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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.

2016 Chevy Volt will have more EV range, bigger battery

Meet the new Volt, not the same as the old Volt. That appears to be the story when General Motors introduces the 2016 Chevy Volt at the Detroit Auto Show in January. Today we're getting some more details on the guts of the new plug-in hybrid, and it turns out they're going to be much improved from the current Volt, which first went on sale at the end of 2010. Sure, the first-gen Volt did get some improvements along the way (a slightly larger battery pack, lane departure warnings) but the new Volt – which will go on sale in the second half of 2015 – marks the first time GM has been able to return to the drawing board and really make the improvements that its customers want. That's how Larry Nitz, GM's executive director of vehicle electrification explained it to AutoblogGreen today when explaining the all-new Voltec extended range electric vehicle (EREV) powertrain. "In the Gen 2 is we gave the engine a little more power, a little more torque, a little more displacement, more capability." – Larry Nitz Nitz said that the new Volt will be better in almost every sense: a bigger battery, longer EV-only range, 20 percent better acceleration in the low speed range and higher overall efficiency. This is due, in part, to the Volt's two motors being able to both act as generators and power the car. As we noted this morning, the 2016 Volt will use a larger, 1.5-liter four-cylinder engine, a version of which is already used in the Chinese-market Cruze. Nitz said that this has a number of benefits, including more power and quieter operation. "Some people would say, why did you make [the first-gen engine] so big. I would say, why did you make it so small?" he said. "It works good, our customers love it, but the reality is that if you go a little bit off and use the car a little harder, you can get the engine to need to operate at a higher speed. In an EV, that's quite noticeable. So, what we did in the Gen 2 is we gave the engine a little more power, a little more torque, a little more displacement, more capability and what it has marginally enabled is not only is it more efficient but it's also quieter." Nitz wouldn't talk about how the new powertrain might affect the two other products that use the Volt's underpinnings – the Cadillac ELR and the Opel Ampera – but if you've got a quieter option, we assume that's something ELR drivers would enjoy. But that's a story for another day.

Veyron and C7 Corvette join cast of Transformers 4

Like the Fast & Furious franchise, the Michael Bay-directed series of Transformers movies has become known as much for its bad acting as its impressive lineup of cars. As filming just started for Transformers 4, Bay's website has confirmed two new cars for the next installment as well as a makeover for everyone's favorite tractor trailer hero, Optimus Prime.
Joining the cast of T4 are a "race-inspired" Chevrolet Corvette Stingray and a Bugatti Veyron Grand Sport Vitesse. While Bay's website did not supply names for either car, Bugatti is reporting on its Facebook page that the Veyron will join the Autobots. Speaking of the good guys, top Autobot Optimus Prime is getting an all-new body based on a Western Star with a gaudy appearance that was seemingly inspired by Trick My Truck - right down to the six smoke stacks and side pipes!