Has The car-fnance company gone sour ?

[betginge 73]

Hi all

Has the car finance company (bad credit Lenders) in trouble ? Ive noticed they have stopped taking applications for new finance and there not taking on new dealers. anyone know anymore. This is a blow tbh as they did take on a lot deals that otherwise were dead.

Ive noticed Moneybarn have dropped there vehicle age and other critera so maybe they are looking to grab some new business.

[Tom 164]

Yes the funders have pulled out on them

[TDB 31]

The used car game as well as finance is and has been going sour for years and now we are at the point where rules/regulations/costs/margins etc are seriously putting dealers under so much pressure that a lot I know have decided to just trade/sor/auction and have an easier life without the aforementioned stress of running a used car company.

[sparky 274]

Expect that price of base Vauxhalls in doom blue to take a hit.

So is this the end of 'Pay as you drive' or are there any other companies out there offering such a product?

[grant8064 219]

2 hours ago, sparky said:

Expect that price of base Vauxhalls in doom blue to take a hit.

[betginge 73]

I think VTG still offer black box,  intend to give them a call in the coming weeks. also am sure money barn offer a black box system but may be wrong there. Am sure they are going to tap into there client base.

[grant8064 219]

55 minutes ago, betginge said:

I think VTG still offer black box,  intend to give them a call in the coming weeks. also am sure money barn offer a black box system but may be wrong there. Am sure they are going to tap into there client base.

Be interesting to see on MB...had someone put to them recently and their rates have gone even more Wonga than before.

[Rory RSC 596]

Bit of a blow with the new sub prime pitch, bad timing Betginge.

[betginge 73]

13 hours ago, Rory RSC said:

Bit of a blow with the new sub prime pitch, bad timing Betginge.

 

Not the best of situations granted but to be fair there are alot of other subprime lenders out there still. A dealer friend has gone with vt to fill in the gap for the bottom of the ladder. Key think is its not knocked my confidence in the new site and its prospects.