Credit adverts for the Sunderland based company, appearing in newspapers in Scotland and the north of England and on dealership forecourts, were considered by the OFT to be in breach of the Consumer Credit (Advertisements) Regulations (CCARs) and, in some instances, to be misleading.
Concerns raised by the OFT covered a variety of different advertisements offering finance on cars.
In the view of the OFT these adverts failed to comply with the CCARs in a number of ways including:
Although Reg Vardy would not give signed undertakings to the OFT they gave a written assurance that their advertising would be compliant in future.
Alan Williams, senior director of markets and projects at the OFT said: “The OFT welcomes the action taken by Reg Vardy in making its credit advertising more transparent to consumers.
“The regulations governing credit advertisements are designed to ensure that consumers receive essential information about the true costs of the loans on offer. It is important that businesses comply with these requirements when drawing up their advertising.”