All articles by MF Editorial

Surprise rate cut welcomed by NFDA

Surprise rate cut welcomed by NFDA The surprise decision by the Bank of England’s Monetary Policy Committee on October 8 to cut interest rates by 50 basis points to 4.5 per cent was welcomed by the head of the body representing UK motor retailers.

Manufacturers opt for DealTrak123

Manufacturers opt for DealTrak123 Frontline Solutions has launched DealTrak123, a point-of-sale system that allows commercial vehicle and private car dealers to stream a finance proposal to the most appropriate lessor without the need to multi-proposing deals. Andy Shuter, Frontlines director told Motor Finance that a franchised automotive dealer typically directs some 55 per cent of proposals to the manufacturers captive finance company, 25 per cent to a second-tier prime lender and the remainder (20 per cent) to a broker.

“You can get finance – as long as you can prove you don’t need it”

BCTs decision to stop paying commission to intermediaries is the latest in a series of upheavals in sub-prime motor finance, Jo Tacon finds After the bombshell had been dropped, there was, apparently, a long silence, before one brave soul asked: Well, how are we expected to stay in business? The reply from BCT was that brokers could, perhaps, sell more add-on products (GAP and payment protection insurance, for example), or could ask dealers to pay them a commission, in return for arranging finance for a customer

Interest rate cut good news for motor industry

The decision to cut rates by 150 basis points – the largest reduction since the Bank of England gained the power to set interest rates in 1997 – is “positive news for consumers and business”, said the director of the RMIF’s National Franchised Dealers Association, Sue Robinson.

Retail meltdown: Arrears management

Peter de Rousset-Hall of Woburn Consulting warns that motor finance providers need to look closely at their arrears management process

Green vehicle rental company gains BVRLA accreditation

Motor Month

LeasePlan extends LCV agreement with Northgate Vehicle Hire

LeasePlan extends LCV agreement with Northgate Vehicle Hire LeasePlan UK and Northgate Vehicle Hire have signed a contract, under the terms of which Northgate will provide medium-term leasing of light commercial vehicles (LCVs) to LeasePlans customers, through its FlexiVan rental product.

One Stop Shop Finance wins supermarket supply deal

One Stop Shop Finance wins supermarket supply deal North-eastern vehicle and asset finance broker One Stop Shop Finance has agreed a deal with car supermarket Tyneside Autoparc to supply point-of-sale motor finance for all customers at the Autoparcs 25 individual used car dealerships.

FLA responds to interim Competition Commission report on PPI

FLA responds to interim Competition Commission report on PPI The head of the Finance & Leasing Association (FLA) has called for more standardisation of information when customers take out payment protection insurance (PPI) with finance agreements – but has argued that PPI still has an important role to play for consumers, despite recent controversy.