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 Whilst fleet sales were down last year retail sales were up as a result of the scrappage scheme and dealers that expected to make losses ended up making profits. This was the result of what could only be described as a total con trick. Retail buyers were convinced that giving up their old car to benefit from a £2,000 bonus from the Government and manufacturers was a good idea but stories were exchanged throughout the Read more »

 Well here we are into a new year already. Hope you had a great Christmas and New Year celebration. Last year wasn’t as good as it should have been but didn’t end up as bad as I thought it might do due to an enthusiastic flurry in December. Unlike the last recession, during which we struggled to find clients that wanted to take out finance, I had about 5 times as many people looking for finance in this recession than I Read more »

There are over 1,100 whiplash claims every day, how incredible is that? Not surprising that next year Ministry of Justice reforms will aim to speed through claims when the claims are between £1,000 and £10,000, reduced down from 60 days to 15 days. As we all know whiplash is one of the most fraudulent claims that motorists make but for those that actually suffer whiplash it can affect mobility for the rest of their life Read more »

Warnings have been issued to employees that are considering a cash for car option. The warning from the boss of Pendragon Contracts, Neal Francis was making the point that lenders are more likely to consider a company application for finance either for company vehicles or as part of their salary sacrifice scheme. He pointed out that the market had changed significantly and individual applications are not as Read more »

There has been a surge in companies offering services that will help you to legally get you out of HP agreements and personal loans. One strategy has been to request a copy of your agreement and a statement of your account. In certain circumstances if the lender fails to provide you with either piece of information, in the past, under section 61 and 127 of the Consumer Credit Act, the contract was deemed Read more »

I reported last year that ‘staged crashes’ resulting in fraudulent insurance claims was on the increase. However, law firm Keoghs who produce the Annual Motor Fraud Index have shown that the hot spots are spreading in 2009. Along with the major hot spots, as shown below, other nearby towns are now becoming problem areas also. Greater vigilance is needed when driving in these areas to avoid accidents Read more »

It was earlier this year when I warned that money was tight in the vehicle finance sector that would mean only the squeakiest of clean business would be written. In some instances I heard that acceptances were down to just 20% of applicants, not because the vast majority of applicants were poor credit risks but available funds meant this was the maximum number of applicants that could be accepted. Many Read more »

 Contract hire is still by far the most popular method used to finance vehicles according to members of the British Vehicle Rental and Leasing Association. Contract hire of cars has remained pretty static over the last 5 years, consistently hovering around 1.3 million mark. LCV’s (vans) have dropped slightly over the years from 180,000 to 176,000. Contract purchase and personal contract purchase have both dipped over the last year. So it seems that businesses and consumers continue to understand the benefits of contract hire, long may it continue. By Graham Hill

 If you are a regular reader of my articles you will know that I don’t regard those expert advisors that write in the media about car finance very highly. In fact I regard most as being daft as a house brick. But whilst an article that appeared in the Independent didn’t really change my views there were a couple of points over which I had to agree, as painful as it was! The reporter suggested that the scrappage scheme cash may run out by mid October which is a feeling shared and hoped for by Read more »

One of the effects of the recession is that apparently greenhouse emissions are substantially down as a result of cost savings and people traveling less miles in their cars and vans. Whilst this is great news for the environment and has helped to stabilize fuel prices it may also have a positive effect on the lease cost of cars on either contract hire or contract purchase. If you find that you are now traveling substantially fewer miles in your car you should Read more »