All articles by Jo Tacon
Jo Tacon
Finance companies hit by hike in bad applications
The level of fraudulent motor finance applications detected in 2008 grew by 70 percent year-on-year, Experian reported.
Hundreds of motor finance jobs to go at Lloyds Banking Group
Cuts at Speke and Chester sad but inevitable consequence of the integration of Lloyds TSB and HBOSs operations.
British Credit Trust starts subprime lending again
British Credit Trust (BCT) has started taking on new business once again, as of May 19.
Finn: New scrappage scheme could mean end of 0% deals
The CEO of the UKs largest dealership group has said that the scrappage scheme, which will offer carbuyers a £2,000 discount on a new car or light van if they scrap a vehicle over 10 years old, could put an end to zero percent finance deals in showrooms.
CAP reports residual values ‘stabilising’
Record price rises in the used car market over the past two months have now levelled out, data company CAP reported.
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Fleet deals, compiled by Jo Tacon
Fleet lessor Alphabet has provided 99 low-carbon BMW 3 Series cars to Novo Nordisk, a health care company, on a three-year, fully-maintained basis including accident management, with an annual mileage of 23,333 miles.
Editor’s Letter: Turning around the GM supertanker
Those observing the unfolding events at General Motors in the US have come up with a variety of clichs and metaphors to describe the manufacturers long decline like watching a car crash in slow motion, like a giant brought to its knees, like watching someone bleed to death via a thousand cuts.
Motor finance industry aid still not forthcoming
The government has still not announced plans to aid the motor finance sector, despite business secretary Lord Mandelsons comments in March that discussions about support for the industry with the Treasury and the Bank of England were making progress (see MF Mar 09) The delay is bad news for motor finance companies, many of which have seen their funding costs rise precipitously or disappear altogether in the wake of the credit crunch
Downsizing and drama
Martin Winterkorn, CEO of Volkswagen, has warned of critical times ahead, while Sergio Marchionne, head of Fiat, predicts that only around half a dozen volume carmakers will emerge from the other side of the recession, formed from the merged remnants of todays global brands.
Federation looks at ‘car dealer bank’
The Retail Motor Industry Federation (RMIF) is looking into setting up a standalone motor finance industry facility.