has withdrawn from UK auto lending, it announced.
A spokesperson for Paragon Car Finance, part of the Paragon
Group, said: “As part of a restructuring programme, Paragon Car
Finance is withdrawing from the car finance market.
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“This has been a very difficult decision for the group to make;
however, the ongoing lack of liquidity in financial markets, allied
with reduced activity in consumer finance spending, have been the
main drivers of this decision.”
The Solihull-based Paragon Group, which describes itself as “the
UK’s most prolific issuer in terms of the number of transactions
[of securitisations]”, launched Auto Finance Direct, which was
later rebranded to Paragon Car Finance, in 1996. It started selling
its products through motor dealers in 1997.
Motor Finance Issue: 42 – April 08
by Jo Tacon ,
Published for the web: May 1 08 15:18
Last Updated: May 1 08 16:15
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