Repossed/ No Reserve/ Below Wholesale on 2040-cars

Auto blog

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.

Mazda, Mitsubishi, and Subaru expand global Takata recalls by 715k [UPDATE]

UPDATE: Subaru of America spokesperson Michael McHale tells Autoblog that the company is recalling 78,000 Imprezas from the 2004 and 2005 model years in the US. This is a national expansion of the company's previous regional recall for the Impreza. The Takata airbag inflator recall just keeps growing. The latest expansion encompasses 715,000 vehicles from Mazda, Mitsubishi, and Subaru. Many of the affected models are in Japan. The largest expansion from these three automakers comes from Mitsubishi. According to Reuters, the company is adding 100,000 vehicles in Japan and 412,000 outside of the country without identifying any specific regions. Mazda is issuing safety campaigns for 112,000 vehicles in Japan, and some of these include models that the company produces there for Mitsubishi and Nissan, according to Reuters. In statement to Autoblog (embedded below), Mazda said that it is still evaluating the situation in terms of a possible effect on the US. Finally, Subaru is calling in 91,000 Imprezas in Japan. At this time, it isn't clear whether Mitsubishi's or Subaru's expansions affect the United States, but Autoblog has reached out to them for more information. According to research by the National Highway Traffic Safety Administration, exposure to moisture can cause the propellant in these inflators to ignite too quickly and cause these dangerous ruptures. Takata has also been investigating the problem. Related Video: Mazda statement "We are aware of the NHTSA/Takata announcement, and are evaluating the effects of it on Mazda. As soon as we have had a chance to fully evaluate the situation – number of vehicles affected, age of those vehicles, where they're located, etc. – we will be able to share those details."

Mitsubishi Concept G4 leaves us feeling blue

To say we were unimpressed by the 2014 Mitsubishi Mirage that debuted in New York earlier this year would be one heck of an understatement. So pardon us for not oohing and aahing over the Concept G4 that we're seeing for the first time here in Shanghai. It is, basically, a Mirage sedan. Try to contain your excitement.
Mitsubishi states that it intends to roll out the production version of the G4 Concept globally, powered by a 1.2-liter MIVEC engine mated to a continuously variable transmission that should at least be good for some substantial fuel economy gains. The Mirage, after all, is rated at 37/44 miles per gallon city/highway. We're also told that the car will be very lightweight, and that this should aid in making this thing not drive like a total dud.
We'll wait and see how the relatively sharp lines of the concept transfer to production form, but given that we already know what the Mirage looks like, we have a pretty good feeling that we'll be just as underwhelmed the second time around. Have a look below for the press blast.