MotoNovo Finance, part of FirstRand Bank, has been a significant player in the car finance market, and its practices have affected residents across Devon. With an estimated 76,734 individuals potentially impacted by unfair motor finance agreements in this region (FCA estimate), it is essential for Devon residents to understand their rights and how they can seek redress.
MotoNovo Finance Car Finance Agreements in Devon
How many people in Devon have been affected by the unfair practices of car finance providers like MotoNovo Finance? Based on the FCA's estimates, approximately 76,734 individuals across Devon may be covered by the FCA redress scheme. due to these agreements (FCA estimate). This figure represents a significant portion of Devon’s population, which is around 812,000 residents according to the ONS Census 2021. The unfair practices often involved
discretionary commission arrangements (DCAs), where lenders received additional commissions from car dealers for steering customers towards high-cost credit options.
The types of vehicles financed under these agreements range widely, from small city cars to larger SUVs and commercial vans. However, regardless of the vehicle type, residents of Devon who believe they were affected should consider their legal rights.
How to Complain to MotoNovo Finance from Devon
If you are a resident of Devon and have concerns about your car finance agreement with MotoNovo Finance, it is crucial to understand how to lodge a complaint directly. The lender provides a straightforward complaints process available on its website at https://www.motonovo.co.uk/complaints. This direct route ensures that residents can seek redress without the need for any
claims management company.
Complaining directly to MotoNovo Finance is entirely free, and Devon residents are encouraged to take advantage of this service before considering other options. The lender’s dedicated complaints team will guide you through the process and help determine if your agreement falls under the unfair practices identified by the FCA.
What Devon Residents Should Do Next
Devon residents who believe they may have been affected by unfair car finance agreements should start by gathering any relevant documents, such as loan contracts, bank statements, and correspondence with lenders. It is important to check whether their agreements were made between 6 April 2007 and 1 November 2024, the period during which these practices occurred.
Next, residents can visit MotoNovo Finance’s complaints page to initiate a direct complaint. This process allows them to provide detailed information about their experience and any issues they encountered. The FCA has estimated that around £7.5 billion (FCA, March 2026) in total is potentially owed to consumers affected by unfair car finance agreements (FCA estimate), with an average of £829 per claim (FCA estimate).
Sources and references
- ONS Census 2021
- Financial Conduct Authority (FCA) Estimates: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total, £829 average per eligible agreement
How Many People in Devon Are Affected?
Based on Devon's population of approximately 800,000, an estimated 167,164 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.19% of the UK total of 12.1 million eligible agreements.
MotoNovo Finance is registered at Companies House (company number 11556144) with a status of active. The company was incorporated on 2018-09-06. Its registered office is at Two, Central Square, Cardiff, CF10 1FS, Wales. The company currently has 9 directors.
MotoNovo Finance Complaint Statistics
According to the Financial Ombudsman Service, MotoNovo Finance received 4 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
MotoNovo Finance's FCA reference number is 827851 (status: Authorised).