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New measures 'would help car loans customers'
Nov 19 2008Motor industry groups have called for the government to take a series of steps to make buying a new vehicle easier for secured Car Loans customers.
The Society of Motor Manufacturers and Traders (SMMT) and the Retail Motor Industry Federation (RMIF) sent a joint letter to the chancellor outlining a number of initiatives designed to help rejuvenate the UK vehicle market.
Measures suggested included shelving plans to increase vehicle excise duty and introduce new first year rates, which the groups claimed would provide a "strong signal" to buyers.
This would also help improve residual values, they said, meaning car loans customers would lose less value on their vehicles in the used car market.
Paul Williams, chairman of the RMIF, said that acting on the suggestions would "go some way to helping the revival of consumer confidence" in the car market.
This comes after the RMIF's Sue Robinson claimed that proposed changes to the payment protection insurance market could leave Car Finance customers vulnerable to financial problems.
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