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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.

Nissan Leaf ends 2013 with best sales month ever, but can't catch Chevy Volt

Nissan and Chevrolet both ended 2013 with solid sales figures for their plug-in vehicles, the first two that were released (all the way back at the end of 2010) from major automakers. As has been the story for most of 2013, December sales for the Nissan Leaf and the Chevy Volt were roughly the same. When we left the year-to-date running tally at the end of November, the Volt was at 20,702, while the Leaf was at 20,080. As you can tell from the image above (if you've been noticing the trend in these EV sales monthly flash-reports), the Leaf outsold the Volt, but was it enough to put the Nissan on top for the year? In 2013, Nissan sold 22,610 Leafs, more than twice as many as in 2012. Almost. The Leaf made a valiant attempt, and did have its best month ever with 2,529 units sold. That means that for 2013, Nissan moved a total of 22,610 Leafs, more than twice as many as in 2012 (that year, Nissan sold only 9,819 Leafs in the US) and actually more than 2012 and 2011 Leaf sales combined (which was 19,493). Nissan continues to see the effects of its price drop and expanded sales areas, with Georgia rapidly becoming a Leaf hotbed. Nissan's Paige Presley said that Atlanta was once again the Leaf's number one market and that, "sales are expanding deeper into Georgia markets such as Macon and Columbus." The Volt saw a boost upwards from a November slump and sold 2,392 units in December. That puts the plug-in hybrid's annual total at 23,094, just down from the 23,461 sold in 2012. For all of 2013, though, the Volt outsold the Leaf by 484 vehicles. In a competition like this, we'll count that as a win for both sides. We will our more detailed monthly green car sales report, which covers more of the fuel efficient vehicles on the market, up soon. News Source: GM, Nissan Green Chevrolet Nissan Electric Hybrid PHEV ev sales hybrid sales

Chevy confirms Corvette Stingray Convertible for Geneva

Want proof that General Motors has increased global ambitions for its 2014 Chevrolet Corvette Stingray? It's staging the world premiere of the model's convertible variant at the Geneva Motor Show early next month.
As previously rumored, the droptop rendered above will debut at the Swiss show, making its first appearance anywhere on March 5. According to Susan Docherty, president and managing director of Chevrolet, the location makes sense because Corvette "...is an icon that has long been recognized and admired even in countries where it's never officially been offered."
While neither Chevrolet nor the Corvette has a major sales presence in Switzerland, the Bowtie's European headquarters is located in Zurich (about three hours to the northeast of Geneva) and GM has made it clear that it wants to build the Chevrolet brand up across Europe.