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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.

Ford Focus 1.0-liter Ecoboost to only get manual trans in US

Photos of the 2015 Ford Focus leaked earlier today, but now we're able to tell you more details of the global five-door hatchback. Bucking automaker's troubling trend of ditching manual transmissions in favor of automatics, Ford says the new 1.0-liter EcoBoost engine will come only in a six-speed manual in the US, because, well, American drivers aren't as sophisticated as our European brothers and sisters.
Ford didn't come out and say it that way, but it has found American drivers are more prone to complain about automatics in smaller-engine cars, Raj Nair, Ford's group vice president of global product development, said at a press conference last week. The recent JD Power Vehicle Dependability Study backs up Ford's claims, pointing out that drivers are complaining about rough transmission shifts, engine hesitation and lack of power, particularly in small cars. In Europe and other parts of the world, drivers seem to understand the quirks of these pint-sized engines, Nair said, so they'll have the option to buy an automatic. Ford is working on tuning its dual-clutch transmissions to make them more amenable to American driver's tastes.
Ford will show off the refreshed 2015 Focus at the Geneva Motor Show in early March. The car is due for an update, having been on sale in its current form since 2012. The automaker said it is jamming the car full of new technology - like a USB port that promises to charge your phone in half the time as a regular USB port. Features like Sync and a rear back-up camera will come standard. For a more in-depth look at the car, take a look at the full press release.

Ford Edge Concept previews new look, can park itself remotely

It turns out the image we saw back in February did, in fact, reveal the next-generation Ford Edge - at least in concept form. We still have to wait to see what the design will look like in production guise, but until then, Ford is giving us a good idea thanks to the Edge Concept being introduced at the LA Auto Show.
The new styling is an evolution of the current crossover's face with narrow headlights and a prominently slatted grille, while the rest of the design adds a more dynamic appearance with interesting body creases and horizontal taillights. We haven't gotten a look inside the Edge Concept just yet, but Ford is promising a suite of advanced driver-assist technologies including a new self-park system that allows activation from inside or outside the vehicle along with obstacle avoidance and an adaptive electric power steering system.
Ford will continue to offer an EcoBoost engine option in the upcoming Edge, and it will get active grille shutters to help maximize fuel efficiency. No word yet on when we'll be seeing the next-gen Edge in production form, but as we reported recently, it will become a global model in markets including Europe, China and South America. Ford's press release is posted below, but we'll have more information and images up later today.