Since 6 April 2007, MotoNovo Finance has provided car finance to many residents in London. With an estimated 831,581 individuals potentially affected by the controversial discretionary commission arrangement (DCA) in the city, it is crucial for Londoners to understand their rights and options.
MotoNovo Finance Car Finance Agreements in London
MotoNovo Finance's car finance agreements have been prevalent across London. Between 6 April 2007 and 1 November 2024, an estimated 12.1 million eligible agreements (FCA, March 2026) by the DCA, involving a total of £7.5 billion (FCA, March 2026). These agreements may relate to various types of vehicles, from compact city cars to larger SUVs and commercial vans. In London, where the population stands at approximately 8,799,800 (ONS Census 2021), residents who financed their cars through MotoNovo Finance during this period could be covered by the FCA redress scheme.
How to Complain to MotoNovo Finance from London
Londoners concerned about unfair car finance practices can complain directly to MotoNovo Finance at https://www.motonovo.co.uk/complaints. This process is free, and residents do not need a claims management company. FirstRand Bank, which owns MotoNovo Finance, encourages customers to lodge their complaints through official channels. By doing so, individuals can seek fair resolution without incurring additional costs or engaging third-party services.
What London Residents Should Do Next
Londoners who believe they have been affected by unfair car finance practices should take the following steps:
- Gather Documentation: Collect all relevant documents related to your car finance agreement with MotoNovo Finance, including contracts, payment records, and correspondence with the lender.
- Check Agreement Dates: Verify that your car finance agreement falls within the specified period from 6 April 2007 to 1 November 2024.
- Submit a Complaint: Use the official MotoNovo Finance complaint form at https://www.motonovo.co.uk/complaints and provide detailed information about your concerns.
Residents should remember that they have the right to complain directly to MotoNovo Finance for free, without needing any intermediary services. This approach not only simplifies the process but also ensures transparency in handling complaints.
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 London Are Affected?
Based on London's population of approximately 8,800,000, an estimated 1,838,805 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 13.13% 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).