All articles by Jo Tacon
Jo Tacon
MD leaves as funder stops all non-motor lending
MD leaves as funder stops all non-motor lending The managing director of The Funding Corporation (TFC), Jim Rowley, has left the company which he co-founded The independent finance house, which previously offered asset finance and block discounting services to corporate clients, is believed to have shut its doors to all new non-motor business entirely
Paragon Car Finance shuts its doors
Motor finance house Paragon Car Finance has withdrawn from UK auto lending, it announced A spokesperson for Paragon Car Finance, part of the Paragon Group, said: “As part of a restructuring programme, Paragon Car Finance is withdrawing from the car finance market. This has been a very difficult decision for the group to make; however, the ongoing lack of liquidity in financial markets, allied with reduced activity in consumer finance spending, have been the main drivers of this decision.”
ReMIT returns following Carter & Carter collapse
The Retail Motor Industry Federation (RMIF) has bought back some parts of the ReMIT training business from the administrators of Carter & Carter Group, which collapsed following the death of its founder and chief executive Philip Carter in a helicopter crash in May 2007 The RMIF said: The administrators of Carter & Carter Group plc have agreed to transfer the provision of non-manufacturer apprenticeship programmes to the RMIF. The RMIF deal team has been working very closely with the Carter & Carter Administrators, the Learning and Skills Council (LSC) and other government training agencies to secure future training provision for approximately 2,700 learners across England, Scotland and Wales.
Join the club?
Marked as For car club use only, or similar, on quiet residential streets, along busy thoroughfares, or tucked away in corners of car parks, they are an outward sign of the car clubs which have begun to colonise London, and which are steadily growing their network across the UK.
More reassurance on capital allowances
The fleet leasing industry has been reassured that changes to capital allowances from April 1 2009 will not be applied retrospectively to business vehicles acquired before that date. In a meeting with HM Treasury, the BVRLA and ACFO received confirmation that the new regime will apply only to all qualifying expenditure incurred on or after April 1 2009 In the associations view, and in the view of accountancy firm PricewaterhouseCoopers, which advises the BVRLA on tax matters, the crucial word expenditure can only refer to an asset being acquired, not the ongoing depreciation of a previously acquired asset
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Association’s response to interim report on PPI
Associations response to interim report on PPI The head of the Finance & Leasing Association (FLA) has called for more standardisation of information when customers take out payment protection insurance (PPI) with finance agreements – but has argued that PPI still has an important role to play for consumers, despite recent controversy
Green survey finds fleets unprepared for CO2 changes
Green survey finds fleets unprepared for CO2 changes A survey of fleet managers undertaken by the BMW-owned multimarque fleet management and leasing company Alphabet has found that, despite the issues high visibility in specialist and popular media, the environment is not at the forefront of policy decisions for the majority of those in charge of company car schemes.
Welcome Financial Services cuts back non-standard lending
Welcome Financial Services cuts back non-standard lending Non-standard lender Welcome Car Finance has stopped providing consumer hire purchase through intermediaries. Welcome, part of Cattles plc, announced that, following a review of distribution channels and its product portfolio, it has made a business as usual strategic decision to stop working through third-party dealerships and brokers, in common with many lenders in the mortgage market, to maximise profitability whilst looking to grow the business in Welcome Car Finance. The hire purchase provider will concentrate on its own chain of Welcome Car Finance retail outlets, it said.
Blue expands its brokering business as cost of funds rises
Non-prime finance house Blue Motor Finance has reacted to the recent credit crunch by retracting its lending business and increasing the business it proposes to its brokerage operation Managing director John Byrne confirmed the change in strategy, while stressing that the decision to increase its brokering business was taken purely because the rise in the cost of funds made it uneconomical for Blue to continue lending through its dealer partners We had made a commercial decision in January to slow our new business levels, whilst looking for profitable partnerships
Captive to have
Manufacturer Ford has sold two of its premium brands, Jaguar and Land Rover, to Indian conglomerate Tata in a deal worth $2.3bn (£1.1bn) Ford said in a statement that its finance arm Ford Motor Credit would continue to provide financing for Jaguar and Land Rover dealers and customers for a transitional period of “up to 12 months”. Referring to this arrangement, as well as to agreements between Tata and Ford for the latter to continue to provide components, technologies, R&D, IT, accounting and engineering support to its former brands for “differing periods”, Ford added: “The parties believe these arrangements will support Jaguar Land Rover’s current product plans, while providing Jaguar Land Rover freedom to develop its own stand-alone capabilities in the future that will best serve its premium manufacturer requirements.”