All articles by MF Editorial
MF Editorial
Car clubs gaining wider acceptance
A third of motorists now consider car clubs to be a viable alternative to car ownership, according to a study However, 68 percent of respondents still replied in the negative to the question: In the current economic climate, would consider giving up your car and joining a car club instead to save money?
Target Loan Servicing wins contract to take on Blue MF book
Target Loan Servicing has won a contract to take on the loan portfolio of Blue Motor Finance, the non-prime lender which ceased originating business in 2008. It took 12 weeks to transfer the Merrill Lynch-owned Blue book to Target, the outsourced collections and loan administration provider said.
Rich Green steps down from GE Fleet
Green has been redeployed within GE, a spokesman confirmed, and his role at GE Capital has been filled by John Jenkins. The news comes as parent company GE prepares to downsize GE Capital, which includes the GE Fleet division along with the equipment finance and vendor finance units.
FLA calls for capital allowance extension for SMEs ahead of Budget
Capital allowances for SMEs should be extended in Alistair Darling’s forthcoming Budget (22 April), the Finance & Leasing Association (FLA) said. The aim is to pump-prime struggling small businesses so that they can continue to obtain finance for investment by leasing new equipment, such as office technology, commercial vehicles and plant and machinery,” the association announced. The FLA wants the Chancellor to extend the government’s Enhanced Capital Allowances Scheme and allow SMEs to offset more capital expenditure on business equipment against taxable profits, by removing the current enhanced capital allowance limit of £50,000.
Compass deal for Lex
Lex has won a tender for a two-year preferred supplier agreement with catering company Compass Group The agreement covers Compasss 800-strong fleet of cars and vans, and includes ancillary services such as pay-on-use maintenance, a duty-of-care solution and daily rental alongside the core products of contract hire and fleet management
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GMAC to replace Chrysler Financial
In a televised statement on Chrysler’s future, President Obama said that GMAC will take on the task of providing retail and wholesale financing for Chrysler’s dealers, as the cost of keeping Chrysler Financial afloat was more than the US government was willing to bear. Marcie Belles, senior editor of US car finance magazine Auto Finance News said: “I think its important to have a single company managing Chrysler floorplans, but do we have to assign a single company to handle retail loans
Blue Flame fires up van fleet deal with Lombard Vehicle Management
Penryn-based Blue Flame Ltd, a heating installation and maintenance company, has acquired 14 new fleet vehicles through a funding package arranged through Lombard Vehicle Management, worth £200,000 altogether.
FLA and police team-up to reclaim illegal vehicles
The Finance & Leasing Association (FLA) has announced a new partnership with regional police authorities to launch a Vehicle Recovery Scheme, to enable motor finance companies to reclaim illegal vehicles seized by the police
Alphabet sets up ECO scheme for 1,600 drivers
Insurance group RSA has moved 1,600 of its employees to an AlphaDrive employee car ownership (ECO) scheme put in place and administered by fleet provider Alphabet, as part of a sale-and-ECO-back deal. Prior to the AlphaDrive agreement with Alphabet, RSA ran its own in-house ECO scheme, but changed to an external provider in order to make sure that cars were managed as efficiently and cost effectively as possible, with our employees receiving top quality service, said RSAs supplier relationship manager Claire Mills
Lex Autolease: New name for integrated fleet lessor announced
The name of the integrated business formed from the merger of the two major fleet lessors owned by Lloyds Banking Group – Lex and Lloyds TSB Autolease – has been announced.