Motor dealerships warned over PPI plans on classic cars
22 Aug 2008
Motorists taking out a car finance plan for classic cars with a British vehicle dealership could find that the institution has not performed in the proper manner.
The RMI National Franchised Dealers Association (NFDA) has warned firms that they can receive a hefty fine from the Financial Services Authority (FSA) for behaving in such a manner over the plans.
It added that those considering PPI should get in touch with the NDFA for advice and commented that the rules for such a deal are often stringent.
"The NFDA is working with the FSA to ensure that the regulations are as effective as possible and that they benefit businesses and consumers alike," said NFDA official Sue Robinson.
Price comparison website uSwitch.com earlier this month revealed that some £168 million will be spent this September on new vehicles with 58 registration plates.