigeki Terashi, "and, thanks to them, has led us to establish a solid and sustainable foundation for mass producing a more diverse portfolio of electrified vehicles across our range moving forward." Other goals of Toyota's Environmental Challenge 2050 are 30,000 annual fuel cell vehicle sales by 2020, mass production of battery electric vehicles in 2020 and annual electrified vehicle sales of 5.5 million by 2030. These are all part of Toyota's larger goal of reducing new vehicle CO2 emissions by 90 percent by 2050 (compared to 2010). Prior to 2016, Toyota hybrid sales peaked in 2013, at 1.28 million before slumping slightly in 2014 and 2015. Toyota saw an uptick and a new record in 2016, at 1.4 million, before setting yet another record in 2017, at 1.52 million. Related Video: