All articles by MF Editorial
MF Editorial
Contract for Ford repairs awarded
Contract-hire leasing company Masterlease has reached an agreement with Ford Authorised Repairers for the service and repair of its Ford vehicles
Used car buyers bypassing dealers – survey
A growing number of buyers of used cars are choosing to ‘go private’ and bypass second-hand car dealers altogether – which could negatively impact volumes of used car finance. The shift to private buyers is more bad news for dealers, already hit by a toxic cocktail of falling consumer confidence, plummeting car sales, rising stocking costs, greater difficulty in providing finance for car buyers and a downward trend in residual values.
HBOS and Lloyds: The motor finance fallout
Financial news of the most dramatic possible kind has the headlines: HBOS is to be taken over by Lloyds TSB in a deal worth – at current share prices – £12.2bn
Park Motor Finance ceases car loan origination
Park Motor Finance is closed to new business as of August 26, and Dr Roger Gewolb, former CEO of Park, has left the company, it was announced The decision to stop lending was taken in light of the continued poor conditions in the credit markets and uncertain economic times, said Maureen Coen, head of European conduit finance at Credit Suisse, which provided backing for the non-prime motor finance specialist. Brokers which included Park Motor Finance on their funding panel have been told that Park will no longer take on new motor finance contracts.
Brokers warned to beware lenders’ upfront fees
The NACFB has warned finance brokers to be on the lookout for lenders charging large upfront fees – and to steer clear of funders which use this tactic Chief executive of the NACFB, Adam Tyler, said that he had received an increasing number of calls regarding upfront fees
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ING Car Lease to acquire Universal Lease Iberia
ING Car Lease to acquire Universal Lease Iberia ING Car Lease is buying Universal Lease Iberia in a move that will double its Spanish fleet to over 30,000 vehicles.
MG appoints dealer stock finance partner
MG appoints dealer stock finance partner GE Capital Solutions, Commercial Distribution Finance has been chosen by Nanjing Automotive Corporation (NAC MG) to provide dealer stock finance options for the return of the MG brand
A revolution at the point of sale?
The prospect of a Black HorseBank of Scotland Dealer Finance merger would radically alter the shape of the UK point of sale finance market Of all the major UK banks which could have combined their operations, it seems somehow inevitable that the two which are, circumstances permitting, to merge are the two with the largest presence in the consumer point-of-sale motor finance market Black Horse Motor Finance and Bank of Scotland Dealer Finance (BoSDF) have remained in the market while other banks have withdrawn, despite toughening conditions, eroding margins and a perception among banking theorists that running a motor finance arm is perhaps not a core business area
PPI: Competition Commission slams point of sale advantage and single-premium policies
The Competition Commissions just-published provisional findings on the payment protection insurance (PPI) market have provoked outcry from the finance industry
Writedowns at luxury carmaker’s captive arm
Porsche reported that its financial services businesses put aside 200m (£186m) to cover amortisation, depreciation and write-downs on leased assets in its latest set of full-year results, up from 182.9m (£169.8m) in the previous reporting period