A new player has entered the non-prime
point-of-sale motor finance market. Moneyway is already
operational, and started lending to dealers on February 3 – 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.
point-of-sale motor finance market. Moneyway is already
operational, and started lending to dealers on February 3 – 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.
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.
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 £4m-5m” per month by the end of
this year, and “around £10m” per month by the end of 2010, Jennison
said.
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