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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.

Chevy Cruze CNG available from Crazy Diamond Performance

Anyone out there who can somehow find a second way to link Pink Floyd to natural gas vehicles gets a prize. Because so far, we have one Michigan-based company called Crazy Diamond Performance (Shine On You Crazy Diamond being a longtime Floyd fave) that's setting out to convert Chevrolet Cruze vehicles to run on compressed natural gas (CNG). All in the name of cheaper fuel and domestic security, of course. Crazy Diamond says it can offer a converted CNG-powered Chevy Cruze for a price as low as $26,000. That four-cylinder version has 130 horsepower and an 8.5-gasoline-gallon-equivalent capacity that provides a full-tank range of as many as 250 miles. Pony up another $2,000 or so and the peppier, turbocharged CNG Cruze can be yours. The company says it will provide a 100,000-mile powertrain warranty and is trying to get EPA certification for its conversions. The selling points are cheaper fuel (CNG is about half the cost of regular gasoline in some parts of the country) and homeland security (CNG reduces dependence on foreign oil). The only production passenger vehicle CNG in the US is the Honda Civic CNG, which sells in very limited numbers. Check out Crazy Diamond's flyer here. Featured Gallery 2015 Chevrolet Cruze LTZ: New York 2014 View 13 Photos News Source: Crazy Diamond Performance via Hybrid Cars, Green Fleet Magazine Green Chevrolet Natural Gas Vehicles CNG

Recharge Wrap-up: NEDC's NOx problems, autonomous Chevy Volts

The International Council on Clean Transportation (ICCT) found a significant difference in NOx emissions in Euro 6 diesel cars in NEDC and WLTC testing. While 88 percent of the cars tested met emissions standards for NEDC, NOx emissions averaged five times higher under WLTC, with only 27 percent of vehicles under the limit. WLTC is considered to be a more realistic driving cycle, using hot starts and factoring a higher top speed as well as harder and more frequent accelerations than the NEDC. Read more at Green Car Congress.GM Canada will build a fleet of autonomous 2017 Chevrolet Volts. The self-driving Volts will be deployed for testing at GM's Warren, Michigan Technical Center. Employees will be able to use a carsharing app to reserve a car, which will then drive itself to the set destination. The project will allow GM to collect important data and experience to help the company more quickly develop autonomous driving technology. Read in a press release more from GM Canada, or at Green Car Congress.Carwatt is showing an electric Renault Trafic powered by second-life batteries at the COP21 environmental summit in Paris. The lithium-ion batteries used to power the EV were recycled from other Renault EVs. With the electric Trafic, Carwatt – a company that converts vehicles to use electric power – aims to demonstrate the "circular economy" of batteries, which can provide more value through a longer lifecycle. Read more in the press release below. Carwatt presents a unique automotive application for second-life batteries from electric vehicles. On the sidelines of the COP21 summit, in the Solutions Gallery running from 2 to 9 December 2015 in Le Bourget near Paris, Carwatt and its partners —Renault, Paris City Council, BPI France, the Ales Ecole des Mines Engineering School, and the Bobigny Business Campus — are showing a very special electric Renault Trafic. This prototype vehicle, the only one of kind in the world, is powered by second-life lithium-ion batteries recycled from Renault electric cars. Circular economy at work with electric vehicles When, over time, the batteries of a Renault electric vehicle fall the performance threshold specified for their initial automotive power duty (around 75% of initial capacity), they can still provide valuable service in "second-life" applications before end-of-life disposal at a recycling centre. Experiments are already under way on power storage applications, for example.