The Best Car Finance Blog In The World

One of the last meetings I attended at which we discussed the state of the motor finance industry, we were told by one of the leading accountancy practices in the UK along with a couple of large leasing operations that the biggest problem faced by the industry was lack of liquidity or in other words lack of money to lend to you and me. This has been confirmed by the Society of Motor Manufacturers and Traders Read more »

According to Experian, the credit reference agency, automotive fraud increased by 35% during the first half of 2010. 34 in every 10,000 applications were considered potentially criminal. The majority were recorded in the second quarter showing an upward trend. First party fraud overtook third party identity fraud during April to June as the most common type of attempted fraud. First party fraud is typically where individuals attempt to hide adverse credit history or misrepresent their employment status to try and secure credit and other Read more »

On the 14^th September I attended a meeting of the good and great in the vehicle finance industry at the London offices of Grant Thornton. The purpose was to debate the challenges of the industry which would be reported in the journal of the industry, Motor Finance. There were many conflicting views but the bottom line is that we are still in for a tough time. Clearly there is a lack of liquidity in the vehicle finance Read more »

In the course of one week I’ve had what could be best described as a lively debate with two customers, over the contract profile that they took their cars on. One had his car on a 3+23 profile and the other 3+35. I have explained the way the profile works to the point of tedium, reported it on the blog and given examples but people are still confused and I really can’t see why? I think we all accept that a car Read more »

If you are driving behind a car and it seems to be wandering across the road as though the driver had been drinking, it may not be the driver it may just be the car that’s a little worse for wear! Researchers at Edinburgh Napier University have developed a biofuel from whisky by-products. Called biobutanol it’s 30% more powerful than ethanol and is created out of two waste products: ‘pot ale’ from copper stills and Read more »

If you are about to finance a car in your own name as opposed to through a business, you will need to allow a little extra time between ordering, signing the finance agreement and collection/delivery of the new car. According to the new EU Consumer Credit Directive all agreements that fall within the terms of our own Consumer Credit Act must be given a 14 day cooling off period. In the past, if you signed the agreement on trade premises, for example at a dealership or the premises of a broker Read more »

The car and car finance industry is full of opinionated people who haven’t a clue as to what they are talking about. So called experts guess and make assumptions without any real knowledge on the subject. About now you will see national newspapers, radio and TV reporters telling you to shop around for finance before the launch of the new 60 registration, ignore dealer HP and find yourself a cheap personal loan, Read more »

As the economy bumps along showing minimal signs of recovery the CVO Survey shows that large companies continue to actively use contract hire as its main method of financing its company cars whilst SME’s continue to blindly use cash, loans and overdrafts. Why should this be? I would suggest out of ignorance. Far too little is understood about leasing for SME’s to make a considered choice so they end up Read more »

If you’re an avid reader of my newsletter and blog you will have read that you no longer need to have your car serviced by a main dealer in order to maintain your warranty. The rules that were relaxed several years ago that prevented you from having your car serviced wherever you wanted are known as the EU Block Exemption Rules. These rules have just been reviewed again and the rules pretty much left as they Read more »

A good friend of mine, Dick Appleby (he lives on the Wirral – that’s how desperate I am to have friends), wrote to me recently regarding a situation that has arisen regarding a Mercedes that was returned 3 years ago to Custom Fleet, part of GE Capital. Out of the blue he received a charge for the month and a few days that the car waited on his drive for them to collect. That’s right, the car went back about 3 years ago and Read more »