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:

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.

Whichever lender Jigsaw Finance Limited introduces you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow).

All of the lenders that Jigsaw Finance Limited work with could pay commission at different rates and the commission values could vary between finance products, but the commission we receive does not influence the interest rate you will pay. Jigsaw Finance Limited's aim is to secure finance for you at the lowest interest rate available from our panel of lenders.

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