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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.

Korean Grand Prix (2012) RESULT

With the Red Bull of Mark Webber on pole and Sebastian Vettel alongside, could Vettel take the lead in the driver’s championship in Korea? Last year, Sebastian Vettel took the win in Seoul, and this year it’s a second place on the grid for Vettel as he strives to overtake Alonso in the race for the drivers’ championship, with Mark Webber sitting on pole. After Vettel’s display in Japan in the last race, and a clear edge over the rest of the fields in qualifying in Korea, it was no surprise to see the Red Bulls go clear from the start, with Vettel getting the jump on Webber and heading off in to the sunset for a clear win – despite a few tyre traumas near the end – with Webber riding shotgun for a solid second place.

Video: Tesla Model S Alpha undergoes on-track testing

The electric-car wizards at Tesla have released a sneak peek of the upcoming Tesla Model S Alpha undergoing on-track drive testing. The video provides a quick glimpse of three eerily quiet sedans, but not much more. Scintillating it's not, but it's nice to see the Model S Alpha sedan getting closer to production.