Car loans for all?

[andygo]

Not too sure what the latest Mandelson not a bail out (but is) idea is.

Is our remarkable government allowing anybody to ahve a car loan whether they are creditworthy or not?

So in 6 months time there will be loads of repossed cars flooding the market that the likes of you and I are going to end up standing the cost of through our taxes.

Brilliant. Second hand car market depressed even more as nearly new cars hit the auctions.

Or have I got it wrong? (Quite likely IMO.)

[Carreauchompeur]

Great, easy credit for all... This sounds familiar

[MaxAndRuby]

In all seriousness, credit for the motor industry is vital.

We run a motor trade dealer management system company, and the genuine good risk customers that are getting turned down for finance at the moment is shocking. We're talking about 50 year old, established family businesses who have never made a loss, it's a real problem. We're financing most of our new customers ourselves, and it's naturally hurting our cash position.

[asbo]

andygo said:

Not too sure what the latest Mandelson not a bail out (but is) idea is.

Is our remarkable government allowing anybody to ahve a car loan whether they are creditworthy or not?

So in 6 months time there will be loads of repossed cars flooding the market that the likes of you and I are going to end up standing the cost of through our taxes.

Brilliant. Second hand car market depressed even more as nearly new cars hit the auctions.

Or have I got it wrong? (Quite likely IMO.)

That's not the proposal at all

According to the Times this morning, Madelson is garnering support from the banks to allow punters access to credit more easily. The screening process will still be quite strict, but the intention is to open the gates a little in order to get cars out of showrooms.

What is being proposed though, is that credit is only to be given to those who intend to buy a car that is manufactured in the UK. Which is a little short-sighted if you ask me.

[kambites]

asbo said:

What is being proposed though, is that credit is only to be given to those who intend to buy a car that is manufactured in the UK. Which is a little short-sighted if you ask me.

Is that even legal? I would have thought it would breach EU free trade laws somehow.

[asbo]

kambites said:

asbo said:

What is being proposed though, is that credit is only to be given to those who intend to buy a car that is manufactured in the UK. Which is a little short-sighted if you ask me.

Is that even legal? I would have thought it would breach EU free trade laws somehow.

Hence the kerfaffle. Sounds like just another ill-thought-out attempt to appease the prolatariat to me.

[Carreauchompeur]

asbo said:

kambites said:

asbo said:

What is being proposed though, is that credit is only to be given to those who intend to buy a car that is manufactured in the UK. Which is a little short-sighted if you ask me.

Is that even legal? I would have thought it would breach EU free trade laws somehow.

Hence the kerfaffle. Sounds like just another ill-thought-out attempt to appease the prolatariat to me.

So long as the cars are bought in the UK, the stipulation about their manufacture is fluff. The boost for UK manufacturing is a bonus, but shirley either way it's a boost for the retail sector.

[sa_20v]

asbo said:

andygo said:

Not too sure what the latest Mandelson not a bail out (but is) idea is.

Is our remarkable government allowing anybody to ahve a car loan whether they are creditworthy or not?

So in 6 months time there will be loads of repossed cars flooding the market that the likes of you and I are going to end up standing the cost of through our taxes.

Brilliant. Second hand car market depressed even more as nearly new cars hit the auctions.

Or have I got it wrong? (Quite likely IMO.)

That's not the proposal at all

According to the Times this morning, Madelson is garnering support from the banks to allow punters access to credit more easily. The screening process will still be quite strict, but the intention is to open the gates a little in order to get cars out of showrooms.

What is being proposed though, is that credit is only to be given to those who intend to buy a car that is manufactured in the UK. Which is a little short-sighted if you ask me.

Agreed. I'm still amazed that the government believe we can turn around our fortunes by freeing up credit - do they forget that the boom we saw under Labour was largely built upon the lending of credit to those who couldn't afford to repay the debt, more commonly referred to as Labour voters. We need to encourage entrepreneurship, introduce a flat-rate tax system, abolish stealth taxes, almost become a tax haven for companies with low corporation tax (money for nothing right?), cull the public sector, cut benefits - this is just the start.

[asbo]

Carreauchompeur said:

asbo said:

kambites said:

asbo said:

What is being proposed though, is that credit is only to be given to those who intend to buy a car that is manufactured in the UK. Which is a little short-sighted if you ask me.

Is that even legal? I would have thought it would breach EU free trade laws somehow.

Hence the kerfaffle. Sounds like just another ill-thought-out attempt to appease the prolatariat to me.

So long as the cars are bought in the UK, the stipulation about their manufacture is fluff. The boost for UK manufacturing is a bonus, but shirley either way it's a boost for the retail sector.

Times getting it wrong again then. Tssk.

[john_r]

So... what about the Construction Industry, IT Industry, Window Cleaners, etc? Why do they not get Billions of tax payers money?

If people are not buying new cars it's because they don't need a new car!

Second hand cars are much much better for the environment too... I'm a huge petrolhead (with a new car on order that I can afford), but this is more stupid stupid government policy.

There will be strings attached that will affect us all... Mandelson is a grade A twunt and there is a hidden agenda somewhere. Industry support for tracking devices in cars maybe?

[sa_20v]

john_r said:

Second hand cars are much much better for the environment too... I'm a huge petrolhead (with a new car on order that I can afford), but this is more stupid stupid government policy.

Doesn't stop the Germans offering their electorate €2500 (IIRC) to upgrade their car - just goes to show climate change was just an excuse wheeled out by politicians to facilitate/justify unpopular changes to law/taxation, as well as keeping the populace in fear and therefore under control. Hilarious times.