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FCA issues warning on logbook loans

VULNERABLE people who use their car as security to take out a loan are finding themselves squeezed even harder financially and even threatened, the City regulator has found. The Financial Conduct Authority warned it will put firms offering logbook loans out of action if they do not "dramatically" improve their standards, after finding evidence of poor behaviour including little or no affordability checks being carried out and some applicants being encouraged to manipulate details of their income. It said lenders are failing to properly spell out exactly how expensive such debts will be, with the true cost often masked by an emphasis on "low" weekly repayments and key terms and conditions buried in small print.

Dany Bahar wants £6.7 million compensation from Lotus

The Dany Bahar saga at Lotus continues with Bahar claiming £6.7 million compensation for his firing as Lotus CEO. Back in May, ex-Ferrari man Dany Bahar was ousted as CEO of Lotus, confirmed a month later by Lotus parent DBR-Hicom who appointed Aslam Farikullah – an engineer, not a marketing man – to oversee a way forward for Lotus, and just last week Lotus put Bahar’s custom Esprit up for sale. But that appears not to be the end of dealings between DBR-Hicom and Bahar as Bahar has issued proceedings against his former employers seeking compensation of £6.7 million for wrongful dismissal.

Vintage Rolls-Royce, Aston Martin will be on display at London concours

Two icons of British car lore, a 1928 Rolls-Royce and a 1950 Aston Martin, will be on display at a concours event July 21-24 in London. The cars are being shown at Salon Prive, a supercar and concours gathering next week in advance of RM auctions’ sale in October. While the auction could get pricey with competitive bidding, Salon Prive will offer fans of British cars an opportunity to simply soak in these storied rides.