The high bar set by banks and major lenders on credit worthiness in the new car finance sector is filtering down to loans for used cars, said Richard Cox, head of motor operations at The Funding Corporation (TFC).
New MoT rules now in force could trigger a rise in loan applications from credit impaired borrowers, a major non-prime motor finance company has predicted.
Pentagon Motor Group will be offering customers the ability to check whether they will be approved for finance on its stock after signing up to iVendi’s Car Finance Checker.
The directors of vehicle preparation firm Autoclenz have acquired the business in a ‘multi-million pound’ management buyout.
Another substantial increase in showroom finance for new retail cars has prompted the Finance & Leasing Association to welcome consumer credit regulatory reform, but with reservations.
The Department for Transport (DfT) is to present a green paper looking at a range of options for improving the safety of newly-qualified drivers.
The Government has set an April 2014 deadline for introducing a new set of rules for consumer credit.
The Office of Fair Trading (OFT) is looking at HPI’s takeover of Carweb and appears to have put a block on the deal until it has concluded its research.
Independent motor auction group SMA Vehicle Remarketing has launched a new stock funding option for used car dealers.
Many dealer groups have plans to ramp up showroom sales now they are taking a record 70.8% of the total
MotoNovo Finance has set ambitious ‘stretch’ targets for its development team ahead of 13-plate March, increasing showroom loan training and support for dealers.
Dealers linked to service plan provider Emac will offer a ‘lucky 13’ initiative throughout March – an extra free month when new and used car owners bought a two- or three-year contract.
The March market gives dealers the chance to prosper with used car finance alongside loans for 13-plate first registrations, said Karl Werner, MotoNovo Finance head of sales and marketing.
Next month’s arrival of the 13-plate will offer the chance of a surge in showroom loans, and one lender plans targeted campaigns and incentives at a local level.
Dealers last year missed out on providing loans, as well as selling cars, because their websites did not work properly for the range of devices used by people making searches.
Many dealer groups have plans to ramp up showroom sales now they are taking a record 70.8% of the total.
MotorNovo Finance has launched a new tool which will allow customers to finalise their finance faster and for dealers to ensure funds are transferred much quicker.
Benfield Motor Group and chartered accountants and tax advisers, UNW, have teamed up to launch a car benefit scheme for North East employers and businesses throughout the UK.
A midlands-based dealership owner has been jailed after he stole from his finance supplier in a bid to keep his business afloat.
New figures released today by the Finance & Leasing Association (FLA) show a 36% increase in the value of consumer new car finance provided through dealerships in 2012.
The RAC is to much more strictly control dealer use of its brand in the used car sector with a new set of rules.
Experian has launched a new finance monitoring tool for dealers using AutoCheck which creates real-time alerts generated on vehicles they have checked that still have outstanding finance on them.
Business managers are a key weapon in the drive for more F&I business
The finance sector provided loans worth more than £9 billion to help retail buyers acquire more than 650,000 new cars in the 12 months to November, a 34%/£2bn-plus year-on-year increase.
