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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.

Cadillac tops Tesla in Consumer Reports semi-automated driving test

General Motors' Cadillac outscored Tesla in a new ranking of partially automated driving systems tested by Consumer Reports and released on Thursday. The highly influential nonprofit organization, which tests and rates a variety of consumer products from appliances to vehicles, said it compared Cadillac's Super Cruise and Tesla's Autopilot with similar systems from Nissan and Volvo. Nissan's ProPilot Assist was ranked third and Volvo's Pilot Assist fourth. Consumer Reports said it has been testing partially automated driving systems for several years but elected to conduct a formal study intended for publication, because "we are at a tipping point where they are now going mainstream," according to Jake Fisher, director of auto testing. The organization said its tests, conducted on a private track and on public roads in Connecticut, were designed to measure the systems' ability to automatically control steering and speed in certain situations, while helping drivers pay attention and regain manual control of the vehicle when required. CR noted that any of these systems can increase driving risk if used in inappropriate situations, or if drivers become inattentive or over-reliant on them. While they can help relieve driver stress and fatigue, Consumer Reports said, the partially automated systems are "not intended to be self-driving features." The systems typically use cameras, radar and other sensors, as well as mapping data, to monitor location and traffic conditions and help keep a vehicle centered in the lane at a safe distance behind other cars. Each system has limitations. Cadillac's Super Cruise, for instance, only functions on divided highways that have been mapped by GM. In contrast, Tesla's Autopilot can be used even on small, curvy roads with poor lane markings, but "operates erratically in those situations," Consumer Reports said.The organization tested Super Cruise on the Cadillac CT6; Autopilot on the Tesla Model 3, Model X and Model S; ProPilot Assist on the Nissan Leaf and Infiniti QX50; and Pilot Assist on the Volvo XC40 and XC60. Consumer Reports said Cadillac's Super Cruise did "the best job of balancing high-tech capabilities with ensuring the car is operated safely and the driver is paying attention." Tesla's Autopilot was cited for its capability and ease of use, while Nissan's ProPilot Assist did a better job than Autopilot or Volvo's Pilot Assist in keeping drivers engaged.

2015 Volvo S60 T6 Drive-E [w/video]

The Swedes Bend Sixes And Fives Into Fours
With government agency pressures mounting, the auto industry's latest engine and powertrain trends invariably include the cobbling of heretofore eight-cylinder models into charged (either turbo- or super-) six-cylinder models, six-cylinders into charged four-cylinders and so on. And then there's the mating of these downsized engines to fuel-saving automatic transmissions with ratio counts previously reserved for bicycles and semi trucks. Volvo can at last follow suit with the best of Germany and Japan thanks in great part to an $11-billion multi-year investment by its Chinese owners, Geely.
After we survived the recent Frankfurt Motor Show marathon of news and reveals (chief among said bits being the stunning Volvo Concept Coupe), we were escorted by the Swedish automaker to the far less frenetic air of southern France to explore the most significant step yet in the company's new life. Volvo's entire movement of new tech is referred to as Drive-E, and it includes these all-new four-cylinder engines we just tested, a new modular architecture called Scalable Product Architecture (SPA) that will first be found under the next-generation XC90, along with a host of other onboard advancements. Think of it as a Scandinavia's version of Mazda Skyactiv, a total-systems approach to developing more efficient yet more sporting new models.