2014 Ford Escape Se 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.

Ford cleans up painting process with cameras

Knowing how the bacon gets made rarely entices us and, in the same vein, the same usually goes for knowing about how new cars get painted. But in both instances, however, quality - or a lack thereof - is instantly obvious. In terms of the latter, Ford is showing off its new paint quality process with 3D Dirt Detection Technology to find imperfections in vehicle paint more easily and more quickly.
This process - being performed on the F-150 SVT Raptor above - uses 16 computer-controlled cameras to create a three-dimensional model (inset) of the vehicle to detect flaws in the paint including dirt particles, which can then be buffed out manually. Ford says this new technology cuts down on time spent looking for paint flaws and gives workers more time to correct those that are discovered.
Currently, Ford only uses its 3D Dirt Detection Technology system at three factories (the Dearborn, MI facility, along with those in Louisville, Kentucky and Valencia, Spain), but it will soon spread to five more plants in North America. Ford has released a video and press release for this innovative and unexpectedly interesting process, both of which are posted below.

Ford Gets The Aluminum F-150 Ready For Prime Time

Russell Barnett, a Ford dealer in Tennessee, is ready for aluminum. Ford is using the metal almost exclusively in body of the 2015 version of its best-selling F-150 pickup, which starts arriving at dealerships next month. Barnett is already answering customers' questions about the truck. And he's updated his repair shop not only for the F-150, but in anticipation that other Ford brands such as the Mustang will eventually make the switch from steel. But, just in case, he ordered some extra steel-bodied 2014 pickups. "There will be some people who won't want to change for a while," says Barnett, who says pickups make up around half of the annual sales at his dealership in rural Winchester. Ford is doubling down on aluminum, which is lighter - and more expensive - than steel but just as tough. The new truck is the company's response to customers' requests for a more fuel-efficient and nimbler pickup. Fordhopes the advantages outweigh customer doubts about the durability of aluminum or potential repair costs for the pricier metal. It's a big risk. So far this year, one out of every three vehicles Ford sold in the U.S. was an F-Series pickup. Morgan Stanley estimates F-Series trucks account for 90 percent of Ford's global automotive profit. On Tuesday, it kicked off production of the new truck at its Dearborn Truck Plant, four miles from the company's headquarters. "Yeah, this is a risk, but it's one well worth taking." said Bill Ford, the company's executive chairman, as he stood alongside the assembly line. "For our customer, this is a big, big leap forward." The trucks have been the best-selling vehicles in the U.S. for 32 straight years; last year, Ford sold nearly 100,000 more full-size pickups than General Motors. Aluminum isn't new to the auto industry, but this is the first time it will cover the entire body of such a high-volume vehicle. Ford made 647,697 F-150 pickups at its two U.S. plants last year; that's one every 49 seconds. If Ford's bet pays off, it could pad its lead in the lucrative truck market. More importantly, aluminum "future proofs" the truck - and the company - in an era of rising fuel economy standards, says Karl Brauer, a senior analyst with Kelley Blue Book. Ford will announce the truck's fuel economy figures later this month. That could determine if it steals customers away from the Silverado or Ram. Truck buyers are among the most loyal in the auto market.