This is an issue that most motor traders will have some experience of no matter how diligent they are with the quality of the cars they sell or how good their relationships with finance firms, sometimes developed over many years, may have been in the past.
It is all too often the case that finance firms will put up a half-hearted fight at best or simply capitulate at worse in the face of unfounded consumer complaints, fuelled by unreasonable expectations and or ignorance, so as to avoid tangling with the Financial Ombudsman Service (FOS).
There are several reasons why throwing the motor trader under the bus is often the preferred option.
First, it costs finance firms cash money when they have to face the scrutiny of the FOS.
Secondly, no matter how strong their case maybe they often lose since FOS determinations are made on the basis of what is considered to be ‘reasonable’, whatever that means!
Thirdly, ‘dealer agreements’ are entirely one sided, designed to stack the deck in favour of the finance firm concerned and are easy to hide behind and pass the buck.
Working alongside finance firms is all well and good but what happens when a finance firm has no interest in that and is more interested in finding a scape goat?
That’s when you speak to Lawgistics. We fight in your corner against all comers.
On average 55 vulnerabilities are identified daily.
What can I do?
Review your organisations priorities and ask ‘can we afford a breach?’. What do I do during an incident? Who do I involve? When do I involve the ICO?
If you’re unable to answers these questions, you need help from the experts.
