Tag Archives: finance

  Dealers should be ready for 2024’s used car finance market to become increasingly competitive, we’re predicting at iVendi. A range of emerging factors mean that larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact. Our view is the even if we ...

Financial Ombudsman Service sees more motor finance complaints from third parties The Financial Ombudsman Service has revealed that the majority of complaints on motor finance commission brought over the past year were brought by third parties on behalf of customers. These would typically be claims management companies and law firms. According to FOS figures complaints on motor finance in Q4 ...

iVendi has revamped the processes used in its technology platform to take account of the new Consumer Duty rules. Its “Connected Retailing” platform – used by dealers to sell motor finance both online and in the showroom now meets FCA aims of ensuring customers are provided with products that meet their needs and offer fair value. A Consumer Duty process ...

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. ...

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 ...

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 ...

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, ...