Raphael Finance has quit the motor finance and asset finance markets.
It informed brokers and dealers earlier this month that a strategic decision to exit the market had been made by its parent bank, Raphaels Bank, and all new-business lending in motor finance would cease from May 17.
The bank said there would be a 30 day extension for those clients with a 30-day notice period in their terms of business agreement.
In a letter, Carl Virgo, head of lending, thanked partners for their past support and wished their business every possible success.
In 2010 Raphaels Bank acquired motor finance lender Southern Finance, also part of Lenlyn Group, which had been trading since 1957.
An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
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