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Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.eir returning cars at much lower prices than expected. Some major providers stopped offering private contract hire during this period.
Car finance arose because the price of cars was out of the reach of individual purchasers without borrowing the money. The funding for personal car finance is provided either by a retail bank or a specialist car financing company. Some car manufacturers own their own car financing arms, such as Ford with the Ford Motor Credit Company and General Motors with its GMAC Financial Services arm, which has now been renamed and rebranded as Ally Financial.
The leasing share of the US consumer automotive industry expected to grow by 18-25% though this is growing again after the credit crisis cause major leasing companies to exit the market in the US. The credit crisis of 2008 and subsequent recession saw the second hand car market collapse and funding companies had to sell their returning cars at much lower prices than expected. Some major providers stopped offering private contract hire during this period.