The Financial Conduct Authority has reported that nearly 30% of interim permission holders that had the landing slot of October 1 to December 31, have not yet responded or submitted an application. This period was the first wave to include motor dealers.
The proportion will include some elements of the motor industry that have made a conscious decision that the new regulator, and regulation it brings, is onerous.
The FCA also knew the re-application process would lead to a cull of those who had historically held an OFT licence and no longer required a consumer credit licence.
"There are two elements to this," said Louise Wallis, head of business development at the National Franchised Dealers' Association.
"Firstly the usual and common 'leave it to the last minute' issue.
"There are still four weeks to go in a dealer's mind to the end of the application period despite warnings of starting applications sooner rather than later.
"Secondly, there are number of motor businesses who will deliberately choose not to apply for authorisation.
"We know of a number of independent repair garages who sell a few cars as a secondary activity have chosen not to continue with their licences. Instead of providing car finance they will ask customers to arrange their own.
"Inevitably there will be a few dealers who have not yet tuned into the need to complete their applications during the application slot. This is dispute numerous warnings from manufacturers, finance houses, trade bodies and the media."
And Paul Guy, managing director of Aumototive Compliance, said: "My concerns are that despite all of the attention consumer credit has been getting, their are some dealers still unaware they have to do something and in some instances, with October to December applications deadline on January 1, their landing slot expires and a dealer will find themselves without consumer credit authorisation. This will then lead to a complete reapplication, which could take six months."