Motor industry
For much of the past 15 years, your illustrious editor, supported by my little voice, has been bemoaning the fragile state of the national economy. In our different ways, we reached an early conclusion that Mr Brown’s financial management strategy was not merely flawed but was also destined to lead to a severe collapse. As we all know, the world’s economy appears to have been built from largely the same pack of cards as used in the UK. Therefore, when dealing out hands, as they were once dealt, to as short-sighted a business sector as the British Motor Industry, its edgy month-by-month progress has been little more than understandable over the past few years. However, with most of our motoring assets now being held by foreign investors, whose outstretched arms never seem to find satisfaction, it has been intriguing to carry out a round-robin check of the areas in which the industry intends to claw back sales. Almost to a man, they are all talking about India, China and Russia as being their focal interests. The UK, in their eyes, is all but saturated, for the meantime. In fact, all that seems to be propping-up car sales in the UK is its ever-rapacious fleet sector, which also controls the amounts of discounts being made to it. Thanks to the efforts of national magazines, such as What Car?, retail punters are made aware of these lower price levels and there is hardly a list price at any franchise that has avoided a comprehensive rogering at the hands of cash-strapped private buyers. Sadly, the quality of used stocks has taken a downwards tumble, which is causing many traders to reassess their viability in a much- changed marketplace. Yet, high quality, low-mileage stocks are commanding top dollar prices, as they are fewer and farther between. Manufacturers’ new stocking levels have also tumbled, forcing many franchise outlets to place their better used stocks within the chromed and glazed retail palaces. The light is yet to appear on the horizon.
Business Money
® Name of lender BANKS
Allied Irish Bank (GB) Bank of Scotland Barclays
Clydesdale Bank Hampshire Trust HSBC
Lloyds TSB NatWest
Northern Bank Royal Bank of Scotland
Santander Corporate Banking
The Co-operative Bank Ulster Bank
Yorkshire Bank
N U R P 70 N U R P 70 N U R P 70 N U R P 70 N U R
75
N U R P 66 N U R P 70 N U R P 70 N U R P 70 N U R P 70
N U R 70
N U R P 70 N U R P 70 N U R P 70
BUILDING SOCIETIES Norwich & Peterborough N U R
Lancashire Mortgage W M Mann
Universal Acceptances Key: N U R P 75 70 (n/s) (e)
N U R P 65 N U R P
75 (n/s)
40–neg 25–neg 25–neg 25–neg 50–2.00 25–neg 25–neg neg–neg 1–neg
neg–neg 1–5
1–25 1–10 1–25 1–25 2–15 1–20 1–20 1–25 1–20
25.50–1.00 5–30 neg–neg
25–2.00 25–neg
75–10.00
COMMERCIAL PROPERTY FINANCE COMPANIES Commercial First
26–1.00 30–0.90 25–250k
1–10 0–25 1–25
5–25
1–30 (f) 2–12 10
6 mths 1–2 1–3 neg
up to 25 0–2 0–2
neg (g) 5
neg (g) neg neg
neg neg
no
Libor + 2.00–5.00 negotiable
0.50+ 2.00–8.00 0.50 + neg
0.50 + 2.00–5.00
0.50 + 1.50–6.00 (b) 0.50 + 1.50–6.50
1.00–1.50 neg neg neg 1.00
0.50–1.50 1.50
1.00–1.75
25 21 25
(d) 50 25 21
0.50 + negotiable neg, max 1.50 neg 0.50 + 1.85–7.00
25
0.50 + negotiable neg, max 1.50 neg BBR/Lib +1.25–4.50 neg 0.50 + 1.50–5.50
0.50 + 2.00–4.00 0.50 + neg
BBR+neg
Temporary suspension of new lending up to 30 neg
67mths 10.90 (c)
0.50 + 6.00–7.00 (a) 12.95% flat
0.50–1.50 1.00 neg
min 1.00
neg 35
40 25 50
from 1.00–2.00 50 1.00–2.00 2.00
England, Scotland, Wales UK UK UK
England, Wales UK UK
England, Scotland, Wales UK
England, Scotland, Wales England, Scotland, Wales England, Scotland, Wales
Northern Ireland England, north of M4 UK UK
no 50
England, Scotland, Wales Scotland
England, Scotland, Wales
(n/s) Will consider non-status. The large fi nance houses will fund car stocks. Petrol companies offer fi nance for fi lling station schemes. Phone the Professional Support Desk for more details. Unexpired lease term at start of loan. N New cars U Used cars R Repairs P Petrol (a) Calculates interest daily, fi xed rate money is not on offer and APR’s not quoted (b) Fixed rates available (c)Discounted rate option (d) 20 years – Scottish lease, 25 years – English (e) Purchases up to 80%; remortgages and secured loans up to 70 % (f) Bridging fi nance 1-24 months; term loans and mortgages 7-30 years (g) Capital holidays are available subject to status.
All information © Copyright Business Money Ltd 2010 The information in this table is updated every month. The guide to the Business Money tables is on page 74 Business Money November/December 2010 79 Motor Trade
Business involved in NURP
LTV % MV Amount Band Min - Max £k - £m
Term Years
Capital Holiday Years
Interest Rates + Margin %
Fee %
Lease Years End of Loan
Area Guide
Long-term Skoda
We are all seeking extended mileages from our cars at the moment. According to a report that I received, a great many drivers have even resorted to alternative modes of transport, including buses and even walking, in recent months. The more we can squeeze from our vehicles’ fuel tanks, the better we feel overall. When my Skoda Octavia was standard, I could not reach its official 49.6mpg fuel economy figure, however, at a cost of £300, including fitting, which is actually just downloading from the internet along with an appropriate licence fee, my local dealer urged me to invest in a REVO upgrade to the car’s electronic engine management system. It took less than 15 minutes to complete. Apart from needing to add a half-litre of lubricating oil at around 5,500 miles and again just a week ago, 11,500 miles, there is nothing to report. This is typical VW new model oil consumption. Having tested my car’s maximum speed at a private test facility, I can inform you it is now a true 158mph, an increase of 18mph on the manufacturer’s stated top speed rating. It will accelerate from 0-60mph in just 6.9 seconds, which is 1.5 seconds faster than standard and 0.3 seconds quicker than the 2-litre 200bhp petrol-turbo version of the car. Yet, my average fuel return has been hovering around the 54.3mpg area for the past few months, which is 10% better than standard. While there is an element of competition that hoves into view, you spot a fuel return on the on-board computer that registers 57mpg on one trip, followed by another of 58mpg on the next one, you want to feel that it can be improved again. On a Lincoln to Leicestershire return trip, I managed not only to attain that figure but also to keep it in the region of 60.1, 60.3 and even 60.5mpg for the next couple of days. When the economy Sword of Damocles is hovering above all motorists’ heads, at this moment in time, it is nice to cock a snook at it and smile those extra few miles between fuel top-ups. I say buy Skoda and modify it.
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