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The NFDA is urging all dealers to ensure that they can comply with new regulations set out by the Financial Conduct Authority (FCA), to the way in which Guaranteed Asset Protection (GAP) insurance is sold to consumers.
Under the new rules which are due to come into effect on the 1 September 2015, dealers will have to explain to customers that, if they want GAP insurance, they will have to return to the dealership four days after purchasing their car – meaning that consumers will be forced to delay acquiring GAP products and will be unable to conclude a purchase at the same time as they are arranging to buy a car. This will be damaging for car dealers’ business and create unnecessary delays for consumers.
Dealers will also be required to give customers ‘Prescribed Information’ about the GAP products they are being offered.
The new rules taking effect on 1 September will have a major impact on the way in which a motor dealer sells GAP insurance. It represents a significant change to the industry, whereby we have to change the way this product is sold, which for most dealers generates an important revenue stream.
If you have any questions or concerns ahead of these new rules, please contact the NFDA hotline on 01788 538 303.