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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.

The Opel GT is the concept General Motors should build for the US

Now is the time. General Motors should double-down on performance cars and build the Opel GT concept that's set to debut next week at the Geneva Motor Show. Better yet, sell it in the United States as the Chevy GT. Consumers are showing a thirst for performance cars not seen in decades. Ford has them coming in waves, with everything from the F-150 Raptor to a hotted-up Fusion. FCA US is unrepentantly building loads of Hellcats. GM should respond. The General's cupboard is hardly bare. With the Corvette, Camaro, and Cadillac's V-Series, GM has more than enough to compete with its crosstown rivals and anything Europe or Japan can throw at it. But there's also an opportunity. There's not many front-mid-engine, rear-wheel-drive, two-seat sports cars out there like the Opel GT concept. A Chevy GT that used that layout and captured some of the concept car's proportions and curves would ignite a different kind of passion in enthusiasts. It would be Miata-like. With Chevy branding, this sports car would be the everyday exotic. The concept has a turbocharged 1.0-liter three-cylinder engine, which makes about 143 horsepower to motivate a structure that weighs less than 2,200 pounds. It can hit 60 miles per hour in less than eight seconds. All of those numbers are within the front-engined Miata's territory. This new Opel is inspired by two great mid-1960s concepts that helped put its design studio, and that of its sister brand, the British Vauxhall, on the map. (The GT concept is also technically a Vauxhall, as the brands are linked in GM's European strategy.) One of them, the '66 Vauxhall XVR remained a concept. The '65 Opel Experimental GT was on the road by 1968. That shows this is doable. There's precedent. The Saturn Sky and Pontiac Solstice shared a chassis with a modern GT during that trio's brief run. If GM ever makes this concept, Opel and Vauxhall should get their versions. But Chevy is the one that could make this car a global icon. Chevrolet GT. Make it happen. News & Analysis News: The potential return of the Ford Bronco is generating a ton of attention. Analysis: That's not news, per se. But when the Bronco6G.com fan site did a rendering of a next-generation Bronco, it almost broke the Internet. Everyone from Automotive News to Jalopnik picked up the illustrations. Our own post has drawn a lot of traffic and passionate responses. People are clamoring for the Bronco's return.

GM opens military discount to 21M veterans and their spouses

May marks the start of National Military Appreciation Month, and General Motors is getting into the spirit by expanding its military discount program to, well, just about everyone. That includes a total of 21 million military veterans and their spouses, along with the current slate of active duty, reserve, and National Guard members. The discount can slash thousands of dollars off the price of a new Buick, Chevrolet, or GMC vehicles, with Automotive News listing an $1,100 discount on the top gas-powered version of the Malibu, the Premiere. Those that want a bit more spice can get $1,700 off the price of a last-generation 2015 Camaro SS, while truck buyers will enjoy $3,000 off the Chevy Silverado All Star. That's just a start, though, since the military discount can be paired with other GM incentives. The discount doesn't apply to everything, though. Some are understandable – none of Cadillac's vehicles are included in the deal, nor is the Corvette Z06. You'll also be unable to apply the discount to a range of base-level trims, like the Chevy Cruze or Equinox L, the base Colorado, or the entry level GMC Acadia, Canyon, and Terrain. A full list is available at GM's dedicated military discount website. GM's expanded discount plan runs from today through May 31. News Source: General MotorsImage Credit: General Motors Buick Chevrolet GM GMC Car Buying Car Dealers Military