All articles by Hannah Meltzer
Hannah Meltzer
VW launches three-year PCP range
Volkswagen Financial Services (VWFS), captive finance provider to Volkswagen in the UK, has introduced PCP deals on a range of its models.All 36-month PCP deals have fixed 7.9% representative APR with an annual mileage allowance of 10,000 At the end of the three-year term motorists can either hand back the keys, or opt for outright ownership with a purchase payment.The deal covers a range of models including the VW Up!, requiring a £2, 303.21 deposit with repayments starting at £79 per-month, and with an eventual £3,923 purchase payment The VW Polo is also covered by the deal with a £2, 185.35 deposit, and repayments starting from £145 a month.Other vehicles available include the Golf and Golf Plus, and the larger ticket Jetta and Scirocco which start at £219 per-month and £239 per-month respectively
RV list may push retail finance – Car Loan 4U
James Wilkinson, co-director of internet-based broker Car Loan 4U has said recent lists of the best and worst cars for holding value might prompt consumers to consider car finance. The lists, based on research by used vehicle valuation body CAP, and compiled by Auto Express, have revealed which cars hold their value best over time, and which depreciate the most rapidly.
0% incentives on Mazda MX-5 for September
Mazda UK is offering various incentives on their range of MX-5 sportscar models in a promotion that will run until the end of September, and potentially beyond. A number of offers including 0% VAT, 0% APR or 5.9% APR are available across the seven-strong range which includes soft-top models such as the MX-5 SE, and the best-selling Mazda6.
2,000th car showroom becomes SAF-approved
2,000 motor dealerships are now recognised as SAF-Approved under the Finance & Leasing Associations Specialist Automotive Finance programme.
FLA publishes new briefing for OFT guidance
The Finance and Leasing Association (FLA) has published a new briefing that aims to help lenders and their associates implement the Guidance for Credit Brokers and Intermediaries from the Office of Fair Trading (OFT). The briefing is aimed at finance providers who use intermediaries such as motor dealers, high street retailers and credit brokers, and is also designed to be useful to the intermediaries themselves. The guidance explained in the briefing is on issues such as transparency in credit advertising and disclosing the presence of commission.
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Regulation time demands up for finance bosses
Despite outperforming other sectors throughout the Olympic economic downturn, UK financial services CFOs and COOs are spending an average 18% of their time, representing almost one day every week, dealing with regulatory change, according to a survey by specialised recruitment consultancy Robert Half. According to the June 2012 survey, 59% of UK financial services executives said time spent on managing regulatory change is now more or significantly more than it was three years ago, before the recession. Furthermore, 38% of respondents said their teams were not very or not at all knowledgeable about changes in regulations; with the figure rising to 50% of respondents from medium-sized businesses, followed by 39% from small businesses
First-party fraud rises
First-party fraud was the most common type of motor finance fraud in the second quarter of 2012; now representing 37% of car finance frauds, up from 34% in Q2 2011, according to the Finance and Leasing Association.
Experian enhances AutoCheck
Global information company Experian has launched a new version ofAutocheck, its automotive provenance check tool, following consultation with dealer clients. New features include an enhanced search history, a new batch process to allow users to perform multiple checks quickly, improved usability and the capability of accessing the tool from any web-enabled device. The service is used by 68 of the UKs largest 100 dealer groups and 75% of the countrys automotive auction houses.
Bridford passes £3.5m finance on Evoque
The Range Rover Evoque is now the most popular vehicle for luxury car finance company, Bridford Financial Solutions. Since the launch of the Evoque in September, Bridford has funded an average of 10 units a month, with finance passing the £1 million pound mark back in November 2011, and now standing at £3.5 million.