S&U, parent company of car
finance lender Advantage Finance, issued a trading statement this
week with an upbeat assessment of its subsidiary.
The subprime lender wrote almost
2,500 contracts in the first half of the year, up from 2,300 in the
first half of 2010. In addition, the average value of its net car
advances rose from £4,500 last year to £5,000. Going by these
figures, Advantage should be on track to write £25m in HP contracts
by the end of the year.
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Advantage’ deputy managing
director Keith Charlton says the firm is writing better-quality
business than in past, largely due to the continuing effect of the
widescale exit of other market players in the past four or five
years.
“We always were quite a choosy lender and we never really
experienced the collection problems that some who have left the
market were having,” Charlton said.
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