provider Advantage Finance grew by 7 per cent in the period from
August 1 to December 9 compared with the same period last year,
said its parent company, S & U plc.
Applications, meanwhile, grew by an impressive 29 per cent over
the same period in 2007.
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Early settlements fell by 19 per cent, as Advantage’s customers
showed a greater propensity to hang on to their vehicles, S & U
said.
“Collection and impairment levels continue to be stable as we
approach the key Christmas collection period, and over 70 per cent
of Advantage customers are up to date, in line with our
expectations.
“In order to maintain this level of collection performance in a
slowing economy, we continue to be more selective in our
underwriting, and have reduced our maximum term and loan size on
new deals,” it added.
