2015 Chevrolet Suburban 1500 Ltz on 2040-cars

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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.

Bob Lutz builds the case for a mid-engined Corvette

Rumors of a mid-engine Corvette are like automotive industry folklore at this point. Every once in a while, news pops up that it might be happening or is under development, but nothing actually ever comes to fruition as something people can actually buy. The latest spy shots strongly suggest a mid-engine 'Vette is in the cards, yet again, possibly for 2018. Now, an op ed by former General Motors executive (and definite performance car fan) Bob Lutz in Road & Track gives the inside scoop on the history of one of these proposals and lays out how to make it happen today. According to Lutz, the company's engineers believed the C6 ZR1 was at the limit for front-engine, rear-wheel drive performance in that package, and the only solution was to move the powerplant behind the driver. Lutz even got then CEO Rick Wagoner on board. The scheme made it at least as far as clay models for mid-engine versions of the 'Vette and Cadillac XLR. Eventually, a lack of money got in the way, though, bringing the project to an end. Lutz puts a lot of faith in GM's current leaders, especially Mary Barra and Mark Reuss. He thinks the chances of a mid-engine 'Vette happening this time are better than 50 percent. The model, rumored to be named Zora, could offer over 700 horsepower in an ultra lightweight body and be priced at about $120,000 to "suck the doors off everybody." Head over to Road & Track to get some insights from this highly respected and entertaining auto industry veteran. Related Video:

Chevy Silverado Midnight Edition coming to Chicago

Between the GMC Canyon Nightfall Edition and Chevy Silverado Custom Sport, the truck divisions of General Motors had no lack of blacked-out custom pickups to showcase at the Detroit Auto Show this year. But now the General has announced one more. Called the Midnight Edition, for this special Silverado blacks out all the trim, including the grille, bumpers, headlamp bezels, tow hooks, fog lamps, side and beltline moldings, 19-inch wheels, bedliner and bowtie emblems. It's based on the Silverado 1500 with the Z71 package, so it also boasts an off-road suspension, locking rear differential, hill-descent control and trailering pack. While it was at it, Chevy has also thrown in rear park assist and power heated door mirrors. Buyers will be able to choose between double- or crew-cab models, but no more than 5,000 examples will be produced this year, each priced at a premium pegged between $1,595 and $1,995 (depending on the model). The Silverado Midnight edition debuts today at the National Automobile Dealers Association convention in San Francisco and will be showcased at the Chicago Auto Show next month, around the time that deliveries will commence. 2015 Silverado Midnight Edition is The New Black Monochrome appearance package to debut at NADA and Chicago Auto Show 2015-01-22 DETROIT – Truck fans know that nothing adds presence to a pickup like basic black. And Chevrolet is taking black to the next level with the Silverado Midnight special edition, on display starting today at the National Automobile Dealers Association Convention & Expo in San Francisco, and making its public debut February 14 at the Chicago Auto Show. Beginning with a black Silverado Z71, the Midnight special edition adds: - An all-black front end with body-colored grille, bumper, headlamp bezels, tow hooks and fog lamps; - Black side moldings and beltline moldings; - 18-inch black painted alloy wheels with Goodyear Wrangler Duratrac all-terrain tires; - Special Z71 badges on the doors; - A spray-in bedliner (black, of course); - And the finishing touches – black Chevrolet bowties front and rear. Like all 2015 Silverado 1500 Z71s, Midnight special editions include off-road suspension, a locking rear differential, Hill Descent Control and a trailering package. Midnight special editions also include rear park assist and heated, power-adjusted outside rear-view mirrors.