Car finiance changes.

RogerPensionGuy

https://www.theguardian.com/business/2024/oct/29/santander-uk-delays-results-car-loan-ruling-bank

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This looks expensive for many financial institutions. 

Plus getting quick car finance at car dealers could be slow and even more expensive. 

ManyWays

Times today says Close bros, MotoNovo, Honda, BMW, Secure Trust Bank, BMF, Zopa and invested have suspended new car finance. Of course they may resume quickly when they have worked out how to disclose the commission amount.  

RogerPensionGuy

https://cardealermagazine.co.uk/publish/landmark-court-of-appeal-ruling-on-car-finance-was-very-unexpected-but-welcome/309398

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Todays update above.

It's looking just like the great PPI scandal and much compensation for years. 

Unless dealers affected can source alternative financial products soon they could be holding way too much stock and need to offload them more than they normally do end of year. 

Maybe a good time to buy in stock cars for cash these next few months. 

penners324

The Telegraph are predicting absolute meltdown with car finance, business finance, mortgages and even monthly insurance payments now possibly being non compliant. 

RogerPensionGuy

penners324 said:

The Telegraph are predicting absolute meltdown with car finance, business finance, mortgages and even monthly insurance payments now possibly being non compliant. 

O yes indeed, the car finiance saga unfolding now is looking very likely it will be reconfirmed in 2025 by all I read and these car finance outfits are changing the way the operate going forwards and essentially reconfirming their practices were incorrect. 

If and when the car finiance saga is totally confirmed, it will indeed open open many many more doors for claims and compo from practices that operated in similar fashions.

It's a real mess now and currently their is a terribly big over stock of vehicles made being stored or pre~regged and given out super cheap to sources that need vehicles, take a look on Autotrader and put in zero to 500 miles in the filter, so many new, pre~reg or a few 100 miles on the clock available, amazing reductions from RRP. 

The factories are still producing and China made cars are like waterflows in to the market, MG is a good example.