Motor finance market likely to be increasingly competitive
Larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact, said Darren Sinclair,
Larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact, said Darren Sinclair,
Providers may even tighten up their lending criteria further as the pandemic ebbs following a marked reduction in appetite for lending near to the beginning of the crisis which many
Quotevine Chief Executive Daniel Layne said some concerns remain over areas of the ban, and more clarity is needed – including specific definitions around which vehicles it applies to –
The coronavirus crisis has pushed forward the digitisation of the motor industry by five years, including motor retail,
If a payment freeze isn’t in the customer’s interests, firms should offer an alternative solution, potentially including the waiving of interest and charges or rescheduling the term of the loan.
Authority has already confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products.
When asked to compare motor finance to other retail sectors in a traditional store-based setting, 39.6% of consumers placed motor finance a long way ahead or slightly ahead of other retail
The FCA estimates that its planned changes could save customers £165 million a year by removing the financial incentive for brokers to increase the interest rate a customer pays and
Pressure on motor finance companies looks set to see changes in the months ahead and lenders and dealers must adapt.
THE Financial Conduct Authority (FCA) is to investigate the motor finance industry. There are concerns that consumers may be borrowing more than they can afford. The FCA stated in its Business Plan 2017/18
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