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Car finance payment holiday guidelines by FCA

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  • FCA introduces new guidelines for car finance companies

On the 24th April the Financial conduct authority introduced new guidelines that car finance companies must ensure consumers are told there is no shame in experiencing difficulties during this period of uncertainty.  Under the new guidelines funders have been urged to provide three month payment freeze for any customers suffering financial difficulties,  the FCA has also urged firms to act fairly where terms are adjusted to ensure customers are not caught out.  After speaking with a number of our business partners there have been thousands of requests for these payment holidays.

It is important to note that funders will not automatically make special arrangements for you,  the onus is on drivers to contact the lender direct before they run into difficulty.   Call centres are understandably busy at the moment but if you find yourself in financial difficulty we urge you to be patient and hold for the next advisor.  Many lenders have set up online forms for completion always check websites and listen to automated messages in full.   Faced with financial difficulties some may simply stop making payments this is not the best course of action as it will affect your credit rating in the future.

If you have a vehicle on lease even if it wasn't supplied by us and would like some advice please don't hesitate to call 01942 231123

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30th of April 2020