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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.

GM execs fired over fraudulent India emissions testing

General Motors hadn't had a recall in India since 1995. That changed when it was discovered that certain employees were playing tricks with local emissions testing in order to ensure passing grades for engines. More than ten GM Powertrain employees in India and the US have been let go over the ensuing emissions flap, including Sam Winegarden, VP of global engine engineering, a man who has been with the company since 1969, leading development of some marquee powerplants.
According to Automotive News, an internal investigation revealed that employees "violated testing procedures," sometimes swapping specially prepared low-emissions engines during testing regimes for the Chevrolet Tavera SUV equipped with the 2.0-liter and 2.5-liter engines. Employees were also manipulating weights in order to get vehicles placed into different emissions categories. The discovery has led to GM recall the 114,000 Taveras produced over an eight-year period and halting their production and sale.
The Economic Times of India reports that the issue is due to "a faulty component." GM has developed a solution to the issue, and once it is validated in testing and approved by the Indian authorities, the recalled vehicles will be fixed at dealers and production will resume.

Pics Aplenty: Meet the 2014 Chevrolet Silverado and GMC Sierra [w/poll]

Today was a pretty big day for General Motors, debuting the all-new Chevrolet Silverado and GMC Sierra light-duty pickup trucks ahead of their official showcase at the 2013 Detroit Auto Show. And now that the dust has settled at GM's big reveal event, we've had a chance to snap dozens of photos of the new pickup pair from every angle.
We already told you the important bits earlier today (click here in case you missed it), but let's recap. Under the hood are three new engines - a 4.3-liter V6, 5.3-liter V8 and 6.2-liter V8 (you know, a version of the small-block that'll also be found under the hood of the C7 Corvette), all mated to six-speed automatic transmissions. The 2014 model year marks the return of the Z71 off-road package with Rancho shocks, front tow hooks and beefier underbody protection. Inside, there's a host of new technology and a greater focus on better quality and refinement.
Some of the nitty-gritty specifics (like engine output numbers and fuel economy) have yet to be revealed, and since we haven't driven the finished products yet, it's hard to say how these trucks will fare against rivals like the Ram 1500 and Ford F-150. For now, we can only judge these two books by their covers, and while we do like the designs of the new trucks, we Autoblog staffers are torn on exactly which one looks best.