Finance commissions ruling - live updates
Due to the recent Court of Appeal ruling regarding finance commissions, we are publishing this live blog to keep Auto Trader partners up to date with the latest information as the situation unfolds.
It has been our mission over many years to drive greater levels of trust and transparency in the automotive market, so that all consumers have the confidence to buy or finance their next car. Whilst we’re supportive of the direction of travel in the Court of Appeal rulings last week, this shock decision has reduced choice and the availability of finance for consumers and caused significant business disruption for our retailer and lender partners.
While the Court’s judgement and its impact on past sales of finance will very likely be appealed at the Supreme Court, that will take months. What’s urgently needed now by both consumers and the automotive industry is for the regulator to clarify the implications of this ruling to ensure a transparent and functioning market for all. In the meantime, we’re here to support our partners by sharing the latest insights and intelligence available and for consumers through the content and experience on our platforms.
Automotive finance products are the way most consumers in the UK fund the purchase of their next car, so we need swift direction to ensure this doesn’t harm the industry and unnecessarily dent consumer confidence.
Watch the webinar
We discussed this landmark ruling and put your questions to a panel of industry experts on Tuesday 29th October.
If you’d prefer to read a summary of the discussion, we’ve condensed it into a blog.
Current lender status
We are working with all lenders and brokers to understand their current approach and react accordingly. We will keep this blog post updated as this situation evolves.
Current lenders & Brokers - Currently not accepting new business
Moto Novo
V12
Zopa (Paused lending with retailers, but sill open for broker business)
Close Brothers
Northridge
Current lenders & Brokers - Business as usual
Mann Island
ALPHERA & BMW Group
Blue Motor Finance
Honda FS
Mercedes FS
BNP Paribas
Lendable
Mallard Vehicle Finance
Marsh Finance
Money Barn
Oodle Finance
Evolution
Zuto
Hyundai Capital
Mobilize
Stellantis FS
TFS
Volvo Finance
VWFS
MBFS
Black Horse
Santander
Credit Agricole
Oplo/Tandem
Paragon
Startline
Car Finance 24/7
Car Money
DSG
Admiral Car Finance
What’s next?
We will be publishing a summary blog of the webinar on Tuesday 29th October and the recording will be made available on demand.
As it stands this is an ongoing situation and we will continue to supply you with the latest information to help you navigate this challenging period.
Useful resources
This section will be updated as more resources become available.
Court ruling on motor finance commissions - Expert panel discussion here
FLA Briefing on the matter here
Auxillias advice here