2004 Volvo Xc90 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.

Autoblog Minute: Volvo, Mercedes, Google back autonomous tech

Self-driving cars could make our commutes a breeze but what happens when something goes wrong? Three industry leaders step up with an answer. Autoblog's Adam Morath reports on this edition of Autoblog Minute, with commentary from Pete Bigelow. Show full video transcript text [00:00:00] Self-driving cars could make our commutes a breeze but what happens when something goes wrong? Three industry leaders step up with an answer. I'm Adam Morath and this is your Autoblog Minute. Volvo, Mercedes and Google have all come forward to say that in the event of a systems failure of one of their autonomous vehicles, they would be willing to accept full liability. For more we go to Autoblog's Pete Bigelow: [00:00:30] - [00:01:00] [00:01:30] [Pete Bigelow Interview] With Volvo setting the precedent we'll see how the rest of the industry responds. For Autoblog, I'm Adam Morath. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.

2022 Volvo S60 Black Edition darkens the sedan's trim

Volvo revealed the 2022 Volvo S60 Black Edition today, firmly hopping on the trend of blacking out different trim bits that countless other cars offer. The staid but handsome S60 is given a dash of attitude with this appearance package, and we like the look. Volvo says the Black Edition features glossy black paint for the grille, Volvo badge, grille slash, window trim badging and exhaust tips. Additionally, the 19-inch wheels are painted in the same shade of glossy black. You’ll have two paint options: Onyx Black Metallic or Crystal White Metallic.  All of the badging in black is a unique look for Volvo products, as weÂ’re accustomed to seeing brightwork on all of SwedenÂ’s cars these days. You can get the Black Edition for the Momentum, R-Design and Recharge (PHEV) models, so itÂ’s essentially available across the model range. It adds $700 to the purchase price, meaning a base, front-wheel-drive Momentum Black Edition costs $40,995 after destination. The S60 Black Edition is going to be built in limited quantities for the 2022 model year — Volvo says only 450 total will be produced. So if you like what you see here, best go out and snag one before theyÂ’re all spoken for. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.