Finance Hub

Black Horse owner Lloyds has set aside a further £700m for potential costs associated with motor finance Commission payments which will be heard in the Supreme Court in April. This brings the total set aside to £1.15bn, including the £450m set aside in 2023. Lloyds set there was a lot of uncertainty surround the amount to be paid. In its ...

The National Franchised Dealers Association (NFDA) has been given permission to intervene in the motor finance case taking place in the Supreme Court. It emerged yesterday that the Treasury had not been given permission to intervene and will now have to watch events from the sidelines. Last month Chancellor Rachel Reeves  sought permission to intervene a bid to protect banks ...

Half of buyers are hesitant with regards to using dealer provided car finance following last year’s Court of Appeal ruling on undisclosed commission payments, says Motors. In response to findings of this survey, which polled 2,000 motorists, Motors urges dealers to be upfront on commission payment issues. Fifty-three per cent of the buyers p were aware of the issue surrounding ...

Dealers have been warned to prepare for a  higher level of scrutiny from regulators as motor finance complaints rise. The Financial Ombudsman Service reported that complaints increased by 115% to 4,622 in the third quarter of 2023, saying they were increasingly hearing from people worried about whether they can pay their motor finance deals. Richard Tavernor, COO at iVendi, said ...

BYD UK has appointed Santander Consumer Finance as its dealer finance partner. The partnership covers the provision of a choice of finance options encompassing Personal Contract Purchase, Purchase Plans and Personal Contract Hire. Stewart Grant, Santander Consumer Finance’s Commercial Director, said: “We are thrilled to be partnering with BYD at the beginning of its journey to establish itself as a ...

MotoNovo is axe its online classified and finance platform findandfundmycar.com in early 2024. The platform was launched in 2018. The finance company recruited a dealer council to define strategy for the new website and also used dealers’ families and pets in the shoot. FindAndFundMyCar said at the time it planned to spend £5m in the first six months post launch ...

Half of UK consumers who have financed a vehicle purchase within the past 12 months are now concerned about the affordability of their monthly payments, according to a new nationwide survey commissioned by ALPHERA Financial Services. When asked: “How concerned are you about whether you can afford the payments under your current vehicle finance agreement,” 10% said ‘very concerned’, while ...

They biggest concern consumers have buying a car on finance is a lack of transparency on fees and charges. That’s the headline finding of research from Jato Dynamics into consumers in France, Germany, Italy, Spain and the United Kingdom which found that 43% of consumers were concerned over transparency and fees. Overall, it found that consumers were unable unable to ...

Consumer Duty is top of the agenda at the Motor Trader Retailing EXPO 2023, which takes place in Silverstone on 17 October. John Hughes, CEO at Mann Island Finance (pictured), will shine the spotlight on Consumer Duty and its impact on dealers. In his presentation and the panel session afterwards, he will look at how it was launched and its ...

  Dealers should be ready for 2024’s used car finance market to become increasingly competitive, we’re predicting at iVendi. A range of emerging factors mean that larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact. Our view is the even if we ...