Finance Hub

Mann Island Finance live lending book hits £1bn. Mann Island Finance’s managing director, John Hughes, said: “Achieving a live book of £1Bn of motor finance lending is a fantastic milestone for us to have achieved as the first new lender to enter the UK market in many years. The success is a combination of great people, fantastic business relationships and ...

Voluntary terminations (VTs), voluntary surrenders and repossessions rose in May 2023 to the highest level for nearly two years according to the Motor Auction Group (MAG). MAG said it was gearing up for this figure to rise dramatically over the next 12 months as interest rates and the rising cost of living continues to negatively impact car owners’ disposable income. ...

Motor finance firms are ‘cautiously optimistic’ about seeing an increase in business in the coming 12 months. That’s the conclusion of the Finance & Leasing Association (FLA) from its Industry Outlook Survey. Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The industry remains cautiously optimistic about the prospects for future growth, with three-quarters of motor finance ...

The majority of dealers are aware of the upcoming new Consumer Duty changes being launched by the Financial Conduct Authority (FCA). A total of 91% said they were aware, This is an increase of 28 per centage points compared to the previous quarter. The data from Close Brothers Motor Finance comes ahead of the 31 July 2023 deadline to implement ...

A leading debt advisor is reporting a ‘marked rise’ in the number of people seeking advice on motor finance debt. The StepChange Debt Charity, which has been in existence for 30 years, said that between January 2020 and March 2023, the proportion of clients accessing debt advice who have a car finance debt has risen by 14.8%. In the same ...

Self-serve motor finance is proving the most effective route to Consumer Duty compliance, iVendi has reported. Rob Severs, senior VP ftproducts and insight at iVendi, said: “When the FCA first unveiled Consumer Duty, we looked at ways to achieve compliance using our technology. It quickly became clear that having a self-serve journey for customers would probably be the most suitable ...

Motor finance deposits and monthly payments have stayed “remarkably consistent” over the last 12 months. That’s the view of iVendi which identified the trend despite ongoing Bank of England interest increases prompting higher rates for used car buyers. New figures from iVendi show that a year ago, the average deposit for a used car was £2,859 while the monthly payment ...

Volkswagen Financial Services UK has appointed Stephen Jay as retail sales director to support the network with retail sales operations. He brings 30 years of automotive industry experience having previously held senior leadership roles with SKODA), VWFS UK, Land Rover and Nissan. Jay said: “I’m excited to take on this role, particularly during a time of such transformational change. I’m ...

Consumer used car finance new business by value is forecast to fall by 7.7% in 2023 to £21.9bn, according to the latest forecast from the Finance & Leasing Association (FLA). The forecast accompanies sales performance for April which saw used car finance fall by 17% by alue and 14% by volume in April. The value of new business provided to ...

The consumer new car finance market reported a fall in new business of 15% by value in April. New business volumes fell by 18%.  In the first four months of 2023, new business volumes in this market were 9% lower than in the same period in 2022. The consumer used car finance market reported a fall in new business of ...