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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.

Reuss says GM diesel plans are still on pace

General Motors is not going to let Volkswagen's diesel emissions scandal ruin its plans for a new line of efficient, torquey oil-burners, the company's Executive Vice President Mark Reuss said at a recent press event. "No way," Reuss responded when asked about cancelling the upcoming diesel-powered Chevrolet Cruze and other vehicles. "The Cruze Diesel is too good not to do it." Slated for 2017, the compact is just the latest member of a diesel offensive that initially kicked off with the first Cruze Diesel and most recently saw the introduction of the oil-burning Chevy Colorado and GMC Canyon. Reuss also reassured those in attendance that there was "no delay" in development of Cadillac's diesel lineup. Cadillac is working on a line of four- and six-cylinder turbodiesels for Europe. They'd make their way into the US market, too, eventually. "It's a question of timing," Reuss said, according to Car and Driver. Volkswagen's diesel emissions scandal has caused automakers across the globe to at least reanalyze their diesel strategy. Jaguar Land Rover, which is preparing several diesel-powered models for the US market, went on record late last month to reaffirm its commitment to diesel. Related Video: Featured Gallery 2014 Chevrolet Cruze Turbo Diesel: Quick Spin View 14 Photos News Source: Car and DriverImage Credit: Copyright 2015 Seyth Miersma / AOL Green Cadillac Chevrolet GM Diesel Vehicles

Chevy Sail 3 lands in China

Shanghai General Motors took 32 cars to this year's Guangzhou Motor Show, with its Chevrolet Sail 3 leading the way. After putting almost 1.4 million of them into Chinese hands, the third generation of the Bowtie's entry-level sedan wants to "take the nameplate and the segment to a new level." Its new architecture sporting a 1.4-inch longer wheelbase supports a growth spurt of two inches in length and 1.8 inches in width. The exterior also gets "eagle eye-shaped" headlights and "dual-c-element taillights." Under the hood will be either a 1.5-liter DVVT or a 1.3-liter VVT, each of them more powerful and more frugal than previous offerings. Both can be paired with a manual or an automatic transmission, and qualify for listing in China's National Energy-Saving and Eco-Friendly Vehicle Catalogue, as well as a 3,000 renminbi rebate ($490 US). You can read more about it in the press release below, and get more info on the Chevrolet Camaro RS Limited Edition, Corvette Stingray Coupe, Buick Regal GS and Excelle XT also introduced at the show. Chevrolet, Buick and Cadillac Take Center Stage at Guangzhou Auto Show - New Chevrolet Sail 3, Camaro RS Limited Edition and Corvette Stingray Coupe make China debut - Buick showcases customized Regal GS and Excelle XT - Shanghai GM announces new telematics strategy featured in upcoming Cadillac product GUANGZHOU, 2014-11-20 – Shanghai GM is displaying 32 vehicles from the Chevrolet, Buick and Cadillac brands at the 12th Guangzhou International Auto Show, which begins today and runs through November 29 in Guangzhou. Among the products that are making their China debut are the third-generation Chevrolet Sail 3, Chevrolet Camaro RS Limited Edition and Chevrolet Corvette Stingray Coupe. In addition, Buick is showcasing a customized Regal GS and Excelle XT, and Shanghai GM is announcing its new telematics strategy that will be featured in an upcoming Cadillac product next year. Chevrolet Sail 3 Entry-Level Family Car Since its introduction 15 years ago, the Sail has been a driving force in the entry-level family car segment. Nearly 1.4 million Sails have been sold across China. The third-generation Chevrolet Sail, named the Sail 3, will take the nameplate and the segment to a new level when it goes on sale nationwide by the end of this year. Built on Shanghai GM's new-generation small car architecture, the Sail 3 has adopted Chevrolet's new design language. It has a sculpted yet slim exterior with a youthful, dynamic feel.