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Working on credit
Page 69
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Consumers will benefit from changes to the Consumer Credit Act — but how will they affect used vehicle dealers?
The used vehicle industry is poised to see how changes in the Consumer Credit Act will affect the market.
Sue Ellams, director of Renault Trucks' Stoke-on-Trent dealership Staffordshire CV, has seen block exemption and the FSA cause panic through the industry.
Now she is waiting to see what happens under the Consumer Credit Act when a "consumer" decides to make a complaint.
She already has to deal with extra paperwork. "You have to sit each customer down and go through the detail to ensure they are getting the right product for their needs."
Capital Bank Motor director Paul McGill says the two main changes for dealerships are the form and content of finance agreements and the early settlement process.
"It's understandable that dealers might be wary of what seems like another move towards commission disclosure —the ultimate in transparent contracts," he adds.
"The changes really could help to improve the position and perception of point-of-sale finance, and that's good for everyone." •