Car finance specialist applies the brakes
Car finance specialist S&U has increased its rejection rates to 75% in a "prudent focus on quality".
The Solihull-based lender collected nearly £12m a month in the first half of this year, which is 20% higher than in 2017. But it admitted impairment "continues to run at higher levels than last year".
It has sought to quietly apply the brakes in what it described as a "slowing economy".
S&U has made changes to its approvals process - which has reduced acceptances from 31% to 25% in its motor finance subsidiary, Advantage Fina... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
