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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.

Final C6 Corvette built in Bowling Green

With all of the attention given to the 2014 Chevrolet Corvette Stingray lately, you could be forgiven for thinking that it's already well along in production, yet tooling up for the new C7 has only just begun. In fact, production of the outgoing C6 generation in Bowling Green, Kentucky just halted on Thursday.
As the C6 has aged, production numbers have predictably ebbed along with demand, but this year, the addition of the 427 and 60th anniversary models resulted in an uptick in vehicles built - this, despite a model year shortened by around 25 percent to accomodate the new model changeover. The final C6 Corvette ever, No. 13,466 built this year, was a white 427 Convertible destined for the General Motors Heritage Center museum. The car's 7.0-liter V8 heart was assembled by Corvette chief engineer Tadge Juechter himself.
In total, Bowling Green pushed out 215,100 C6 Corvettes over nine years. If you're still a C6 fan at heart and are hoping to get a good deal on a phase-out model, step lively - Chevrolet reportedly had about 6,100 unsold units, which Autoweek suggests is good for around five and a half months of supply at the model's current sales rates. Given that demand will likely slacken even further as the C7 draws closer, that should be a big enough stockpile to keep dealers satisfied until 2014 Stingrays begin showing up on their forecourts in December.

GM recalls 8,500 Chevrolet Malibu models for rear suspension glitch

According to a letter from General Motors to the National Highway Traffic Safety Administration, flaws in the build process of the 2013 Chevrolet Malibu have led to the recall of 8,519 cars. Units built between December 6, 2011 and January 15, 2013 may have been assembled with rear suspension cradles that had insufficient torque applied to certain bolts. That out-of-spec assembly could lead to issues ranging from slight noises to a loss of vehicle control.
The problem was first noticed in December of last year by a GM test fleet driver and eventually tracked back to the improperly torqued bolts on the suspension cradle assembled through July 2012 by a supplier located not too far from the Malibu's Detroit/Hamtramck Assembly Plant. Since an official NHTSA recall notice has not been issued yet, it isn't clear whether or not Detroit-built Malibus were the only ones affected (the 2013 Malibu is also built at GM's Fairfax Assembly Plant in Kansas City, Kansas). Dealers will fix the problem by inspecting vehicles for proper torque specs, retightening if not within specs and, in some cases, perform a rear-wheel alignment.