Business Continuity Update - 03/04/2020

03/04/2020  Business Continuity All News

Jigsaw Finance Business Continuity Update - 03/04/2020. 

We are well into the second week of the national 'lock-down' in the UK and we are pleased to tell you that all Jigsaw Finance staff and their families are safe and well – we sincerely hope that this is the case for you too. 

Although other automotive finance brokers have 'shuttered' their businesses for the duration, Jigsaw Finance remain open to support our essential workers as they try to source finance for their new vehicles.

Whether it's for the warehouse worker needing a car to get to work so that they can help keep our supermarkets stocked, or for the specialist business requiring finance for their commercial vehicle fleet, we are here to help.

Here are some other ways that Jigsaw Finance has been helping customers and Introducers:

  • Working with dealers to provide guidance on how to implement remote selling and online purchases on their websites.
  • Helping existing customers get in touch with their lenders, so that they can discuss the potential for payment holidays on their loans.

As you are no doubt aware, lenders are tightening the underwriting and pay-out criteria as a result of the pandemic and we are able to communicate our temporary additional requirements, as follows:

  • We will ask for a photo of the customer with the vehicle and photo ID of themselves prior to pay out.
  • Confirmation the customer has test driven the vehicle or a signed Distance Selling Amendment on the dealer invoice, if purchased online, will be required too.
  • We will phone the customer on all pay-outs to discuss current job situation / income before proceeding, or if upfront proof of income has been sent, we will speak to the customer about their own personal financial circumstances as a result of the COVID-19 pandemic.
  • If the customer is at home receiving the 80% government pay it is very important that the customer can evidence affordability.
  • Please note that we are required to provide a verbal explanation of the proposed credit agreement to the customer before documentation is signed.
  • The vehicle must have a minimum of 6 months remaining on its current MOT certificate and have been through a Pre-Delivery inspection and carry a suitable Mechanical/Electrical Warranty before pay-out.

Some of our lenders are also only paying out applications for Key Workers. Although we won't be rejecting proposals outright based on these criteria, you may find our published list of key workers a useful reference: https://www.jigsawfinance.com/news/key-workers-gov-list-01


Jigsaw Finance Limited is a credit broker and not a lender. We can introduce you to a limited number of lenders and their finance products. We are not an independent financial advisor; we will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you.

We will receive a commission payment from the lender/finance provider if you decide to enter into an agreement with them. The commission payment received is for the introduction and work in facilitating and arranging the finance for you and is a one-off payment from the lender to Jigsaw. The calculation of this commission is based either on a fixed fee or a percentage of the amount you borrow, this is determined and may vary by the commercial agreement Jigsaw has with the lender. We may work with just one lender or a limited selection of lenders when arranging finance. As a Credit Broker, we may also have other commercial arrangements with a lender which do not influence the terms of your finance agreement. We may share some of this commission with the motor retailer.

The amount of commission will be made available to you before signing your finance documents.

All the lenders that we work with pay commissions at different rates, however, the commission received does not affect the amount you will pay under your finance agreement. Our aim is to secure finance for you at the lowest interest rate available from our panel of lenders. Finance may be available from other providers outside of our panel, and you should consider your options before entering into an agreement, we are not able to provide impartial recommendation.

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