No special change to loan arrangements
It will be business as usual when it comes to getting vehicle loans from commercial banks, despite a police investigation into an alleged scheme that saw some people getting financing for non-existent vehicles.
That is the official position of the Barbados Bankers’ Association (BBA) whose president Glyne Harrison suggested to Barbados TODAY there was no reason to make things difficult for customers because of a “one-off” situation.
The Fraud Squad of the Royal Barbados Police Force has been investigating the operations of Executive Rentals Inc., following complaints from at least two auto-financing companies, Nassco Limited and Globe Finance, that they wanted to repossess vehicles but could not locate them, as well as matters related to insurance for cars that did not exist.
“The association and the membership are treating this as a one-off, so it has not dampened our appetite for car financing in any way at all,” Harrison said.
“Obviously, based on what has happened, the incident has reminded us that there are risks inherent in any form of financing, especially when it relates to third parties, but we will treat this on a case-by-case basis and not try to introduce any additional bureaucracy.
“The due diligence that we have in place that has worked should continue to see us being able to give customers a friendly environment for financing.”
The BBA president assured that the issue would not be used for any across-the-board measures against customers to “start to antagonize persons”.
Yesterday, the General Insurance Association of Barbados told Barbados TODAY that its members would be more vigilant in light of the matter that prompted the investigation.
Chairman of the GIAB’s Public Relations Committee, Anton Lovell, also said the membership would be meeting very shortly to determine if tighter provisions were necessary to deal with insuring vehicles, in light of the situation in which cars were being insured based solely on paperwork.
Meanwhile, police are questioning a man in connection with their investigations.
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