Halal car finance platform, Ayan Capital, launches in the UK

By |2024-03-25T12:28:17+00:00March 25th, 2024|Leasing & Finance, News|

With the number of PHVs and PCOs projected to rise, Ayan Capital empowers new and existing business drivers to purchase a new vehicle with its Islamic finance offering. Its tech-enabled solution is fast, accessible and easy-to-use, allowing the drivers, who are approved, to obtain a car for up to £50,000 within days from any dealership in the UK.

Car buyers satisfied with finance buying experience despite FCA probe

By |2024-03-12T10:22:07+00:00March 12th, 2024|Leasing & Finance, News|

Last year 93% of buyers said they were satisfied with the explanation given to them by dealership sales staff of the available finance packages, up from 91% in 2020. While satisfaction with the explanation of paperwork and documentation related to finance increased from 93.5% to 95%.

‘Supplier Direct Funding’ sees record growth

By |2024-02-06T11:24:22+00:00February 6th, 2024|Dealer Insights, Leasing & Finance, News|

Supplier Direct Funding, which is just one of the stock funding options available from MotoNovo, can be used to stock cars, LCVs and motorcycles, has been a huge hit with dealers who value the convenience of the service and the way in which the digitised process takes time and cost out of the funding process. 

Volt and Bumper to bring open banking to car transactions

By |2024-02-01T09:18:13+00:00February 1st, 2024|Leasing & Finance, News|

The partnership comes as UK car sales rebound after the Covid-19 pandemic, with used car sales particularly booming. This rebound is already being reflected in Volt and Bumper’s sales volume, as since dealerships began quickly adopting the integration in January 2024, more than £3 million in payments has been processed in the UK, with some customers using Volt to buy cars outright.

Complaints about car finance commission – what you need to know

By |2024-01-25T14:55:20+00:00January 25th, 2024|Dealer Insights, Leasing & Finance, News|

In 2021, the FCA banned incentives for brokers to increase the interest rate that a customer pays for their motor finance. But many customers have logged complaints claiming compensation for unfair commission arrangements struck prior to the ban. The Financial Ombudsman said it sees complaints about car finance commission on a range of car finance agreements and different commission models. 

MotoNovo appoints Chris Adams to its leadership team

By |2024-01-24T11:30:35+00:00January 24th, 2024|Leasing & Finance, News|

Adams joins MotoNovo from Lloyds Banking Group, where he worked for over 20 years, most recently as Head of Pricing and Performance for their Black Horse and Lex Autolease businesses, which encompassed motor finance, leasing, fleet finance and direct to consumer auto lending. Prior to this, he was finance director at Black Horse from 2014 to 2019 and, until then, held a number of management roles across the wider banking group. 

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