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 and associated trading styles is a Credit Broker not a lender and is authorised and regulated by the Financial Conduct Authority (FRN 679612). We work with a limited panel of lenders, who may offer different interest rates and charges. We are only able to offer finance products from these providers. Our lender selection process is structured to balance lender efficiencies with customer approval rates. We operate on a non-advised basis, meaning we do not provide financial advice or make recommendations. Instead, we explain key features of available finance products, and you decide whether the product is suitable for you.

We do not charge you a fee for our service; instead we receive a commission payment from lenders for arranging finance on your behalf. The commission we receive may vary depending on the lender and product. The commission we receive from the lender and pay to the introducer impacts the amount you pay.

As a credit broker with a limited panel of preferred credit providers from whom we receive commission, Jigsaw is not impartial and we may be influenced by the amount of commission we earn. Although we receive commission from lenders, we aim to provide finance solutions that meet our customers' needs.

The amount earned by Jigsaw and the motor retailer including how it has been calculated will be disclosed prior to signing your agreement. Full details of this can be found in our Initial Disclosure Document.

If you have any questions about how we are paid or how we select lenders, please ask before proceeding.

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