Lenders are urged to treat customers fairly as the coronavirus pandemic leads to many borrowers facing financial difficulties
Imperial Cars has introduced a new finance offer allowing customers to defer paying for their new vehicle for up to three months.
Inchcape has appeared in a list of 53 businesses which have borrowed millions of pounds from the Bank of England under the Government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Automotive Services International has said automotive finance payment deferrals introduced during the coronavirus pandemic could see customers incur unintended costs.
As lockdown eases, dealers returning to trading on June 1 are likely to prompt a ‘step change’ in online motor retail, says iVendi.
MotoNovo Finance has announced it has seen a surge in proposal and business activity, since it revealed it was lifting lending restrictions.
Seat and Skoda are offering new car customers three months of free car ownership during the COVID-19 coronavirus lockdown as part of finance packages launched this week.
Six-in-10 car retailers believe that prolonged grants and support from Government are required to support the automotive retail sector through the COVID-19 coronavirus crisis as redundancies begin.
FCA compliance should not be forgotten when dealers are revising their sales processes to meet the Governments guidelines for social distancing.
Automotive payment provider Auto Service Finance (ASF) has secured new investment worth more than £14 million as buy now pay later finance dealers become more popular in the automotive sector.
The Finance and Leasing Association’s (FLA) has renewed its appeal for help from Government and the Bank of England as coronavirus impact sparks 1.2 million finance forbearance claims.
Car buyers are embracing online self-service car finance during the COVID-19 coronavirus lockdown period, according to Evolution funding.
What Car? is predicting a China-style V-shaped COVID-19 recovery for the new car retail sector and is urging consumers to act fast if they want to take advantage of discounts.
Luxury car retailer Romans International has launched its Elev8 Finance broker arm to the wider market after funding more than £300 million of supercar sales – including a £3.5m Ferrari Aperta.
The Financial Conduct Authority has warned motor finance firms not to repossess vehicles or end contracts with customers in financial difficulty due to the coronavirus pandemic.
Analysis of online activity over the last seven days indicate a potential rebound for the car retail market.
While new car sales have been impacted by UK showrooms closing, car manufacturers are still putting offers together for Q2 and customers can apply for credit.
The Financial Conduct Authority (FCA) has said that it expects motor finance providers to offer “exceptional and immediate support to customers facing payment difficulties” due to COVID-19 coronavirus.
Renault and Dacia have launched a new end-to-end online retail platform offering virtual showroom vehicle tours and a remote e-signature process allowing customers to buy a new car without entering a dealership.
Car dealers will return to a trading environment where tradition motor finance credit checks have reduced relevance as a result of cash-boosting measures introduced to boost personal finances.
