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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.

New Corvette Feature Keeps An Eye On Valets

Face it. If you own a luxury or sports car, whenever you hand the keys to a valet, you imagine the car going on a high-speed joyride like the Ferrari in the 1980s cult movie "Ferris Bueller's Day Off." Now, General Motors has an option on the 2015 Chevrolet Corvette that takes those worries away. The latest version of the sports car, due out in September, has a feature that records where the car goes with a camera mounted in the windshield trim. It also captures audio in the cabin as well as speed, engine revolutions per minute, gear position and G-force. That all helps the car tattle on any valet who doesn't take a slow, direct route to a parking space. GM says it's the most extensive attempt by an automaker to thwart valet joyriders, although it's not the first. The automotive website Edmunds.com says Hyundai and Mercedes offer "geofencing," a feature that sets a perimeter and then notifies the owner's smart phone if a car goes beyond it. Chrysler has a valet mode that caps engine speed and horsepower, while Audi lets owners limit engine speed for valets. With the Corvette, once the owner activates the feature with a four-digit code, the touch screen tells the driver it's in Valet Mode. But it doesn't warn the valet that he's being recorded. The feature also locks the glove box and a storage compartment in the dashboard and shuts down the infotainment system. Valet Mode started off as a performance data recorder for those who take their Corvettes on the racetrack. GM engineers quickly figured out that it had more uses. "Think of it as a baby monitor for your car," Corvette Product Manager Harlan Charles said in a statement. "Anyone who has felt apprehension about handing over their keys will appreciate the peace of mind of knowing exactly what happened while their baby was out of sight." Data and video from the valet mode can be viewed instantly by the owner on the car's 8-inch color screen when the car is parked, or it can be downloaded to a computer. The system could go into more mainstream models if feedback is good on the Corvette, GM spokesman Monte Doran said. The feature is paired with a navigation system and costs $1,795. A 2015 Corvette starts at just under $54,000. Chevrolet Technology Gadgets

2014 Chevy Silverado priced from *$24,585, V8 gets better economy than Ford EcoBoost V6

Chevrolet has thrown down the next hand in the pickup truck poker wars and revealed at least a couple of potential aces - depending on which numbers matter most to you. The 2014 2014 Silverado 1500 with its 5.3-liter EcoTec3 V8 gets 335 horsepower and 383 pound-feet of torque, is mated to a six-speed automatic, can tow 11,500 pounds with the optional Max Trailer Package and costs the same as the outgoing Silverado, $24,585 (*including $995 destination fee). Chevy says the Silverado also stands atop the fuel economy charts when comparing any competitor with a V8 engine - and some competitors with V6 engines. The two-wheel drive model returns 16 miles per gallon city, 23 mpg highway, 19 mpg combined in two-wheel drive guise and 16 mpg city, 22 mpg highway and 18 mpg combined as a four-wheel drive.
For context around those numbers, the most fuel efficient V8-powered 2013 Ford F-150 pickups lose about two mpg in every metric compared to the Silverado, the 3.5-liter V6 EcoBoost returning 16 city, 18 highway and 22 combined in two-wheel drive. However, that EcoBoost does have 365 hp and 420 lb-ft of torque. You can get a Ram 1500 with a 3.6-liter V6 that gets 25 mpg highway, but it has 305 hp and 269 lb-ft of torque. The 2013 Ram with the 5.7-liter Hemi V8 and its 395 hp and 407 lb-ft drops one mpg in every category to the Silverado. Its tow rating is 200 pounds beyond its nearest competitor, the F-150 with the Max Trailer Tow Package.
Elsewhere, the new Silverado gets a quieter cab with a redesigned interior, a new bed with improved load-management possibilities, disc brakes all around, tweaked steering and suspension, along with free standard scheduled maintenance for two years or 24,000 miles.