Finance Hub

iVendi has repackaged its online tools to address the challenges presented by the new Consumer Duty rules. Its Consumer Duty Lite, Classic and Ultimate packages gather together new and existing online tools to help dealers with the new rules. Consumer Duty Lite includes a finance calculator, online finance eligibility checking, multi-lender quoting and submission, FCA and commission disclosure status, lender-specific ...

A focus on electric vehicles helped Paragon Bank’s Motor Finance first half business increase underlying profits by 22.2% to £128.9m on lending up 13.9% to £86.2m. The growth in lending outstripped broader industry performance, with FLA numbers showing a 3% decline in car finance. Paragon’s Motor Finance division has focused on building its lending in the electric vehicle market, as ...

iVendi has published a free guide for dealers on how technology can be used to help drive Consumer Duty compliance. The White Paper, called “Navigating Consumer Duty Regulations in the Automotive Sector”, includes a step-by-step examination of the responsibilities that the new regulations create, explanations of what dealers and lenders need to do to show that they are being met, ...

Consumer car finance new business volumes fell in March 2023 by 8% compared with the same month in 2022. New figures released by the Finance & Leasing Association (FLA) show that the corresponding value of new business fell by 7% over the same period.  In Q1 2023, new business fell 6% by value and 5% by volume, compared with Q1 ...

Evolution Funding is running a free webinar for dealers and the motor industry. The hour-long session from 2.00pm on Thursday 18th May will explore what the FCA wants to achieve with consumer duty and how fulfilling the requirements can create opportunities for dealers. The webinar ‘Consumer Duty for Dealers: Burden or Blessing?’ will be hosted by Evolution’s sales director Keith ...

The Financial Conduct Authority (FCA) is planning to make greater use of whistleblowers to uncover bad practice in finance sales. Whistleblowing provides the FCA with insights from inside the firms and markets it regulates. It said using  whistleblowers helped it identify and correct problems including consumers being mis-sold loans, unauthorised firms taking on customers, and failings in firms’ own internal ...

This month’s Financial Conduct Authority  deadline signals the start of a three-month “pressure cooker” period for dealers as they move to comply with Consumer Duty, says iVendi. James Tew, CEO at the motor retail technology market leader, said April 30 was the deadline date when providers of finance products would issue reviews of their existing products, giving dealers just a ...

Group 1 Automotive has renewed a multi-year agreement with payment platform Bumper. The dealer group will continue to use Bumper’s Buy Now, Pay Later product for splitting the cost of car repairs and servicing into affordable, interest-free payments. Spanning all 93 dealer sites, this renewed agreement is for 13 franchises which include BMW, Ford, Kia, Skoda and Mercedes-Benz and secures ...

The value  cars sold on finance to consumers is set to fall 6% in 2023 according to the Finance & Leasing Association (FLA). Geraldine Kilkelly, director of research and chief economist at the FLA, said: “While the economic outlook has improved, challenges remain for households and businesses as they deal with the impact of higher prices, taxes, and interest rates.  ...

Peter Vardy Group has launched CarMoney in Perth, Western Australia. CarMoney is a software based UK motor finance broker business that simplifies the car financing process for buyers. It claims to have has overseen the funding of nearly 20,000 vehicles and secured £1.2bn. The company works with around 700 car dealerships and established car sales platforms, including Auto Trader, Motors.co.uk, ...