NFDA COMMENTS ON FCA’S MOTOR FINANCE ENQUIRY

Published 02/05/2017 00:00:00 in Press Releases

“Franchised dealers have made huge efforts to be compliant with consumer credit rules, they are highly regulated and can only offer car finance under strict conditions” said Sue Robinson, Director of the National Franchised Dealers Association (NFDA), which represents franchised car and commercial vehicle retailers in the UK, commenting on the Financial Conduct Authority (FCA) enquiry into motor finance.

As reported by The Times, the FCA will carry out an exploratory enquiry into motor finance as they believe that there might be conflicts of interest and irresponsible lending in the sector. The NFDA is examining the issue.

Robinson continued, “PCPs and other types of motor finance have been around for over twenty years and have become extremely popular as they represent affordable and flexible ways of purchasing new cars.

“Strong regulations and clear rules are positive for the industry, but it is vital that customers clearly understand the terms of the contract they sign when they purchase a new vehicle and that they are aware of the whole package the dealer offers, as it may include additional products and benefits such as servicing, insurance and a contribution towards a deposit.

“The NFDA works closely with the FCA and we will be liaising on the enquiry to ensure that the outcome is satisfactory for both consumers and dealers and the stability of the UK automotive industry is not undermined.”

 

ENDS

NOTES TO EDITORS:

Gabriele Severini, NFDA Communications Officer
Tel: 020 7307 3423
Mob: 07880 039897
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk Email: gabriele.severini@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

Back to Articles
Back to Articles

Cookies

This site uses cookies. Some cookies are essential to ensure our website works for you in the best possible way. You may delete and block all cookies from this site, but parts of the site may not work. To find out more about cookies on this website and how to delete cookies, click here to see our cookie statement.

Close