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A report from the Finance and Leasing Association (FLA) showed that their members financed £5.6billion of consumer expenditure on new cars in 2007 and a third of total expenditure on cars throughout the year. Interestingly, new car finance was named by FLA consumer finance members as the most important use to which consumers put their funds, with used car finance the 4^th most important Read more »

The 1st October sees the introduction of new regulations that ensures that customers with hire purchase or conditional sale agreements are reminded specifically of their rights to voluntary terminate (VT) the agreement when 50% of the total amount due has been paid. The Consumer Credit Act 2006 states that Read more »

Having been the first to break the news that the takeover of HBOS by Lloyds TSB would also result in the amalgamation of the two contract hire giants Lex and Autolease many are now reviewing what this could mean to the industry. Whilst the takeover still has to be approved by the FSA and needs shareholder approval both MD’s have said that in the meantime it is business as usual. As both companies are Read more »

The Government has launched a major review of road signs, the biggest for 40 years. Transport Minister, Rosie Winterton, has called upon all motorists to have their say in how Britain’s streets should look in future. The review is aimed at using latest technology to help cut congestion and emissions and keep traffic moving safely and efficiently. The idea is to provide local authorities with new powers to Read more »

Companies have already started to cut back on their transport costs, as of course consumers have also, in preparation for the difficult times ahead. Sadly the problem here is not a need to downsize or purchase cheaper cars etc. it is really a need to understand the finance tools that are available. Various types of leasing could save businesses a fortune. Taking on a tax efficient purchase scheme when the company is making no profits against which they can write off depreciation and interest is pure lunacy. Losing the Read more »

Well just as we started to rejoice in the steady fall in oil prices and the price war that started last week between the oil companies and the supermarket chains we suddenly saw a massive increase in the price of  crude oil of $25 a barrel on Monday. Now whilst there was an element of manipulation on the markets protecting traders on the futures market from over exposure it has still sent jitters throughout the car industry and concerned drivers (who heard about the rise). Strangely, this massive increase in Read more »

OK now I’ve filled you with doom and gloom let me give you the good news. Whilst this new superleasing company (Lloyds/TSB Lex) will dominate the market, because of the scale of their operation they will have to concentrate more on the large fleets rather than the SME and consumer sectors, thereby increasing competition amongst the smaller players. As a result contract hire companies such as Leaseplan, Lombard, Masterlease etc will concentrate on model specific deals. Whilst the superlease company will arrange Read more »

Whilst the city shakes to the after effects of the Lloyds TSB/HBOS takeover no one has yet mentioned the effect on the car leasing industry as the new company will not only result in control of the mortgage industry but it will also give domination over the car leasing industry. In May 2006 HBOS took total control of Lex Vehicle Leasing (LVL) by buying out the 50% shareholding owned by Aviva. This gave HBOS Read more »

Autoglass has warned that many replacement windscreens could have been avoided if drivers acted more quickly when their screens suffered a chip as chips will nearly always become a crack. A straight forward chip repair takes about 20 minutes compared to nearly 2 hours for a replacement screen. The cost of windscreen replacement is rising rapidly due to the complexity of the glass used and the skill and Read more »

Warnings have been issued by the AA about the increase in theft of Catalytic Converters due to the sharp increase in scrap value of the precious metals housed in the units, platinum, palladium and rhodium. It is estimated that a stolen cat is worth about £150 in scrap value. Cars particularly at risk are 4WD cars and vans with a high ground clearance making it easier for thieves to saw off the cats. They warned that drivers of vulnerable vehicles should protect their insurance no claims discount as a claim could end up costing the driver £000’s. By Graham Hill