Consumer car finance fell by 2% in June

11th August 2023 Consumer Lending |

Latest figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in June 2023 by 2% compared with the same month in 2022. The corresponding value of new business grew by 2% over the same period.  In the first half of 2023, new business fell 5% by…

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One in five motorists no longer ‘brimming’ their tank

8th August 2023 Consumer Lending | #motor finance

Almost one in five motorists (18%) are no longer “brimming” their tank when they fill up with petrol or diesel thanks to rising mortgage and rent costs according to research by Startline. The impact of high housing expenditure on personal finances also means 12% have stopped using their car altogether while 10% want to swap…

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Consumer credit hits five-year high

Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…

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MotoNovo Finance announces three leadership team appointments

26th July 2023 Appointments | #appointments

MotoNovo Finance (MNF) has announced the expansion of its senior leadership team with three senior external appointments. Leanne Christmas who has been appointed as Conduct and Business Risk Director Motor, joins the business from BMW Financial Services and Alphabet, where she has spent seven years as Chief Compliance Officer, and more recently, she was responsible…

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Young people becoming increasingly reliant on credit

19th July 2023 Consumer Lending | #credit#loans

The cost of living is causing more young people to become dependent on the use of credit to manage their finances according to new research Moneyhub Decisioning. The research has found that in the last six months, a quarter (24%) of people under the age of 35 have applied for an overdraft, of which 21%…

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Consumer car finance volumes fall by 10%

13th July 2023 Consumer Lending | #car finance

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2023 by 10% compared with the same month in 2022. The corresponding value of new business also fell by 10% over the same period.  In the five months to May 2023, new business fell…

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Consumer finance fell by 5% in May

New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance’s new business fell in May 2023 by 5% compared with the same month in 2022. In the five months to May 2023, new business was 4% lower than in in the same period in 2022. The retail store and online…

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Over 50s have spent £4.4bn on cars for their children

Over 50s in the UK have spent more than £4.4 billion on cars for their kids and grandkids over the past five years, according to the latest research from over 50s experts SunLife. SunLife’s new Life Well Spent report has revealed that 25% of over 50s – rising to 29% of retired over 50s – have given significant…

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Consumer car finance falls by 15%

15th June 2023 Consumer Lending |

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2023 by 15% compared with the same month in 2022. The corresponding value of new business fell by 16% over the same period.  In the first four months of 2023, new business fell 8%…

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Borrowing predicted to grow to 5% of household income by year end

12th June 2023 Consumer Lending | #borrowing

New research by Oxford Economics has forecasted that interest payments on mortgages, credit cards, car loans and other borrowing will grow to 5% of household income by the end of this year. The increase is up from 1.5% at the end of 2021, and the highest proportion since the end of 2008. The rise is…

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Average quoted household rates on credit cards hit 22.76%

Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has shown that credit card rates continue to increase to multi-decade highs despite other forms of consumer credit beginning to cool. The data shows thatthe cost of consumer credit shows that average rates on credit cards have reached…

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Consumer car finance new business fell by 8% in March

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in March 2023 by 8% compared with the same month in 2022. The corresponding value of new business fell by 7% over the same period.  In Q1 2023, new business fell 6% by value and 5%…

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FOS highlights car finance concern

Consumers have been warned over the plague of claims management firms targeting people who may have been mis-sold a car finance deal annual data from the Financial Ombudsman Service (FOS) has revealed. FOS analysis of shows there were 11,452 complaints about motor finance deals between in the twelve months to March 31, up from 6,128…

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