A new player has entered the non-prime
point-of-sale motor finance market.
Moneyway is already operational, and
started lending to dealers on 3 February – even though the decision
to set up a motor finance company focusing on non-prime and
near-prime customers was only made in November, said CEO Gary
Jennison.
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The new venture is part of Secure Trust
Bank plc, part of the Arbuthnot group, and is the group’s first
venture into motor finance. Arbuthnot had looked at buying defunct
non-prime lender Blue Motor Finance from backer Merrill Lynch at
the end of 2008, but the negotiations ultimately came to
nothing.
However, Chris Jones, former risk director at Blue,
has taken on a similar role at the newly-launched finance
provider.
Moneyway aims to lend “between £4 to £5 million”
per month by the end of this year, and “around £10 million” per
month by the end of 2010, Jennison said.
See Going against the flow for more on
Moneyway
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