From 1 October 2020, the MotoNovo Finance reference rate will be replaced with Bank Base Rate (BBR).
Prior to October 1 2020, MotoNovo Finance calculated and published an FHBR equivalent rate using the same method previously used by the FLA. The rate is used as a base to calculate your lending charges which may vary by reference to that rate.
What is BBR? From 1 October 2020, we will switch the base rate of your UIF Stocking agreement to Bank Base Rate (BBR). We'll continue to operate this base rate subject to a minimum of 1%. This will result in an identical rate of interest for you and there will be no impact on the cost of your financing agreement.
If you have any questions about this change or how interest rates will be calculated in the future, please feel free to contact the Dealer Funding Oversight team on 029 2076 7156 or email us at [email protected].