This has entitled customers to defer their monthly car finance payments for up to 6 months if appropriate, with these payments required to be repaid further into the agreement or through an extension of the agreement. The latest guidelines provide payment deferral entitlement until the end of July, with the option to apply for a first time payment deferral available until today - 31 March. Lenders will be required to continue providing tailored support to customers based on individual circumstances. FCA Covid-19 information is provided here.
The FCA has issued several versions of temporary guidance over the course of the pandemic requiring lenders to provide support for customers who are in financial difficulty as a result of the pandemic.