Car sales on finance up a third on a year ago
18 May 2012
Tue, 16 Sep 2008
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.
