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Car Sales Falling - Are there any Finance Companies Helping
Posted: Sat Nov 08, 2008 11:21 am
by squizrs6
With the recent free fall with new / used car sales.
Are finance companies offering any deals to keep sales moving ?
Your feedback appreciated...
D
RE: Car Sales Falling - Are there any Finance Companies Help
Posted: Mon Nov 10, 2008 5:34 pm
by JamieG
Finance companies themselves won't be too concerned about the market slowing and won't be doing anything specifically to move stock. If you mean are dealers offering special deals then maybe - they would do that by way of a subsidy to reduce the APR.
As for the general market, APR's are coming back down now to attractive figures, the last few months were a bit crazy. And yes, the banks are still lending to good quality customers. I have not noticed a marked increase in declines. The exception is marginal applicants, if you have any poor credit history current or past you've got almost no chance. A year ago, a few late payments on credit cards was not much of a concern but now is. Also, if you have a lot of personal debt i.e. credit cards and high mortgage etc expect that you might be asked to produce a set of bank statements to prove you can afford to make the repayments.
Posted: Tue Nov 11, 2008 1:45 pm
by ARSEY4
They are certainly not helping stimulate a movement by increasing the finance house base rate from 6 - 6.5%. Just dont get the logic??
Posted: Mon Jan 05, 2009 10:35 pm
by Gareth
ARSEY4 wrote:They are certainly not helping stimulate a movement by increasing the finance house base rate from 6 - 6.5%. Just dont get the logic??
This is one of the major problems that the main dealer Business Managers face now. For the most part their in house finance offering (VW/Audi Financial Services for example) are based off FHBR, not the lower LIBOR that the major 3rd party lenders base off.
Hence why funding via a 3rd party lender makes more sense as long as your credit score is robust.