All articles by MF Editorial
MF Editorial
First UK securitisation issuance for Volkswagen
Volkswagen is to issue its first UK securitisation, in the form of asset-backed floating rate notes to the value of £460m. Driver UK One Ltd, a limited liability company based in Jersey, will issue the notes, along with £40m-worth of unrated notes.
Darling’s ‘green’ Budget disappoints
Fuel duty increase postponed until October 2008 There is to be a radical re-structuring of vehicle excise duty from 2009. Bands to be increased from seven to 13, based on carbon emissions The standard rate to decrease for cars emitting 150g of CO2km or less, and will be increased to £425 for the most polluting cars Cars emitting below 130gkm will be charged the zero rate during the first year, while the most polluting cars will pay a first year sales tax of £950 From 2009 there will be a new regime for business cars – with cars emitting above 160gkm given 10 per cent writing down allowance, and 20 per cent for those emitting below 160gkm. Leased cars for the disabled will get 20 per cent regardless of their emissions No amendments to Approved Mileage Allowance Payments (AMAPs)
Straight from the horses’ mouths
Straight from the horses mouths Motor Finance asked a number of vehicle finance brokers for their views on the current market; this is what they said The brokerages we surveyed ranged in size from three employees to over 130; the majority placed business both for fleet and individual customers Of those that worked in areas other than vehicle finance, equipment finance was the most popular (25 per cent), although commercial mortgages, investments, pensions, marine and aviation finance were all mentioned as other avenues explored.
Hunter being hunted?
Stock-watchers have noticed that the same buyer moves in to buy shares in the beleaguered car retail group, which issued two profit warnings in recent months, whenever the shares fall A potential bidder could be attracted by Pendragons property portfolio, although following a £400m sale-and-leaseback of its land assets last year, it is unclear how much value any corporate predator could extract from Pendragons remaining land book
Pendragon results 2007: Revenues flat, profits fall
Pendragon results 2007: Revenues flat, profits fall In its full-year results for 2007, motor retailer Pendragon announced its revenues had stayed flat year on year – but that profits were cut in half
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Achieving the green dream
Achieving the green dream The 2002 company car tax rules created a step change in people’s thinking as some drivers were hit very hard Following the 2002 changes to the way that company cars were taxed, instead of rushing into small, low-emission or alternative-fuel cars people looked for ways around the system
Anti-vehicle fraud unit recovers cars worth £1.5m
Anti-vehicle fraud unit recovers cars worth £1.5m The Association of Chief Police Officers Vehicle Crime Intelligence Service (AVCIS) has announced the recovery of fraudulently-obtained vehicles worth over £1.5m since the establishment of the unit in September 2007
Builder switches ECO provider
Builder switches ECO provider Morgan Ashurst, a construction company, has changed to Provecta Car Plan for provision of its employee car ownership (ECO) scheme, after becoming dissatisfied with the provider of its previous car ownership scheme.
New car sales rise in 2007
New car sales rise in 2007 The Society of Motor Manufacturers and Traders (SMMT) reported that overall new car sales in the UK in 2007 rose to 2.4m, up 2.5 per cent year on year
FLA acts on two fronts
FLA acts on two fronts The threat of increased VAT impositions on HP and conditional sale contracts (including PCP deals) has been causing concern to the credit industry on two levels. The most immediate concern involves moves by HM Revenue & Customs (HMRC) to prevent finance companies from recovering VAT paid on overhead costs attributable to these deals