All articles by Verdict Staff
Verdict Staff
Tracker brings down delinquencies
A controversial but effective scheme has brought down delinquency rates dramatically in the US deep subprime market, causing British motor finance providers to wonder whether the technique could work on this side of the Atlantic.
The waiting game
With carmakers still feeling the pinch from the financial crisis, consumers are having to wait longer than ever for new vehicles Sheena Rossitter discovers how the motor finance industry is stepping up to the challenge of keeping finance revenue flowing despite the waiting lists. UK car production was down 35% between 2007 and 2009, and imports down by 16% during the same time period, according to The Society of Motor Manufacturers and Traders (SMMT) figures.
Casebook: Greg Standing
Technical defect not fatal to default notice. A minor technical defect in a default notice will not necessarily assist a debtor in invalidating the notice if it can be shown that the debtor has suffered no prejudice as a result of the non-compliance. In American Express Services Europe PE Limited vs Brandon, Brandon failed to make payments on his credit card. Amex served a default notice under section 87(1) of the Consumer Credit Act 1974 (CCA). Such a notice has to be served before a creditor can:
Tony Worthy: Motor month
UK new car registrations fell by 22.2% in October to 131,495 units, but were on a par with the same month last year excluding scrappage, which represented 21.9% of the market at 37,000 units
Graham Hill: The Arranger
Over the past couple of years, one of the biggest stories in the business has been the wholesale loss of subprime lenders sad, but somewhat more understandable than the loss of leasing companies willing to lend to consumers. As the economy spiralled downwards, prime lenders found it hard enough to collect their debts, so it was hardly surprising subprime lenders found it virtually impossible to collect money from even more vulnerable businesses and consumers.
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Comment: Richard Hoggart
Over the past 20 years of being a broker in point of sale motor finance, the one constant has been competition with our peers. It seems that it is the only thing that gets more intense year on year.
Tony Worthy: Motor month
More than 20,000 more cars rolled out of British factories in August than in the same month of 2009, the latest figures show As further evidence of the rebound in the manufacturing sector, monthly figures from the Society of Motor Manufacturers and Traders (SMMT) showed car output up by37.3% to a total of 77,900 vehicles last month.
Casebook: Greg Standing
The latest one relates to a punt by a debtor to obtain evidence from his lender to ascertain whether he might be able to argue that his credit agreement was unenforceable.
New car registrations down 8.9%
New car registrations fell 8.9% in September to 335,246 units against a scrappage scheme-fuelled 2009, according to figures released by the Society of Motor Manufacturers and Traders (SMMT).
Magnet sticks with Leasedrive Velo
Kitchen retailer Magnet has renewed its 650-vehicle contract hire deal with Leasedrive Velo for a further four years, covering company cars and vans. Roddy Graham, commercial director at the Leasedrive Velo Group said: “We are delighted that Magnet has renewed its agreement with us for a further four years, a sure testament to the confidence it has in our customer service delivery