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Volvo to finally replace XC90 in 2014

There's not a whole lot of life left in the current Volvo XC90, but it seems a replacement is on the way. According to What Car?, Volvo will launch its new flagship crossover sometime in 2014, riding on an all new platform that will eventually underpin several models in the company's range.
According to Volvo boss Hakan Samuelsson, this new architecture will eventually underpin the next-generation S60, V70, S80 and XC60, all of which will be getting mid-cycle enhancements over the next year. In speaking to What Car?, Samuelsson said that Volvo would not try to follow the paths set by BMW and Mercedes-Benz, instead focusing on "safety, elegant design and user-friendly functionality" for its next round of new cars.
The new XC90 will remain a seven-passenger vehicle and will be powered by a range of four-cylinder engines. Volvo will soon be dropping the five- and six-cylinder powertrains from its lineup.

Volvo to use Oz as test bed for more Polestar models?

We've already told you about the slightly more awesome version of the Volvo S60 that our friends Down Under can now get their hands on. And according to Aussie site Drive.com.au, Volvo may look to the land of Oz for future testing of new, Polestar-tuned, high-performance models.
Volvo has reportedly confirmed that this S60 Polestar run will be an exercise in testing the acceptance of the Swedish tuner's presence as a proper competitor for things like BMW's M division or Mercedes-Benz's AMG. (A tall order, for sure.) "The world is watching this exercise with much interest," Volvo Cars Australia boss, Matt Braid, told Drive.com.au.
Hans Baath, Polestar Managing Director, reportedly hinted that the tuning house had already begun work on a hotter version of the V40 hatchback, but the project was scrapped in order to get the S60 program rolling. If there's success to be found here, this smaller hot hatch could be revisited, as well as a more powerful version of the XC60 crossover.

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.