Car
finance news indicates that a
vehicle finance
company has decided to no longer provide
loans .
Park
Motor Finance, owned by
Credit Suisse, decided to close for new motor finance business.
They cited problems in raising finance for new loans as the
reason.
The head of European conduit finance at
Credit Suisse, Maureen Coen, reportedly commented:
Park's decision to cease making new
motor finance loans was made in light of the continued poor
conditions in the credit markets and uncertain economic
times.
What will happen with the current loan book remains uncertain, but
it is expected that it will be sold off at some point. The
car finance market has taken several hits from the credit
crunch, with the
bad credit car finance sector in particular suffering from a
tightening of
lending criteria and reduced number of loans on offer.
