Half of consumers (52%) who bought a car using PCP are expected to refinance them, rather than trade in for a new car at the end of the contract, according to research by NTT Data UK&I.
Insurance firms have been warned not to undervalue cars when settling insurance claims and are being “watched closely” by the Financial Conduct Authority (FCA).
Consumer demand for motor finance remains strong despite surging interest rates, with engagement up 46% on pre-pandemic levels according to Auto Trader.
Zuto has increased its market share by 7% in the last year, outperforming the used car market which grew by 6% in the same period.
The automotive retail sector’s supply issues and buoyant used car residual values have been described as a “happy accident” preventing the motor finance sector from “blowing up”.
Single point dealer processes that track motor finance activity could prove essential to meeting the Financial Conduct Authority's (FCA) Consumer Duty principle, says iVendi.
The Financial Conduct Authority (FCA) has said that the finance sector needs “a higher quality of credit information” to ensure that consumers get accurate lending advice.
Data analysis by Intelligent Motoring has revealed a 24% rise in the value of Guaranteed Asset Protection (GAP) insurance claims year-on-year (YoY).
Almost a third of British drivers (32%) are planning to hold on to their current vehicle for longer than planned due to the cost-of-living crisis.
Monthly payments on new car finance contracts have risen by more than 40% on some models since 2019, according to research by What Car?.
A selection of Q4 new car finance offers come under scrutiny for affordability and competitiveness.
The number of used car retailers who describe themselves as “pessimistic” about the sector’s current fortunes has almost quadrupled in the space of just a month.
A used car dealer who attacked a doorman with a machete during a night out has been banned from providing financial services by the FCA.
In the latest in a series of guest opinion posts for AM, Volkswagen Financial Services UK chief executive Mike Todd considers how putting green travel under the microscope at COP27 will affect UK car retail.
The Automotive 30% Club has welcomed Zuto chief executive James Wilkinson as the latest addition to its membership as it continues to drive towards a greater female representation in the automotive sector.
The National Franchised Dealers Association (NFDA) has warned that the Bank of England’s decision to raise the UK interest rate to 3% will make funding car purchases “harder for consumers”.
Pawnbrokers are the only lending provider deemed worse than motor finance at assessing customer vulnerability as UK households feel the impact of its cost-of-living crisis, an FCA report suggests.
Finance debt for new and used cars has risen to £40 billion per year, prompting concerns that consumers may default on agreements amid soaring living costs.
As the October 31 deadline for implementation plans for FCA Consumer Duty looms, compliance experts share their advice for UK motor retailers.
A new tax-efficient short subscription scheme for electric vehicles has been launched to target company employees.
