BNP Paribas Personal Finance UK has officially launched its range of car finance and leasing products, with plans to leverage the French group’s other businesses in Britain.
The product range includes HP, PCP, PCH and personal loans, as well as bundled “value-added products” such as cosmetic insurance and warranty. The funder will also offer stock financing for dealers.
Speaking to Motor Finance, managing director Andrew Brameld said the lender would tap into other divisions within its parent seek to grow its network and cross-sell products.
He named leasing provider Arval, insurer Cardif and the group’s Corporate & Investment Banking unit, as well as Opel/Vauxhall Finance, a joint venture with Banque PSA since November of last year.
“We’re very much working with them, as well, to strategically align ourselves with their dealer contacts and relationships,” Brameld said.
He added that BNP Paribas Personal Finance was looking into partnering with OEMs directly in the next phase of expansion, and said the lender also had plans for the recreational vehicle sector.
In a statement, the lender said it intends to use the motor finance foray to double in operational size by 2020.
“BNP Paribas is established globally as a significant provider in motor finance and we are now bringing that expertise to the UK market,” Brameld said in the statement. “Our experienced team have built a suite of products that will provide our partners with helpful and responsible finance solutions.”
The launch comes after almost three years of preparation for a BNP Paribas UK motor finance offering. According to Brameld, the lender set its eyes on the car finance market as early as 2015, after it bought out the company from LaSer, the consumer credit arm of France’s Galeries Lafayette.
Brameld was appointed in July 2017, and subsequent appointments to the motor finance team have included sales director Robert Hutchinson, formerly head of motor sales at Barclays Partner Finance; operations director Joe Cooke, previously at Freedom Finance and Secure Trust Bank/Moneyway; and head of stock finance Simon Bryant, who used to head motor wholesale operations at Macquarie and Lombard.