tool to help its dealer partners sell motor finance alongside cars:
the “Time Out” loan.
Designed to give customers a month off making payments every
year, Carlyle said it expected the Time Out initiative to help
dealers during what is a difficult time for motor retailers.
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Under the terms of Time Out, an agreement which would originally
have run for 24 months will instead run for 26 (i.e. 24 + 2), and a
36-month agreement for 39 (36 + 3). The customer therefore pays the
same amount, but over a longer period.
Mark Standish, CEO of Carlyle said: “Time Out is a finance
product that allows customers to take an annual payment break, an
opportunity to pay for those peaks in the cost of running a car,
such as the road licence fee.
“It is also a wonderful tool that dealers can use in their
marketing to stand out from the wider financial services crowd and
offer consumers something new – and something that meets the needs
of consumers to ease their financial burdens.”
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