Motor industry calling for help

Thu, 20 Nov 2008



According to the car finance news, the government yesterday faced pleas from the Society of Motor Manufacturers and Traders (SMMT) and the Retail Motor Industry Federation (RMIF) to allow the finance arms of car manufacturers access to the bailout money intended for banks .

The global car industry is in crisis, with major car manufacturers facing the need for a substantial bail out. The SMMT and the RMIF are calling on Alistair Darling and Lord Mandelson to support the ailing car industry.

New car sales in the UK have slumped by 20 per cent in the past two months. SMMT chief exec Paul Everitt reportedly commented: "What is clear is that we are facing a set of conditions the like of which few people have experienced before."

Car finance sales have also dropped as a result of the credit crunch, despite initial optimism that more people would choose this source of dealer vehicle finance as personal loan availability dried up.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

Advice section: Pros & Cons | Finance Tips | Running Costs | Payment Options
Car finance partners
Car Loans
Credit Crunch Savers
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Virgin Credit Card
0% APR on balance transfers for 16 months
Tesco Insurance Sale
50% discount on car and home insurance.
Offer ends 7th Jan 09
Post Office Instant Saver
Protect your savings with the Post Office saver