Finance Hub

Consumer used car finance business by value is forecast to fall by 12% in 2023 to £21bn. That’s the latest forecast from the Finance & Leasing Association (FLA) which said that household expenditure is likely to remain relatively weak in the first half as pressures on household incomes from high inflation, and higher interest rates and taxes continue It said ...

The UK’s cost-of-living crisis is pushing more car buyers into the used market. Research by V12 Vehicle Finance, part of Secure Trust Bank, shows that just 75% of those currently driving a new car intend to buy new again next time, with 17% expecting to buy a pre-registered vehicle and 8% planning to buy used. The survey of 1,000 consumers ...

Trust, ease of access and quick approval are the key factors driving motor finance at the point of sale. That’s the finding of a new report from the Finance Leasing Association “The Future of Credit, Finding Out What Consumers Want” which said that dealers in many cases drive the finance sale because consumers are not familiar with the finance supplier. ...

A legal expert has warned car finance houses to double check their consumer borrowing affordability assessments to ensure they are “robust and appropriate”. Partner and Head of Financial Services at national law firm Freeths, Adam Edwards said the FCA censure of Amigo Loans was a wake-up call for lenders. Sub-prime lender Amigo Loans was censured by the FCA for failing ...

Compiling accurate and timely management information (MI) will be crucial for dealers and lenders in meeting the FCA’s new Consumer Duty responsibilities. That’s the view of iVendi which said that proving customer needs were being put first could only be achieved by having systems and processes in place. Rob Severs, Senior VP Product and Insight at the motor retail technology ...

Drive Motor Retail has appointed a new group finance and sales compliance manager. Chris Blake has moved from his previous group training role within the business and will oversee the enhancement of Drive’s sales processes, including an expansion to the finance options available amid high customer demand. Blake has 25 years’ experience in motor retail and joined Drive in 2015 ...

Consumer car finance new business volumes fell in November 2022 by 6% compared with the same month in 2021. New figures released by the Finance & Leasing Association (FLA) show that the corresponding value of new business decreased by 5% over the same period. In the eleven months to November 2022, new business volumes were 3% higher than in the ...

Paragon Bank’s Motor Finance division has bolstered its sales team with the appointment of a senior regional sales manager and two regional sales managers. Lending in the motor finance division in the year to September 2022 grew 65.9% to £166.2m. Paragon launched its first products for financing battery-powered electric vehicles BEVs with £6m of new loans made. The offering was ...

In late October, a group of dealers and finance professionals gathered at the Grosvenor House Hotel London for a Motor Trader roundtable in association with Oodle Car Finance. Representing dealers were David Johnson, group F&I director at Perrys, and David Wilson, managing director, Henson Group. From finance, Dan Horner, commercial director, Octane Finance, Farhad Tailor, managing director V12 Vehicle Finance, ...

The Financial Conduct Authority (FCA) said today it expects finance houses to learn the lessons from good and poor practice during the coronavirus (Covid-19) pandemic to help borrowers during the cost-of-living squeeze. In a report published today aimed at a wide variety of finance sources, including motor finance, the FCA found examples of firms delivering good outcomes for customers – ...