New credit facility drives Startline Motor Finance expansion

Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan. It comes as Glasgow-based Startline has seen a 25% increase in the number of major dealer groups in its portfolio. It is currently implementing a major sales and marketing campaign designed to create further interest.

New credit facility drives Startline Motor Finance expansion

Dec 11, 2017

Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan. It comes as Glasgow-based Startline has seen a 25% increase in the number of major dealer groups in its portfolio. It is currently implementing a major sales and marketing campaign designed to create further interest.

NextGear Capital UK reaches funding milestone

NextGear Capital UK is celebrating a key milestone after funding 200,000 vehicles since its launch. The total value of vehicles financed has exceeded £1.4 billion since the company first started offering finance in 2014.

NextGear Capital UK reaches funding milestone

Dec 11, 2017

NextGear Capital UK is celebrating a key milestone after funding 200,000 vehicles since its launch. The total value of vehicles financed has exceeded £1.4 billion since the company first started offering finance in 2014.

Auto assets could face UK ‘clocking’ crisis

The UK motor trade could be heading towards a ‘clocking’ crisis amid a rise in the number of vehicles with hidden mileage because their odometers have been wound back. The rise is being blamed on greater use of Personal Contract Purchase (PCP) agreements, which charge a pence-per-mile fee if users exceed an agreed mileage on their vehicles.

Auto assets could face UK ‘clocking’ crisis

Dec 08, 2017

The UK motor trade could be heading towards a ‘clocking’ crisis amid a rise in the number of vehicles with hidden mileage because their odometers have been wound back. The rise is being blamed on greater use of Personal Contract Purchase (PCP) agreements, which charge a pence-per-mile fee if users exceed an agreed mileage on their vehicles.

EMEA

Georg Bauer to report on progress of fair.com at IAFN Conference

Dec 11, 2017

Georg Bauer will report on the progress of fintech start-up fair.com, a business he co-founded this year with TrueCar pioneer Scott Painter. Bauer will be speaking at the International Auto Finance Network conference in January 2018 in London. Fair.com’s business model has grown out of the founders’ belief that modern consumers find problems with the current car buying process. Confrontational experiences with dealership salespeople and the long-term commitments required for purchases, leases and loan agreements are all out of step with purchasing patterns in most other sectors, where consumers increasingly favour pay on use and subscription arrangements, they argue.

Americas

$300,000 payout for deceptive auto loans

Dec 11, 2017

The New York City Department of Consumer Affairs (DCA) has secured over $300,000 from three auto finance companies in restitution for 50 car buyers who were found to be victims of predatory lending at Brooklyn used car dealerships. Commissioner Lorelei Salas announced settlement agreements with Credit Acceptance Corp., Clover Commercial Corp, and Westlake Financial Services, which were found to have financed sub-prime auto loans at rates as high as 24.9%.

Asia Pacific

Volkswagen Financial Services Australia pays penalty for misleading finance ads

Nov 30, 2017

Volkswagen Financial Services Australia (VWFSA) has paid a penalty of AUD$216,000 (US$163,000) after the Australian Securities and Investments Commission (ASIC) issued infringement notices for alleged misleading advertising statements. The penalty related to VWSA’s ‘1% you can’t ignore’ advertising campaign, with ASIC issuing 20 infringement notices in total.