All articles by Verdict Staff
Verdict Staff
Prestige market staying strong
Car finance providers are reporting increasing customer demand for high-value vehicle finance, with specialist broker Oracle Finance reporting an 11% increase in prestige vehicle deals in 2010 compared to 2009. Range Rovers alone were behind 18 per cent of the introducers deals last year, with Audi (14%), BMW (12%), Porsche (9%) and Aston Martin (9%) also prominent. Meanwhile, car finance comparison site FinanceAcar claims that more than half of its recent quote requests were for executive and luxury brands, with most customers seeking finance for BMW, Volkswagen, Land Rover and Audi models.
Tony Worthy: Motor month
A new survey by vehicle valuation company Glasss has revealed the number of people considering buying an electric or hybrid vehicle as their next purchase has risen from 9 percent to 53 percent since the same question was last asked in July 2010, showing a fivefold increase. Yet in the short term, dealerships face a “fraught” 2011, as the stuttering economy and subdued consumer confidence drag electric sales down by as much as 10 per cent on last year, Professor Garel Rhys of Cardiff University warns.
Casebook: Greg Standing
It confirms that an employer will be liable for the representations of its employees to third parties where the employee has the apparent authority of the employer, and where the third party believes and relies upon that representation to its detriment.
Dear diary
After a few very quiet years for the sale of bonds backed by asset finance paper, few would have expected Wales to become the crucible for a renaissance in securitisations. But the wheels appear to be turning in Cardiff, as hundreds ofms worth of loans processed by major car finance houses in the Welsh capital have been put forward as backing for loan notes to be sold this quarter, as reported this month.
BVRLA foresees new lenders
An influx of extra funding to the fleet world will be the contract hire sectors biggest issue in the year ahead, says the British Vehicle Rental and Leasing Association (BVRLA) in its predictions for 2011.
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Casebook: Greg Standing
The court has confirmed a business that provides finance to consumers, and enters into a bill of sale over a vehicle as security for that finance, is not a private purchaser under the Hire Purchase Act 1964 (HPA). It could not, therefore, obtain title to a vehicle in preference to the finance company that financed the acquisition of the car through a hire purchase agreement.
Dear diary
He was recently overheard complaining about the fact that the Consumer Credit Act applies to some finance, such as leasing and HP, while HPs sister product, Conditional Sale, along with personal loans and car loans, fall within the new EU Consumer Credit Directive.
On the move
Mike McCann has moved on after four years as national sales manager at Fortis Lease Group.At the beginning of January, McCann began working as a consultant for broker DSG financial services, with the aim of increasing its penetration among the top 100 motor dealer groups with which DSG doesnt have a business relationship.Prior to his role at Fortis, McCann worked for GEs motor finance division for 11 years, in various capacities, eventually becoming its Northern business development director. Mike McCann has moved on after four years as national sales manager at Fortis Lease Group.At the beginning of January, McCann began working as a consultant for broker DSG financial services, with the aim of increasing its penetration among the top 100 motor dealer groups with which DSG doesnt have a business relationship.Prior to his role at Fortis, McCann worked for GEs motor finance division for 11 years, in various capacities, eventually becoming its Northern business development director.
Tony worthy: Motor month
Car production rose by more than 11% to 125,458 in November, latest figures from the Society of Motor Manufacturers and Traders (SMMT) reveal, with production up 30% in annual terms. Total car sales grew by 1.8% in 2010 compared to the previous year, although a hoped-for pre-VAT surge in December failed to materialise
NACFB 2010 award winners announced
The National Association of Commercial Finance Brokers (NACFB) has named ING Lease (UK) as its Vehicle Finance Provider of the Year for the second year running, as voted for by its members.