MotoNovo Finance, a subsidiary of FirstRand Bank, has been implicated in the controversial car finance practices that affected millions of consumers across the UK, including those residing in the North West. With an estimated 12.1 million eligible agreements (FCA, March 2026) potentially impacted between 6 April 2007 and 1 November 2024 (FCA estimate), around 700,906 residents in the North West may have been affected by these practices (ONS/FCA estimate).
MotoNovo Finance Car Finance Agreements in North West
How many people in the North West are likely to be impacted by car finance agreements with MotoNovo Finance? According to ONS Census 2021 data, the region's population is approximately 7.4 million residents, and based on FCA estimates, around 9% of this population may have been affected by the disputed car finance practices (FCA estimate). This means that nearly 700,906 individuals in North West could be covered by the FCA redress scheme. due to these agreements.
The types of vehicles financed under these agreements varied widely but included both new and used cars. The total value of these agreements is estimated at £7.5 billion (FCA, March 2026), with an average claim amount of around £829 per individual (FCA estimate). This widespread impact underscores the importance for North West residents to review their car finance arrangements carefully.
How to Complain to MotoNovo Finance from North West
How can North West residents effectively complain about their car finance agreements with MotoNovo Finance? The process is straightforward and free of charge. Residents should visit MotoNovo Finance's dedicated complaint page at https://www.motonovo.co.uk/complaints for detailed instructions on how to proceed. It’s important to note that you do not need a claims management company to file a complaint; you can complain directly to the lender without incurring any fees.
The complaints process typically involves gathering relevant documentation, such as loan agreements and correspondence with MotoNovo Finance. Once all necessary information is compiled, residents should submit their complaint through the official channel provided by MotoNovo Finance. This direct approach ensures that your concerns are addressed promptly and without unnecessary intermediaries.
What North West Residents Should Do Next
What steps should North West residents take after identifying a potentially affected car finance agreement with MotoNovo Finance? First, gather all relevant documents related to your car finance arrangement, including loan agreements, payment receipts, and any correspondence with the lender. Check the dates of these documents to ensure they fall within the specified period (6 April 2007 to 1 November 2024).
Once you have compiled this information, proceed by submitting a complaint directly through MotoNovo Finance's official complaints page. This process is free and does not require any involvement from claims management companies or solicitors. By handling your complaint directly with the lender, you can streamline the resolution process and potentially expedite compensation.
Sources and references
- FCA estimate of 12.1 million eligible agreements (FCA, March 2026): https://www.fca.org.uk/news/press-releases/fca-update-on-car-finance-compensation
- ONS Census 2021 population data for North West: https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/annualmidyearpopulationestimates/latest
- FCA estimate of £7.5 billion (FCA, March 2026) total and £829 average per eligible agreement per claim: https://www.fca.org.uk/publication/news/car-finance-disputes-update.htm
How Many People in North West Are Affected?
Based on North West's population of approximately 7,300,000, an estimated 1,525,373 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 10.9% 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).