All articles by MF Editorial
MF Editorial
VW – Porsche merger: ‘No decision’ yet about finance arms
The proposed merger between Volkswagen and Porsche will not have any immediate effects on the UK operations of the carmakers respective finance arms, a spokesman for Volkswagen confirmed.
Rapid decline, slow recovery
New research by Trend Tracker finds that things may be looking up for PoS finance.
Scrappage scheme will have ‘no impact’ on sub-prime customers
The government’s plan to offer a £2,000 discount on a new car or light van for anyone scrapping a vehicle over 10 years old will have very little impact on sub-prime customers, said ACF Car Finance Ltd.
Cattles: FSA to investigate?
The Financial Services Authority (FSA) has reportedly opened a file on Cattles, the sub-prime lender, after a £700 million black hole in its loan provisioning was uncovered earlier this month. The shortfall in funding is the latest bad news from the subprime lender, parent company of Welcome Financial Services, which offers hire purchase among other financial products Cattles is preparing to restate its annual results for 2007, while the new sum required takes the total needed to cover loan impairments over the last two years to £1.1 billion
CAP reports RVs ‘stabilising’
One of the main drivers for stronger used values this year has been a shortage of used car stock, caused by a combination of few part-exchanges due to the slump in new car sales, lower production leading to fewer late plate cars and the extension of some leasing contracts keeping fleet cars out of the market,” the data company observed.
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Autoquake raises £4 million from VC backers
Internet car auction site Autoquake.com has raised £4 million from its venture capitalist backers in order to fund expansion, it announced. Autoquake has seen its sales rise by 100 percent in the past six months, and remarkets vehicles on behalf of 11 of the 20 largest UK fleet lessors
Burlington Credit joins FLA
Asset repossession company Burlington Credit has joined the Finance & Leasing Association (FLA) as an associate member. We are confident that we can help to shape industry best-practice by providing a previously unrepresented perspective from a reputable asset recovery provider, Burlington said
Driver choice to become more restricted?
Ross Jackson, managing director of consultancy Fleet Operations, has predicted that huge increases in contract hire costs could trigger a seismic shift in company car choice lists, with employees finding that they have far less choice of make and model.
Welcome Car Finance to be wound up
In a decision to further conserve cash and improve liquidity, the troubled sub-prime lender Cattles Plc has announced its proposal to close its car retail and finance arm, Welcome Car Finance (WCF).Around 130 staff will lose their jobs as a result of the decision, Cattles said, with the cost of closing WCF estimated at £5 million…(read more)
Ignition Credit starts up
Independent finance house Sterling Capital has launched a new website and motor finance brand, Ignition Credit.