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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.

Lutz dishes dirt on GM in latest Autoline Detroit

Bob Lutz sits down for Autoline Detroit - Click above to watch video after the jump
Autoline Detroit recently played host to Bob Lutz, and, as is always the case, the former General Motors vice chairman dished out some great commentary. Lutz was promoting his new book Car Guys vs. Bean Counters: The Battle for the Soul of American Business, and talk quickly turned to his role as it related to product development and high-level decision making at GM. While on the topic of brand management, Lutz revealed a few rather interesting tidbits about his former employer:
All Chevrolet vehicles were required to have five-spoke aluminum wheels and a chrome band up front, as part of the Bowtie brand's overall image.

2014 Chevy Cruze Diesel arrives with 42 mpg for $25,695*

The last time General Motors had a diesel passenger car in the US, it was the 1.8-liter 1986 Chevette. At the 2013 Chicago Auto Show today, GM is unveiling the much-anticipated 2014 Chevrolet Cruze Diesel. The compact bows with a 2.0-liter turbo-diesel four-cylinder engine that boasts 148 horsepower and 258 pound-feet of torque, with full twist coming on at just 2,000 rpm. What's more, the common-rail, direct-injection diesel features an overboost function that allows the engine to deliver up to 280 lb-ft of torque for 10 seconds at a time. Even with 10 more horsepower and 110 more pound-feet of torque than the available turbocharged 1.4-liter four-cylinder in the Cruze, the 2.0-liter diesel engine can return up to 42 mpg (highway) bolted to its six-speed automatic transmission.
If you're counting, that figure meets the less powerful Cruze Eco with a six-speed manual transmission. More importantly, the auto transmission Cruze Diesel matches its main competition, the Volkswagen Jetta TDI, in highway fuel economy. The Cruze 2.0 TD (as it will be badged) can also handle up to 20 percent biodiesel (B20), whereas the Jetta is rated only for B5. General Motors has not released city fuel economy for its newest diesel, but we do know how much it will cost you to jump behind the driver's seat.
GM will kindly ask for $25,695, plus an $810 destination fee. That marks a $2,115 premium over a loaded Cruze LTZ Auto and $2,640 more than the Jetta TDI, though the MSRP will net you a leather interior, 17-inch alloy wheels and an Aero Performance Package, as well as a two-year maintenance plan and five-year, 100,000-mile powertrain warranty. Compared to the gas-powered Cruze, you also lose a couple cubic feet of rear cargo space thanks to a 17-liter diesel emission fluid tank. That urea fluid, which helps put the clean in clean diesel, will need to be refilled at least every 10,000 miles.