Banking giant ING has announced the closure of ING Lease UK, which has been providing an estimated £1bn worth of credit to the UK economy.
Fears were sparked over the potential fallout and lack of credit to the vehicle leasing market as a result, but industry bodies told BusinessCar there is little or no cause for concern.
A BVRLA spokesperson said it was likely to affect “some brokers and prestige car dealers”, but there would be “no major implications” for the wider automotive leasing market.
“There’s more than enough money coming in from existing funders,” he added.
A spokesman for ING said of its automotive business, which represents a fraction of its overall asset finance business, that he “wouldn’t imagine it would be significant”.
Meanwhile, the National Association of Commercial Finance Brokers said: “A small proportion of our brokers are into vehicle finance. in terms of automotive business, I would expect that’s it’s very small.”
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