Lender halts new car loans in Crown dependencies

Black Horse Offshore said the changes came into force on 13 November

A subsidiary of Lloyds Bank has announced it is no longer offering new vehicle loans to customers in the Crown dependencies.

Black Horse Offshore said, with the exception of the vehicle loans, its other lending products would now be provided in Jersey, Guernsey and the Isle of Man by Lloyds.

A spokesperson said a "small number" of staff in Jersey, Guernsey and the Isle of Man would be affected by the changes.

Existing motor finance customers would continue to be serviced until their contracts ended, but no additional borrowing on existing loans would be offered, the company said.

It said as a result of the move the Black Horse brand would cease to exist in the Crown dependencies.

Black Horse Offshore is owned by the Lloyds Banking Group

Lloyds Banking Group said the changes formed part of its plans for business growth.

"To achieve the ambitious strategy that we launched in February 2022 and deliver better service to our customers, we are transforming our business," the spokesperson said.

"We are pleased with the progress we have made and this latest change, to streamline and drive efficiencies in our Crown dependencies business, will enable us to enhance the products and services that we offer our clients and customers."

Customers were advised to contact the company in the usual way with any questions or to talk about their loans or changes to their personal circumstances.

The spokesperson said affected staff in the Crown dependencies were being supported.

"We continue to work collaboratively with our recognised unions on changes impacting our colleagues," they said.