The Best Car Finance Blog In The World

As the credit crunch bites harder funders and brokers/intermediaries fight each other for the lowest rates on the Internet to encourage you to use them, sometimes as a result of lying and conning. So now is the time to be very very careful as to which company you use to provide your car if you want to avoid problems in the future. Probably the most important fact to be aware of is that the person you place your business with on the Internet is not working for the funder or the dealer – he is actually working for Read more »

BMW Financial Services have warned about an increase in lease scams whereby cars are obtained illegally by the scammers then sub leased to innocent third parties. One such fraudulent act included the customer signing the documents of a well known finance company and a seperate direct debit form which paid money straight into the scammer’s account and not the contract hirer’s account. The scammer made no payments for the car and disappeared whilst the driver continued Read more »

News from the US is worrying as Chrysler Finance make the first move to distance themselves from leasing by refusing to extend their lease business as a result of increased money costs and plunging residual values of their gas guzzlers. GMAC and Ford Motor Credit are likely to follow suit by reducing the amount of lease business they write. The projections are that other funders will follow their lead. This will have a dramatic effect on the market in the US as leasing accounts for 26% of auto car sales. Will this have an effect in the UK? Read more »

Since the changes to the Highway Code, brought in last year, Churchill Car Insurance carried out a survey and found many drivers unaware of the changes. More than 80% were unaware that playing loud music in cars is against the new Highway Code rules and almost two thirds admitted to eating whilst driving which is against the new rules. The research also found that 30% of drivers think that driving in flip flops or high heels is forbidden and yet this is not the case! That’s a relief eh fellas! You can view the new highway code online by visiting www.direct.gov.uk  scroll down to travel and transport and click on highway code then scroll down again to view all the headings.

Staying on these two misleading articles they also point to the dangers of taking finance on cars and the problems faced by those who want to get out of their current large or gas guzzling cars and into smaller more efficient cars but are unable to because of the negative equity position with the settlement costs being far in excess of the resale value of the car on finance, ie. negative equity. The drivers are therefore left with cars that they don’t want to drive because they have no way out of the finance. Again this is a generalisation that simply isn’t Read more »