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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.

eBay find of the day: Ed Begley's Toyota RAV4 EV

You might know Ed Begley, Jr. from his Emmy-nominated role on St. Elsewhere or as one of the dead drummers in This Is Spinal Tap, his appearances on Arrested Development, Six Feet Under, and Battlestar Galactica, his reality show Living With Ed or from his years as an environmental activist (or, better yet, from previous coverage of him on AutoblogGreen). Ed Begley, Jr. has been advocating on behalf of our planet for several decades now, and the man walks the walk, too. He has done loads of work with environmental organizations. He's got his own line of environmentally friendly cleaning products. Begley is even in a long-standing rivalry with his friend Bill Nye (yes, The Science Guy) to have the lowest carbon footprint. Since 2002, he's been driving the drive as well. That's when he purchased a Toyota RAV4 EV, which is now up for auction on eBay. This car has 119,000 miles on it, but it had its battery replaced in early 2011, and it should have another seven years or so left in it. It's white with a charcoal interior, and has a little bit of cosmetic wear and tear, the normal sort of stuff for a vehicle with over 100,000 miles on it. It was in one accident back in 2003, but doesn't show any other issues. All service history is available from the dealer that sold it in the first place and maintained it since. Additionally, this RAV4 EV comes with a White Clean Air Decal, which allows the driver use of the HOV lane in California. Mr. Begley will even autograph the inside of the hood if you want him to, but it's doubtful the car comes with a Cinco-Fone. The buyer will also get to meet Begley is person and get some photos. Back in 2002, the car sold for $42,000. The current bid is $4,650 with six days to go, and the reserve has not yet been met. Check out the auction for more details.

Lost power in a winter storm? Just hook up a Toyota Prius like this guy did

The Toyota Prius' battery pack just got something like a five-star rating from a truly seasoned professional – a 50-year aircraft technician. Bob Osemlak, who'd served more than three of those five decades with the Canadian Air Force, brought electricity back to his home in December during a heavy ice storm thanks to his gas-electric car. His ingenuity allowed him to turn on lights, furnace, refrigerator and the TV. The Thornhill, Ontario resident lost power for nearly a day on December 21 – not nearly as much as millions of other people hit by the recent storm - and so he still set about using his Prius for backup power, according to EV World. His ingenuity allowed him to turn on lights, furnace, refrigerator and the TV. Being an aircraft technician for so long brought Osemlak the ability to home-brew his V2H set-up that he urges other people to avoid, for safety reasons. He had planned for a potential power outage by installing an outlet on his furnace and, when the storm struck, he ran a cord through the basement window to the car. During the nine hours Osemlak used his Prius for backup power, the car's fuel gauge only reduced less than one bar, or roughly the equivalent of a gallon of gasoline. It wasn't the first time Osemlak had played with his vehicle. In the 1960s, while stationed in Winnepeg, Manitoba, he created a car starter. Every hour, the car would start up and run for 10 minutes to avoid being frozen solid in frigid winter temperatures. Featured Gallery News Source: EV WorldImage Credit: Flickr Green Toyota Green Culture Hybrid PHEV vehicle to grid storm