The FCA delves into the car finance landscape, probing the fairness of personal contract purchase (PCP) plans. Amidst concerns over high broker commission payments, the watchdog’s investigation could pave the way for substantial payouts, offering potential relief to countless car buyers. Read the full article on: https://shorturl.at/fgnp7 #fixedincome #fixedincomeinvestments #profit #investmenttrends #hightriskinvestment #FCAinvestigation #carfinanceprobe #PCPplans #financialwatchdog #brokercommissions #consumerprotection #autofinance #fairdeals #payoutpossibilities #capital3pm
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Finance more of your hard-to-finance customers with United Auto Credit. From first-time buyers, to open/discharged bankruptcies, we have the tools you need to say "YES." 🤩 #unitedautocredit #uacc #dealerpartners #dealerpartnerprogram #perksfordealers #autodealership #autobusiness #financingsolutions #financingprograms #growyourbusiness
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🚗 CAR FINANCE SECTOR - 👀 PEELED PLEASE. The FCA has just placed an immediate pause on the 8 week period to respond to complaints that relate to discretionary commission arrangements. Whilst these were banned in 2021, due to a couple of recent FOS cases, the FCA want to have a period of time to analyse the issues and work out if any further legal steps need to be taken for historic practices, so they want firms to stop reviewing live complaints too. The pause will be lifted on 25 September - meaning if you are 3 weeks into a current response period, you'll have an additional 5 weeks from that date to send your response. It doesn't stop there - customers who have received a FRL since 12 July 2023 will now have 15 months (not 6) to refer any complaint to the FOS for review. Any questions, get in touch! #carfinance #creditbroking #consumercredit #motorfinance Jamie Gray Lynsey Whelan Lorna Stephen Marianne Murnin Sylvia Matheson Louise Richmond
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✅ How to get Body Shop Factoring For Car Crash Repairs Billed To Insurance Companies ➡️ https://buff.ly/3wev2co #bodyshop #garages #spraying #finance #fundinvoice
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Do you know all your fees? Here is one that is often overlooked. #autodealership #automotiveindustry #reinsurance #wealthmanagement #cardealership
Many dealerships fail to consider the impact of cancellation fees on their reinsurance programs, often resulting in significant financial losses. Cancellation fees are charges imposed when a customer cancels their service contracts before the expiration date. To avoid such losses, car dealerships must pay close attention to the cancellation fees associated with their reinsurance programs. This means carefully analyzing all fees and developing strategies to maximize program profitability. #automotiveindustry #reinsurance #dowc #cfc #carbusiness
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An expansive investigation into U.K. auto finance practices dating back to 2007 could stymie market growth across the pond for several years. #compliance #autofinance #UK https://hubs.la/Q02rZ3yv0
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Millions who bought a car or van on motor finance could be due a payout as major mis-selling investigation launched – what we know. Read the MoneySavingExpert article here: https://buff.ly/3ScKdPE #PCP #CarFinance
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With delinquencies on the rise, falling collateral values, and high vehicle prices, the subprime auto lending market is under pressure. Lenders should take action now to brace for potential challenges. By gaining insights into the factors behind this downturn, lenders can create strategies to safeguard their investments and navigate the rough road ahead. Remaining vigilant and proactive is vital to preserving profitability in this environment. Learn more in the latest Hilco Global Smarter Perspective: https://lnkd.in/emHDB5Bs #SubprimeAuto #LendingRisk #Receivables
The Looming Crisis in Subprime Auto: Why Lenders Need to Brace for Impact
hilcoglobal.dsmn8.com
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A key intervention from the FCA impacting motor finance providers, brokers and motor dealers has been announced. The FCA have placed a 'pause' on the 8-week deadline for motor finance firms to provide a final response to customers which have made a complaint whilst they examine the potential scope of consumer harms caused by discretionary commission arrangements. Click the link to read more; https://lnkd.in/er_Wkkcu #consumercreditcompliance #fca #principal #prinicpalfirm #appointedrepresentative #ar #consumercredit #creditbroking #secondarycreditbroking #consumerduty #motorfinance #carfinance #complaints #complainthandling
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Author & Partner at FundInvoice LLP - Helping UK companies find the best invoice finance, factoring & commercial financing deals.
✅ How to get Body Shop Factoring For Car Crash Repairs Billed To Insurance Companies ➡️ https://lnkd.in/d6zyEPr #bodyshop #garages #spraying #finance #fundinvoice
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As we eagerly await the conclusions from the FCA's diagnostic of certain historical sales of motor finance products, my colleagues James Worsnip, Clare Kennedy, Andrew Bergbaum, Vaibhav Asher, Tanvir Miah and I have thought about how the FCA might evaluate these, what wider market impacts this might have, and what lenders should do to prepare. #FCA #MotorFinance #DCA https://lnkd.in/epXcGFfP
A bumpy road ahead for UK motor finance?
alixpartners.com
