I have mixed views over my next piece. You see over the years I have recommended to clients that they make use of the law wherever they can to save money. One area that I have heavily promoted is covered by sections 99 and 100 of the Consumer Credit Act, better known as Voluntary Termination, whereby once you have paid half the total cost of the finance, you can simply hand the car back to the HP provider and they have to stand any loss between what would normally be required to Read more »

The economy is fragile and uncertain which means there is greater demand for short term leases, as businesses and consumers look to restrict their commitments. Unfortunately, the fact that the manufacturers have scaled back production considerably, means that there is no overstock of vehicles available. This oversupply would normally encourage the manufacturers to provide additional bonuses, making short term leases relatively cheap, as this bonus helps to offset the heaviest Read more »

Andrew Sentance may not be a name that you have come across before but he is very important in our lives. He sits on the Monetary Policy Committee in the Bank of England. They sit each month and decide whether base rate should stay the same, at 0.5% or increase. Since the rate dropped to 0.5% every member of the committee has voted to keep it at the same level, that is until the October meeting at which Mr Read more »

Oh dear, oh dear oh dear! When are people going to start treating car finance as a specialist product and one that must be very carefully considered before taking it out rather than a tin of beans that they can tout around online to see whether Tesco have them on offer this week or are they cheaper at Asda? There are three major comparisons to be made when deciding upon the finance that you are going to take out. Read more »

The motor finance industry was to see a potential new broker association being formed that would concentrate on providing benefits to consumers and small business  operating predominantly in the retail sector. The NACFB (National Association of Commercial Finance Brokers) offered their support to any such initiative but when this came to my notice, as an ex director and president of the association, I saw a huge potential for the association and immediately got to work with the chief Read more »

I have issued another general warning about the lack of money available to lend and the subsequent repercussions. I have had many people writing to me explaining that they had strong credit but have been declined for loans on several occasions and are now being told that they have dropped into the sub-prime category, which means they will pay high rates of interest if they are able to secure finance at all. The reason for this is the fact that whilst there are still lenders willing to offer low rates Read more »

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Statistics really get on my wick! Speaking to fleet owners and various lenders it is clear that there is less money to lend and businesses as well as consumers are finding it more difficult to finance vehicles. My own association, the NACFB has said that current lending by members is around £7 billion compared to £20 billion in the mid 2000’s. And yet banks and the lender’s association, the FLA say that they are lending more and that, according to FLA statistics their members are lending 16% more to Read more »

Graham Hill’s new book, Graham Hill’s Simple Guide To Car Finance, get’s released through Press Box. Follow the link below:

http://www.pressbox.co.uk/detailed/Financial/INAPPROPRIATE_CAR_FINANCE_IS_COSTING_MILLIONS_EVERY_YEAR_547708.html