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Honda claims 95% approvals

Honda Finance says its UK car loan advances between 2008 and 2010 totalled 44,000, with a 95% approval rate despite tough economic conditions.

The proportion of new cars bought using its advances in 2010 was 30% up on the previous year.

Philip Ross, Honda UK general manager, said: “We’ve spent a lot of time educating dealers on the benefits of the latest finance packages and how best to sell them.

“Our finance packages help to bring customers through the door again once their agreement comes to an end and we’ve seen an increase in retention rates.”

Tim Dibbs, owner of Crown Honda in Bushey Heath and Hendon, north-west London, said: “We have had our two best years using Honda Finance.”

According to some estimates dealers believed they lost more than a third of new car sales between 2008-2010 because cust-omers could not get finance.

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