The FCA has recently announced that payment holidays on financial contracts will come to an end from February onwards and vehicle repossessions can re-commence. The UK’s £75bn car loan market including 6.5m vehicles financed through leasing deals is now no longer offering payment holidays. Customers are now under pressure to meet the requirements of their agreements or face repossession.
In April 2020 the FCA announced steps to help customers facing financial difficulties due to the coronavirus pandemic. Payment freezes were subsequently extended in November 2020 and lenders have since been working with borrowers to meet payments. Where payments haven’t been possible in full, lenders have sought to come to tailored agreements recognising the uncertainty many now face financially.
This scheme is now coming to an end and lenders are now in a position of being able to pursue customers for vehicles where terms of the agreement are not being met.
As motor finance companies and lenders may now have a large number of repossessed vehicles to manage, Copart Automotive are able to help support them in the collection, storage and remarketing of these vehicles, no matter what the vehicle or condition it is in.
How Copart Automotive assist with repossessions
Copart Automotive has put practices in place to try and assist companies to remarket vehicles and assist in the sales process in a number of ways.
Handling drop-in’s, providing safe and secure storage space
With a large number of vehicles expected to be repossessed over the coming months, Copart’s connected, secure, nationwide network of Operation Centres are able to store vehicles safely. What’s more, our customers in the motor finance sector benefit from free storage (pre-sale), to provide support when clearing the finance markers from the vehicles.
Vehicle processing expertise
With proven strong links to the UK Insurance and Motor Claims sector, Copart Automotive can assist and guide through complex cases and red tape complexities. Our specialist team is on hand to advise and enable the repossession process from start to finish.
Selling to a global buyer base
Copart Automotive’s global buyers come from over 110 countries. This broad range of international markets provides the best opportunity to sell repossessed vehicles to a specialist market.
Speed, ease and great returns
Copart Automotive’s expertise allows a quick and easy transition of vehicles from repossession to a good price on sale. We appreciate the complexities vehicles have arrived with finance companies are far from ideal and seek to make the process as easy as possible.
Copart Automotive is here to help from start to finish. Our team of experts is in place to streamline the repossession process for you, allowing you to collect and remarket vehicle stock fast and efficiently.
If you are a motor finance company who needs help to collect, store and remarket repossessed vehicles, get in touch with our team of experts.