Vans | Cheap | Leasing | New | For Sale | Commercial | Lease | Transit | UK

Specialist Automotive Finance

Independent research published in 2006 showed that car buyers generally did not fully understand the features and benefits of finance sold in motor dealerships and that there were mixed perceptions on the quality of finance information given in showrooms.

The research also found that there were no professional standards for dealerships related to the sale of motor finance. The FLA (Finance & Leasing Association) and its members (motor finance companies) thought we could help and introduced Specialist Automotive Finance (SAF) in 2007.

SAF aims to raise professional standards and improve the knowledge of dealership staff involved in selling motor finance. SAF will help to boost the confidence of car buyers on motor finance by providing better information and advice in showrooms on which product is right for them.    

Core to SAF is the competence test which assess’ the knowledge of staff on the finance products sold in dealerships, as well as motor finance regulation. When an individual passes the test he/she is awarded a Certificate of SAF Competence Test and becomes a SAF Expert in recognition of their improved standard of knowledge. 

In August 2009, the FLA extended SAF-certification for individuals (SAF Expert) to companies. SAF Approved is SAF-certification for companies who meet the FLA’s eligibility criteria.

Benefits of SAF and SAF Approved for car buyers:

Car buyers will benefit from improved information and guidance on motor finance options and their rights under finance agreements.

Consistency in the information received underpinned by the FLA’s SAF guidance note.

Greater consumer confidence and peace of mind in the point-of-sale offering.

Clearly branded showrooms indicating which dealerships have voluntarily obtained SAF Approved status.

About the Finance and Leasing Association

The FLA is the leading trade association for the motor finance, asset finance and consumer credit industries in the UK. Last year, FLA members provided £18 billion of finance for car purchases and funded over half of all new car sales in the UK.

Figures from the FLA show that finance sold in motor dealerships is the most popular method of buying a new car.