All articles by Charles Wheeldon
Charles Wheeldon
Australian firm buys Close Credit
Portfolio management business Close Credit Management (CCM) has been sold to Australian capital and asset management services company Bluestone Group for an undisclosed sum.
FLA Vehicle Recovery Scheme (in association with HPI Crushwatch)
HPI Crushwatch is an online service aimed at helping lenders reclaim vehicles with outstanding finance before they get crushed.
Family-run lender doubles monthly lending
The trend of robust growth among non-prime lenders has been further confirmed this month, with news that family-run finance house Billing Finance has doubled monthly lend totals in the past two years.
Encouraging figures as FLA continues AVCIS funding
Motor finance fraud cost lenders £3.2m in the second quarter of 2011, down 0.8% on the second quarter of 2010. There were 195 cases of motor fraud reported during the second quarter, and 835 in the past year, a fall of 12% on the previous 12 months. Working with the Association of Chief Police Officers Vehicle Crime Intelligence Service (AVCIS), FLA member companies detected more than 2,100 instances of motor fraud in the quarter, preventing £26.8m of fraudulent deals.
Todd to join Volkswagen Financial Services board
Volkswagen Financial Services head of sales Mike Todd is to be appointed as business development director at the company starting on 1 October The appointment follows the departure of the previous business development director, David Maloney, who has become managing director of Volkswagen Financial Services in Australia.
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Valve row sparks legal issue for dealers and lenders
Motor Finance legal commentator Greg Standing has highlighted concerns for dealers and lenders over fitness for purpose, following a recent Court of Appeal case which focused on the statutorily implied term about the fitness for purpose of goods The court held that BSS had, by implication, made it known to Makers that valves it also needed to buy for the same project needed to be compatible with the pipes.
Renault opens Irish arm of captive
Renault Finance this week launched a captive lending arm in Ireland based at Renault Irelands headquarters in Dublin, and headed up by managing director Alessandro Garzia Renault Finance the trading name of RCI Banque will provide car finance to Renault customers in Ireland and provide working capital for the countrys Renault dealers. Garzia said: RCIs launch in Ireland has come at a good time and will not only create 15 new jobs but will provide finance to customers at a time when motor finance is not easy to come by.
Vauxhall models dominate subprime applications
The most popular car chosen by Moneybarn customers over the year-to-date was the Vauxhall Astra, with the BMW 3 Series tied in second place with the Ford Focus, in a list that differs significantly from the wider market
David James at Carlyle united
David James has rejoined old colleagues on his appointment as chief financial officer at independent motor finance provider Carlyle Finance. James joins from Julian Hodge Bank, which he joined in 2001, becoming finance director in 2003 The bank was then owned by Carlyle Finance, which sold it in 2006 to WesBank.
Finance providers under threat from phony applications
Almost 30% of motor finance fraud in the past 12 months was committed using false finance applications, according to a Finance & Leasing Association (FLA) report published today