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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.

GM recalls 83,572 SUVs for ignition switch issue

General Motors is recalling 83,572 SUVs from the 2011 and 2012 model years over a potential ignition lock actuator issue. In affected vehicles, the actuator isn't the right size, which could cause the ignition to get stuck in the "Start" position, and then either due to a jarring event or a "cool interior temperature" the ignition could switch back to the "Accessory" position. Doing so would cause a loss of power assistance and the airbags might not deploy. This is a different ignition issue than the one that's been ongoing for the past year. GM said it expects that less than 500 vehicles suffer from the problem, but that the pool could include vehicles from 2007 through to 2014 that have already been fixed, but with defective parts. The 2011-2012 SUVs included in the National Highway Traffic Safety Administration notice: Cadillac Escalade, Escalade ESV, Escalade EXT, Chevrolet Avalanche, Silverado HD, Silverado LD, Suburban, Tahoe, GMC Sierra LD, Sierra HD, Yukon, and Yukon XL vehicles. GM will notify owners and dealers will inspect the ignition lock housing to see if it needs a free replacement. RECALL Subject : Ignition Lock Actuator may Bind Report Receipt Date: DEC 30, 2014 NHTSA Campaign Number: 14V827000 Component(s): ELECTRICAL SYSTEM Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2011-2012 Cadillac Escalade, Escalade ESV, Escalade EXT, Chevrolet Avalanche, Silverado HD, Silverado LD, Suburban, Tahoe, GMC Sierra LD, Sierra HD, Yukon, and Yukon XL vehicles. In the affected vehicles, the ignition lock actuator may bind, making turning the key difficult or causing the ignition to get stuck in the "Start" position. CONSEQUENCE: If stuck in the "Start" position, the ignition may suddenly snap back into the "Accessory" position, causing a loss of engine, steering, and braking power, increasing the risk of a vehicle crash. If the vehicle is in a crash, the air bags may not deploy, increasing the risk of occupant injury. REMEDY: GM will notify owners, and dealers will inspect and replace the ignition lock housing, as necessary, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact GM customer service at 1-800-458-8006 (Cadillac), 1-800-222-1020 (Chevrolet), or 1-800-462-8782 (GMC). GM's number for this recall is 14696 for the original equipment, and 14912 for the service replacement parts.

24 Hours of Le Mans live update part two

We tasked surfing journalist Rory Parker to watch this year's live stream of the 2016 24 Hours of Le Mans. What follows is an experiment to experience the world's greatest endurance race from the perspective of a motorsports novice. Parker lives in Hawaii and can hold his breath longer than he can go without swearing. For Part One, click here. Or you can skip ahead to Part Three here. I write about surfing for a living. If you can call it a living. Basically means I spend my days fucking around and my wife pays for everything. Because she's got a real job that pays well. Brings home the bacon. Very progressive arrangement. Super twenty first century. I run a surf website, beachgrit.com, with two other guys. It's a strange gig. More or less uncensored. Kind of popular. Very good at alienating advertisers. My behavior has cost us a few bucks. I'm terrible at self-censorship. Know there's a line out there, no idea where it lies. I still don't understand any of the technical side. Might as well be astrophysics or something. For contests I do long rambling write ups. They rarely make much sense. Mainly just talk about my life, whatever random thoughts pop into my head. "Can you do something similar for Le Mans?" "Sure, but I know absolutely fuck-all about racing." "That's okay. Just write what you want." "Will do. But you're gonna need to edit my stuff. Probably censor it heavily." So here I am. I spent the last week trying to learn all I can about the sport of endurance racing. But there's only so much you can jam in your head. And I still don't understand any of the technical side. Might as well be astrophysics or something. While I rambled things were happening. Tracy Krohn spun into the gravel on the Forza chicane. #89 is out of the race after an accident I missed. Pegasus racing hit the wall on the Porsche curves. Bashed up front end, in the garage getting fixed. Toyota and Porsche are swapping back and forth in the front three. Ford back in the lead in GTE Pro. #91 Porsche took a stone through the radiator, down two laps. Not good. The wife and I are one of those weird childless couples that spend way too much time caring for the needs of their pet. French bulldog, Mr Eugene Victor Debs. Great little guy. Spent the last four years training him to be obedient and friendly. Nice thing about dogs, when you're sick of dealing with them you can just lock 'em in another room for a few hours. You don't need to worry about paying for college.