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Car dealers are facing the prospect of asking finance customers for their salary details and could find the sale of finance products, including PCPs, coming under greater scrutiny as new consumer protection rules are ushered in.
The warning comes from Black Horse Motor Finance and follows the recent transfer of regulatory powers governing the sale of finance products from the Financial Services Authority to the Financial Conduct Authority.
The new body will be looking at how finance is sold to consumers across different retail sectors. It has already published a detailed consultation document which outlines its broader plans to increase buyer protection with a greater emphasis on ensuring that products sold to customers are the most appropriate for their financial circumstances.
The onus will be on finance companies and dealer finance sales staff to be more rigorous in their approach when qualifying customers and assessing their ability to repay loans.
Under the rules the sale of PCPs would be more heavily scrutinised than before with customers being made more aware that their deposits are not transferable or refundable at the end of an agreement.
(Source: Motor Trader)