2007 Mitsubishi Eclipse 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.

Mitsubishi previews new Attrage global sedan

It's been about a month since we first saw the Mitsubishi Concept G4 at the Shanghai Motor Show, but now the automaker has revealed the first images for the sedan in production trim. Wearing the Mitsubishi Attrage nameplate, this sedan will go on sale this summer in Thailand and could eventually makes its way to the US. Despite being essentially a sedan version of its subcompact Mirage, Mitsubishi refers to the Attrage as its next-generation global compact sedan, suggesting it's a fair bit larger than its hatchback counterpart.
We only have this single image to go on, but the new Attrage obviously has the same overall look as the Concept G4. As expected, it does lose some of the more conceptual bits, including the fancy headlights, grills and wheels. While the styling has us thinking back to the late 1990s, the true advantage of the Attrage is likely to be its fuel consumption. US fuel economy for the Attrage hasn't been released, but the closely related 2014 Mirage is expected to return 37 miles per gallon in the city and 44 mpg on the highway using the same 1.2-liter inline four-cylinder engine paired with either a five-speed manual or a continuously variable transmission. Scroll down for the brief press release for the Thai-built Attrage.

Mitsubishi confirms pair of MiEV Evolution II electric racecars for Pikes Peak

Preparing for next month's Pikes Peak International Hill Climb, Mitsubishi - the presenting sponsor of this year's PPIHC - has unveiled its entrant for the race: the all-electric MiEV Evolution II. Building off last year's MiEV-inspired entrant, the Evolution II has received numerous improvements, including a more powerful electric drive system, a lower center of gravity and even a more traditional racecar look. Driving a pair of MiEV Evolution II models this year will be Hiroshi Masuoka from Mitsubishi vehicle development and six-time PPIHC motorcycle winner, Greg Tracy.
Both MiEV Evolution II racers employ a quartet of electric motors (last year's car used just three), and output has been increased from 280 kilowatts (375 horsepower) up to 400 KW (536 hp). For improved handling, the cars' lithium-ion battery packs help provide lower centers of gravity, and both Masuoka's and Tracy's cars have received active yaw control, stability control and redesigned anti-lock braking systems. Hopefully, this will help them stick to the mountain better. As previously mentioned, even their look has changed, with less of a wide-body i-MiEV feel and more of a racecar appearance. We think the finished product would actually make for a pretty cool Le Mans Prototype racer, or perhaps an electrically powered rival for trackday cars like those from Radical.