11:44 am, October 28, 2024
MotoNovo has issued a statement on its website that it is pausing new finance proposals in the light of Friday’s court ruling over commissions.
It has become the third motor finance house to pause its new offers, with Close Brothers and Honda Finance Europe already announcing they would stop underwriting new dealer finance.
Honda went a step further saying it would also delay customer handovers.
This follows the judges ruling on Friday (October 25), when the Court of Appeal ruled in favour of three consumers who are fighting legal cases against Close Brothers and Firstrand Bank.
MotoNovo has published an ‘important update’ on its website, saying there will be a ‘temporary pause on new finance proposals’.
It’s statement says: ‘To all our valued customers, following a recent Court of Appeal decision which considered the payment of commission from lenders to motor dealers, we’ve temporarily paused accepting new finance proposals while we make important updates to our processes.
‘This decision allows us to ensure we continue providing the highest standard of service and support to all who finance with us.’
It adds: ‘If you are an existing customer, please rest assured—your finance agreement remains unaffected, and you will continue to receive the same reliable service and support as always.
‘We appreciate your patience and understanding as we work to enhance our services. Our commitment to your experience and satisfaction remains our top priority and we aim to be open for new business quickly.’
The firm is part of the Aldermore Group and previously offered the findandfundmycar.com services where consumers could pair a car with financing, which closed last year.
Car Dealer has approached MotoNovo for comment.
