Finance Hub

Trust, ease of access and quick approval are the key factors driving motor finance at the point of sale. That’s the finding of a new report from the Finance Leasing Association “The Future of Credit, Finding Out What Consumers Want” which said that dealers in many cases drive the finance sale because consumers are not familiar with the finance supplier. ...

A legal expert has warned car finance houses to double check their consumer borrowing affordability assessments to ensure they are “robust and appropriate”. Partner and Head of Financial Services at national law firm Freeths, Adam Edwards said the FCA censure of Amigo Loans was a wake-up call for lenders. Sub-prime lender Amigo Loans was censured by the FCA for failing ...

Compiling accurate and timely management information (MI) will be crucial for dealers and lenders in meeting the FCA’s new Consumer Duty responsibilities. That’s the view of iVendi which said that proving customer needs were being put first could only be achieved by having systems and processes in place. Rob Severs, Senior VP Product and Insight at the motor retail technology ...

Drive Motor Retail has appointed a new group finance and sales compliance manager. Chris Blake has moved from his previous group training role within the business and will oversee the enhancement of Drive’s sales processes, including an expansion to the finance options available amid high customer demand. Blake has 25 years’ experience in motor retail and joined Drive in 2015 ...

Consumer car finance new business volumes fell in November 2022 by 6% compared with the same month in 2021. New figures released by the Finance & Leasing Association (FLA) show that the corresponding value of new business decreased by 5% over the same period. In the eleven months to November 2022, new business volumes were 3% higher than in the ...

Paragon Bank’s Motor Finance division has bolstered its sales team with the appointment of a senior regional sales manager and two regional sales managers. Lending in the motor finance division in the year to September 2022 grew 65.9% to £166.2m. Paragon launched its first products for financing battery-powered electric vehicles BEVs with £6m of new loans made. The offering was ...

In late October, a group of dealers and finance professionals gathered at the Grosvenor House Hotel London for a Motor Trader roundtable in association with Oodle Car Finance. Representing dealers were David Johnson, group F&I director at Perrys, and David Wilson, managing director, Henson Group. From finance, Dan Horner, commercial director, Octane Finance, Farhad Tailor, managing director V12 Vehicle Finance, ...

The Financial Conduct Authority (FCA) said today it expects finance houses to learn the lessons from good and poor practice during the coronavirus (Covid-19) pandemic to help borrowers during the cost-of-living squeeze. In a report published today aimed at a wide variety of finance sources, including motor finance, the FCA found examples of firms delivering good outcomes for customers – ...

Pendragon-owned dealer software company Pinewood is to offer dealers open banking account-to-account payment through a new partnership with Vyne. Dealers can now bypass card networks and their associated fees by offering Vyne’s payment solution, which reduces costs and accelerates cash flow with instant settlement.  Vyne integration in Pinewood DMS is available now to all Pinewood customers. Neville Briggs, Managing Director, ...

The motor finance industry is “ripe for disruption” as customers demand more pay-per-drive models of ownership. That’s a finding of a whitepaper, co-authored by Capita and Finativ, which said financial houses urgently needed to wake-up to a model of private car ownership that encompasses the vehicle, insurance and fuel. “Banks already have the technology to enable speedy customer verification, authentication ...