St George confident about car loans

While GE Money made an exit from the car loans market last week, St George and Esanda have said they plan to extend their motor finance services.

Esander managing director Moray McDonald told the Australian that while the car insurance industry is currently on shaky ground, he was confident the duo could offer buyers some attractive options.

The paper described GE and GMAC’s departure from the car loans sector as having plunged sellers into a crisis as their ability to shift new motors was hampered.

St George spokesman Bob Dwyer added that this departure would allow the company to clean up while offering customers competitive car loan options.

“There’s an extraordinary opportunity with competitors leaving the industry and we have to do some work on that,” he insisted.

GMAC’s exit from the Australian car loans market followed a withdrawal from the sector in America.

Prior to pulling out, a spokesperson for the Aussie arm told Mozo that the problems faced by the group were limited to the US.