Motor Finance

Continued growth in consumer car finance sector

New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 5% by volume in August, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached…

Consumer Finance continues to grow

New figures released today by the Finance & Leasing Association (FLA) show growth of 16% in consumer finance new business in August, compared with the same month last year. Credit card and personal loan new business together grew by 17% compared with August 2015, while retail store and online credit new business increased by 6%…

Ratesetter passes £100million lending figure for car loans

Peer-to-peer lender Ratesetter has now delivered more than £100million in car financing. Nick Elkan,from RateSetter Motor Finance said “These are exciting times and £100million is a fantastic milestone for us to reach.  It proves that we are providing finance that car buyers need, competitively and efficiently.  Obtaining finance via a peer-to-peer lender is no longer niche, but…

Consumer car finance grows in July

The Finance & Leasing Association (FLA) has released new figures that show that the point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached 85.3% in the…

AA to offer mortgages

https://www.theguardian.com/money/2016/aug/23/aa-mortgages-fixed-rate-breakdown-cover

Close Brothers Motor Finance makes two news appointments

Close Brothers Motor Finance has expanded its Motorcycle Division with the appointments of Lee Collins and Paul Crossley as Motorcycle Account Specialists    

Car sales slow after Brexit

Car sales slowed last month following Britain’s decision to leave the European Union. New car registrations went up by 0.1% to 178,523 in July, according to the Society of Motor Manufacturers & Traders. Full statistics from the report can be found here.

FCA outlines plan to boost authorisation procedure

The Financial Conduct Authority (FCA) has outlined plans to improve the authorisation process for consumer credit firms. Figures shared by the FCA indicate they have closed 87% of applications with 99.6% within the statutory deadline. The FCA have issued the following commitments to firms applying for authorisation: The FCA will tell you as soon as your application…

Santander to launch leasing product for consumers and businesses

Santander Consumer Finance UK (SCF) product to be sold through brokers and dealerships

Financial Conduct Authority (FCA) admits it now takes half a year to get authorised

Average processing times for authorising have been increasing over the past year and (as of the end of March) sat at nearly 25 weeks.

FCA approved companies announced so far

Here is a list of credit industry companies approved by the Financial Conduct Authority (FCA) announced so far: Agilsys Burlington London House Wrights Recoveries Myjar Debt Managers Allied Credit Management Akinka CCS collect Spratt Endicott CRS Luna Finance Cash on Go/Peachy.co.uk BW legal Trusted Quid Ferrantum Drydens Fairfax Hilton Baird Uncle Buck Cabot Credit Management Face…

Marston acquire Burlington Group