All articles by Charles Wheeldon
Charles Wheeldon
Black Horse motor finance business safe from Lloyds axe
The personal finance division of Lloyds Banking Groups Black Horse subsidiary is to be wound down with immediate effect, after two years of cutbacks and PPI claims difficulties that have affected the entire personal finance market. As a result of the move, which follows the removal of the Black Horse personal finance branch network last year, the consumer lending giant headed by FLA chairman Chris Sutton will continue solely as a motor and leisure finance provider. The decision comes alongside another raft of redundancies announced by LBG, as the 41% Government-owned financial services provider continues the streamlining process started with its formation through a merger of Lloyds TSB and HBOS in early 2009.
Stateside auto news
Since 2008, the Fort Worth, Texas-based company has added nearly $20bn (£12.7bn) of loans to its $6bn portfolio, through the acquisition of Sovereign Bank, and from loans originated by CitiFinancial Auto, HSBC Auto Finance and Triad Financial. General Motors Financial Company is gearing up for 2011 expansion, as the General Motors captive ventures into leasing and the Canadian market.
Review of 2010, the top stories
The Society of Motor Manufacturers and Traders reports that UK new registrations in 2009 stood at 1,994,999 units the lowest since 1995, and 6.4% down on 2008.
November sees unexpected rise
Wholesale used car values hold up despite toughest retail period of the year. Manheim Remarketing reports that overall average wholesale used car values increased in November for the first time in three years The increase of 0.6% to £6,852 followed a rise of 1.1% in October.
FOS review: car finance complaints on the up
Consumers rights were highlighted last month in an article in the Daily Mail, which advised the public to quote the Supply of Goods (Implied Terms) Act 1973 to funders of faulty vehicles in order to secure release from HP agreements, and urged them to contact the Financial Ombudsman Service (FOS) in the event of being refused.
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Black Horse’s motor finance business safe from Lloyds’ axe
The personal finance division of Lloyds Banking Groups Black Horse subsidiary is to be wound down with immediate effect, after two years of cutbacks and PPI claims difficulties that have affected the entire personal finance market. As a result of the move, which follows the removal of the Black Horse personal finance branch network last year, the consumer lending giant headed by FLA chairman Chris Sutton will continue solely as a motor and leisure finance provider
Administrators report early interest in Leaseway Vehicle Rental
Leaseway Vehicle Rental, one of the UKs largest privately owned light commercial vehicle fleet hire businesses, went into administration today (1 December) prompting an immediate flurry of interest from other industry players. The company, which operates from Glasgow, Newcastle, Leeds, Manchester, Birmingham and London, was set up in 2003 and has grown steadily since It currently runs a fleet of around 13,000 vehicles, with 255 employees and a wide spectrum of customers from sole traders to large corporates
New tagging system on track
Start-up technology provider The Asset Works is close to launching a new vehicle tracking system, which will allow lessors to trace cars without dispatching individuals to conduct physical audits. The Horsham-based company has developed a tamper-proof electronic data tag, which can be attached to each individual vehicle and which cant be removed without being destroyed
New car finance stages September recovery
Car dealers enjoyed a good September, with Finance and Leasing Association (FLA) statistics showing increases innew and used car finance compared to September last year New car sales to consumers using dealer finance was up by 5 percent, following an almost 19 percent fall in September
Aston Martin selects retail finance partner
Aston Martin has selected Alphera Financial Services to provide and manage an exclusive range of personal funding options marketed under the Aston Martin Financial Services banner Alphera director Spencer Halil said: “Alpheras acknowledged strength in the market for personal finance on luxury cars made it a natural partner for Aston Martin.”