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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.

Burt Reynolds' vehicles up for auction at Barrett-Jackson

Burt Reynolds' influence on car culture cannot be overstated. Be it "Smokey and the Bandit" or "Cannonball Run," his films inspired a generation of car enthusiasts. He died a few weeks back from cardiac arrest at age 82. This weekend, four vehicles from Reynolds' personal collection — three Pontiacs and a Chevy — will go up for auction at Barrett-Jackson in Las Vegas. It seems Reynolds had plans to sell the cars before he passed. He even filmed a short teaser for the auction and planned to attend the event himself. Three of the cars are Pontiac Trans Ams. Two are re-creations of the cars he drove in "Bandit" and the film "Hooper." Both are 1978 models. The third Trans Am is from 1984 and was used to promote Reynolds' USFL team, the Tampa Bay Bandits. The fourth vehicle is a 1978 Chevy R30 pickup truck. It's styled like the truck he drove in "Cannonball Run." None of the vehicles were actually used in the movies. But they were registered in his name, making them far more legitimate than some other movie-inspired clones. It's unclear how many Bandit Trans Ams Reynolds has owned over the years. Another car connected to him sold for $450,000 back in 2014. His death is sure to drive the price of these new cars even higher. Related Video: Image Credit: Barrett-Jackson Celebrities Chevrolet Pontiac Auctions Truck Coupe pontiac trans am burt reynolds

2016 Chevy Colorado Duramax makes 369 lb-ft for $3,730 premium

Since announcing the new Chevrolet Colorado in late 2013, there has been absolutely no secret that the 2.8-liter Duramax diesel would wind up under the hood of the midsize pickup truck for the 2016 model year. It has been a long wait for those wanting the oil-burner, but thankfully, the anticipation is nearly at an end. Chevy is finally officially unleashing details about the four-cylinder, which churns out 181 horsepower and 369 pound-feet of torque. The diesel is available in both LT and Z71 Crew Cab trims, and there's the choice of two- or four-wheel drive. All come with a six-speed automatic gearbox with a standard automatic-locking rear differential. An electronically controlled two-speed transfer case comes on four-wheel drive models, as well. The Z82 trailering package also arrives on all of the Duramax pickups and includes an exclusive integrated trailer brake controller. The first shipment of diesels arrives at dealers this fall with a price of $3,730 on top of a comparably equipped version with the 3.6-liter V6. Customers opting for the Duramax are getting more capability from the Colorado. With a 7,700-pound tow rating on two-wheel drive examples (7,600 pounds with four-wheel drive), drivers can haul 600-700 pounds more behind the truck than its petrol V6 counterpart. Fuel economy numbers haven't been announced yet, but are expected to top the gasoline versions. The engine is also B20 bio-diesel compatible. Beyond being just a good hauler, Chevy is throwing cutting-edge tech into these models. For example, this is the company's first application of a Centrifugal Pendulum Vibration Absorber on the transmission's torque converter. The device is a dampener that cancels out torsional vibration from the engine for a more comfortable ride for occupants. There's also a driver selectable exhaust brake system that uses engine compression to help slow down the truck and reduce brake wear. You can read more about the nuts and bolts of the diesel in Chevy's press release below. Chevrolet Introduces Colorado Duramax Diesel All-new turbo-diesel expands lineup with unparalleled capability, efficiency DETROIT – The fastest-selling truck in the market now offers an available turbo-diesel engine. The 2016 Chevrolet Colorado Duramax diesel takes midsize truck capability and efficiency to unprecedented levels.