All articles by Richard Irvine-Brown
Richard Irvine-Brown
Mercedes-Benz finance doubles since 2009
Mercedes-Benz Financial Services (MBFS), also known as CharterWay, has doubled its vehicle financing in the UK since 2009, as fleet and business sales have grown. The number of units financed by MBFS in the UK in 2011 was up by 35% on 2010, while the volume of finance has doubled since 2009. Of all Mercedes-Benz cars sold in the UK in 2011, starting at the A-Class range, 49.5% were financed, as were 59.9% of smart cars, also run by Mercedes-Benz parent Daimler AG, a spokesperson for the company confirmed.
PPI claims under £5k recommended track change
A County Court ruling could lead the way to payment protection insurance (PPI) mis-selling claims of less than £5,000 being allocated to the small claims track. The move would mean that PPI claims regarding sums of under £5,000 could be heard in a day by District Judges and would limit the costs recoverable by the borrowers solicitors should they win.. The ruling in Mr Gordon Gillies v Black Horse Limited (2011), heard at Luton County Court by His Honour Judge Michael Kay QC in December 2011, did allow for PPI claims to still be allocated to the fast track if complex enough, though such cases are expected to be rare.
BVRLA updates CCA advice
The British Vehicle Rental and Leasing Association (BVRLA) has updated its online consumer credit legal advice in conjunction with law firm Blake Lapthorn. The BVRLA Weekly Update, which has been available online to its 500 member companies since December 2011, has been amended to reflect recent changes concerning the Consumer Credit Act (CCA). The guide supplies advice ranging from pre-contract and creditworthiness to cancellation and termination, for companies including brokers and intermediaries.
Fortune of the 500 could favour Fiat’s Panda
Car finance deals for the Fiat 500 outnumber those of all other Fiat models, according to the website of motor finance arranger Creditplus. Creditplus is, however, looking at Fiats second-most popular model, the Panda, making a revival, Shaun Armstrong, the companys managing director, told Motor Finance. The Fiat 500 has led the revival of the Fiat brand and has helped to raisethe interestinthe forthcoming Fiat Panda
Brands’ new UK dealerships
Car manufacturers Hyundai and Seat, both of which significantly increased new car registrations in a contracting market in 2011 have celebrated with the opening of 36 showrooms between them in the past year.
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UK dealership round-up
Snows Motor Group and Motorwell Ltd have reopened two of the seven Southgate Motor Group sites closed when the company entered administration in November Snows will reopen Southgates former Peugeot and Mitsubishi franchise in Romsey as a Peugeot dealership while Motorwell take charge of the Bridport showroom, which will continue to function as a Mitsubishi dealership
2012 forecast: the industry
Richard Brown and Georgina Lavers ask senior figures in the car finance industry for their hopes and expectations for the next 12 months in point of sale finance.
2011 review: new car sales beat forecast
Though sales dropped by 89,593 units, or 4.4%, compared to 2010, the contraction was not as drastic as the 100,000-plus units predicted at the end of 2010, thanks in part to increasing sales in fleet and non-petrol vehicles.
Fleet Friday: Arval, Zenith, Alphabet
Fleet Friday, 20 January 2012: Arval celebrate in France and the UK, Run Your Fleet praise rental alternatives, Alphabet call opportunistic insurance claims a “market failure” and Zenith have a new board director.
Consumer Credit Act is ‘good start’ – FLA
The Finance & Leasing Association (FLA) has called a proposal to transfer consumer credit regulation in the UK to the Financial Conduct Authority (FCA) the right starting point. However, themotor finance trade body warned the recommendations by the Financial Services Consumer Panel could stifle a significant amount of lending to small businesses. Although in favour of the Consumer Credit Act (CCA), Stephen Sklaroff, director general of the FLA, repeated previous concerns over the potential structure of the FCA, which would regulate it