MotoNovo Finance, which is part of FirstRand Bank, has been implicated in car finance agreements that may have affected residents in Glasgow. The city, with its population of approximately 635,000 (ONS Census 2021), saw a significant number of individuals potentially impacted by the practices related to these agreements. According to FCA estimates, as many as 12.1 million eligible agreements could be affected between 6 April 2007 and 1 November 2024, with an estimated £7.5 billion (FCA, March 2026) total value (FCA estimate) and an average agreement amount of £829 (FCA estimate).
MotoNovo Finance Finance Agreements in Glasgow
The city of Glasgow has a diverse vehicle market, with various types of vehicles being financed through car finance agreements with companies like MotoNovo Finance. An estimated 60008 residents in Glasgow may be affected by these practices, based on population distribution and FCA estimates (FCA estimate). These agreements could cover everything from personal cars to commercial vehicles, impacting both individual consumers and small businesses within the city.
How to Complain to MotoNovo Finance from Glasgow
Residents of Glasgow who believe they have been affected by unfair car finance practices can directly complain to MotoNovo Finance at https://www.motonovo.co.uk/complaints. This process is free for customers, meaning no fees or costs are incurred. you do not need a claims management company; the lender offers a straightforward and accessible complaint resolution process.
What Glasgow Residents Should Do Next
If you suspect that your car finance agreement with MotoNovo Finance may be affected by unfair practices, there are several steps you can take:
- Gather Documents: Collect all relevant documents related to your car finance agreement, including contracts, receipts, and correspondence from the lender.
- Check Dates: Ensure that your agreement falls within the period from 6 April 2007 to 1 November 2024, as this is when the FCA identified potential issues with discretionary commission arrangements (DCA).
- Complain Directly: Submit a complaint directly to MotoNovo Finance using their official complaints process. This can be done via their website or by contacting them through other means provided on their site.
By taking these steps, Glasgow residents can address any concerns they have about their car finance agreements in a clear and straightforward manner without the need for external assistance.
Sources and References
- FCA estimates: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total (FCA estimate), £829 average per eligible agreement
- ONS Census 2021
- MotoNovo Finance complaint URL: https://www.motonovo.co.uk/complaints
How Many People in Glasgow Are Affected?
Based on Glasgow's population of approximately 635,000, an estimated 132,686 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 0.95% 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).