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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.

Joe Flacco wins C7 Corvette along with MVP honors

As part of a longstanding tradition, the MVP of Super Bowl XLVII, Joe Flacco, quarterback for the Baltimore Ravens, was given a new car directly after the game and trophy celebrations. For 2013, that car is a 2014 Chevrolet Corvette Stingray, and it was presented to Flacco by Rick Flick of Banner Chevrolet, a dealership in New Orleans that was wiped out by Hurricane Katrina in 2005 before returning to prominence as the only Chevy dealer in Orleans Parish.
Last year, Super Bowl MVP Eli Manning took home a 2012 Corvette GS Centennial Edition. Manning also won in 2008, when he selected a Cadillac Escalade Hybrid as his reward. In 2011, quarterback Aaron Rodgers accepted the keys to a Camaro convertible.
Though we're most definitely an auto-obsessed group, we did watch the Big Game along with nearly everyone else in America. And we've gotta say, as if winning the Super Bowl and receiving the Tiffany-designed Pete Rozelle Trophy wasn't enough for the multi-millionaire MVP athletes, a brand-new C7 seems like an awfully generous prize. Scroll down below for an official announcement from General Motors.

Chevrolet planning low-cost Corvette under Stingray?

If you're burnt out on musings about the Chevrolet Corvette, you'll want to go ahead and skip this post. Motor Trend reports General Motors is hard at work on a low-cost version of the seventh-generation sports car for 2015. Rumored to be called the Corvette Coupe, the car will forgo the Stingray and skip the 450-horsepower 6.2-liter V8 engine in favor of a 5.3-liter V8 with under 400 ponies. If you're keeping track, that's a shade of the same engine found behind the headlights of the 2014 Chevrolet Silverado and GMC Sierra.
The report also suggests the Coupe will receive a number of aesthetic tweaks to separate it from the Stingray, including different front and rear fascias as well as new front fenders and a rear diffuser. Motor Trend says the point of all this is to cut the car's price tag, which means we may see a Corvette on showroom floors for less than $50,000 if this car comes to fruition.