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4 automakers agree to $553M settlement of Takata airbag claims

WASHINGTON (Reuters) - Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota's share of the settlement costs is $278.5 million, followed by BMW at $131 million, Mazda at $76 million and Subaru at $68 million. According to a press release from Plaintiffs' Committee for Takata Airbag Product Liability Litigation, the funds for the settlement are aimed at getting more cars with faulty airbags fixed. At the time of writing, Toyota had the greatest recall completion percentage of 31.89 percent followed by Subaru with 31.37 percent. Mazda has completed repairs on 18.16 percent of affected cars, and BMW brings up the rear with 16.48 percent completion. Some settlement funds will go to an outreach campaign to increase awareness, while other funds will be used to reimburse people for any costs accrued to get their cars fixed. These costs can include rental cars, child care, lost wages, or any other reasonable costs associated with bringing in a vehicle for repairs. Furthermore, a customer support program will be funded with settlement money to handle any additional repairs or adjustments that could become necessary in the 75,000 miles following the airbag replacement. Lawsuits against Honda, Ford and Nissan have not been settled, lawyers said. Takata inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by more than a dozen major automakers. Reporting by David Shepardson, additional details by Autoblog's Joel StocksdaleRelated Video: Government/Legal BMW Mazda Subaru Toyota

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.

Toyota recalling small number of 2014 FJ Cruisers for possible steering failure

Toyota is issuing a fairly tiny recall to fix a potentially serious problem in the FJ Cruiser. The company is recalling about 120 examples of the rugged SUV from the 2014 model year because the steering can fail. According to Toyota, the intermediate shaft that connects the steering wheel and steering gear box might not be welded correctly and can separate. If this happens, drivers lose steering control, which is obviously a major safety concern. However, the automaker is not aware of any crashes, injuries or fatalities from the problem. On the small number of affected models, Toyota will replace the intermediate shaft with a new one. TOYOTA RECALLS CERTAIN 2014 MODEL YEAR FJ CRUISER VEHICLES TORRANCE, Calif., February 5, 2015 – Toyota Motor Sales, U.S.A., Inc., today announced it will conduct a safety recall of approximately 120 Model Year 2014 FJ Cruiser vehicles. The steering system contains an intermediate shaft, which connects the steering wheel to the steering gear box. In the involved vehicles the intermediate shaft could have received an inadequate weld. Under some circumstances, the weld could separate, resulting in the loss of steering control and increasing the risk of a crash. Toyota is not aware of any crashes, injuries, or fatalities caused by this condition. Owners of the involved vehicles will receive a notification by first class mail. Toyota dealers will replace the intermediate shaft. Detailed information is available at www.toyota.com/recall and by calling Toyota Customer Service at 1-800-331-4331.