Business Continuity Update - 05/11/2020

05/11/2020  Business Continuity All News

Jigsaw Finance Business Continuity Update - 05/11/2020

With various Coronavirus Rules in place for each of the United Kingdom’s nations, including Regional Tier Systems, National ‘Circuit-Breakers’ and Lock-Downs, Jigsaw Finance Limited remains open for business – please refer to our opening hours detailed on our website here.

As you are no doubt aware, lenders have tightened their underwriting and pay-out criteria during the course of this pandemic. As such, we may require any of the following during the processing of finance applications:

  • 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.
  • Discussions with the customer by Jigsaw personnel on all pay-outs to discuss current job situation / income before proceeding, or if upfront proof of income has been sent, Jigsaw personnel will speak to the customer about their own personal financial circumstances as a result of the pandemic.
  • If the customer is on the Coronavirus Job Retention Scheme, or its successor, then the customer will need to evidence affordability.
  • Jigsaw personnel 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, have been through a Pre-Delivery inspection, and carry a suitable Mechanical/Electrical Warranty before pay-out.

Customers requiring information on Payment Holidays on existing finance previously arranged by Jigsaw should refer to our list of Lender Customer Service Contact Numbers on our website here.

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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