You cannot blame the customer service representative’s. They doing their job and are following company guidelines setout by those above and are told very little of what really is going on or what mbo’s plans are.
https://www.motabilityoperations.co.uk/ you need to look at not https://www.motability.co.uk/ for the true agenda at play.
When we spoke about me leaving the scheme and my many reason’s for doing so, he said he agreed with pretty much all of them personally and understood exactly why and was valid and that they had many calls regarding the same issues I had highlighted.
Yet what is MBO doing about it. Offering a £250 otp if and when you get a new car on the scheme, even if that is taken up by the 600k users of the scheme. Thats £150,000,000 but in reality a small percentage of there overall profits even in the past 6 months https://www.motabilityoperations.co.uk/our-performance/financial-reports/ Half year highlights 2022 £598.7m profit / £3,480.1mCapital Reserves as at 31st March 2022 /90%Renewal rate at end of lease. I predit this next 6 months profits will be even larger.
<p style=”text-align: center;”>
Notwithstanding a lower volume of vehicles
sold – down 30,000 units compared with 2021
(a consequence of an increasing volume of
lease extensions for existing customers
pending the delivery of their new vehicles)
the proceeds from the disposal of operating
lease assets saw a 8.4% increase in the six
months to March 2022 compared with prior
year, reflecting the elevated sales values
achieved in the used-car market</p>
<p style=”text-align: center;”>Profit for the period was £598.7m, representing
a 10.3% return on assets (above our long-term
target of 1.5%). This above target result is
primarily driven by two effects:
• A gain of £403.9m from vehicle sales (2021:
£78.4m), reflecting the buoyant used-car
market referenced above. The strength of
the used-car market can be directly linked
to the new-vehicle supply-side challenges
faced globally. This has resulted in significant
switching of demand to used cars. Our vehicle
remarketing operation has been able to
effectively capitalise on the conducive
demand conditions in the used-car market,
with average sales values of £15.5k (up 50%)
on prior year not only driving increased
revenue, but leading to crystallised profits
versus the net book value. Whilst this upside
is in part a result of used-car values
exceeding our previous forecast expectations</p>
I got a new vehicle in 4 weeks off the scheme. Not in months and months time or even a year/s which if your car has become unsuitable for reason’s beyond your control, what can the scheme offer you.
I also terminated early, I also mentioned the huge unaffordable ap’s and the lack of choice with only just over 500 cars on the scheme a 1/4 of what was available in the past and that many was just different variants of the same make & model. I don’t see anything changing in the market and many say this is the new normal for the car industry and they’re not going back to how it was before, even with reduced supply they are making huge profits as are MBO from used car sales and those extending lease as in the 2022 report. The next report I think will be even more profits and those profits are not really being given back into the schem all they give are token gesture’s and as we move towrds 2030 it will only get worse for those on the scheme especially if you have no off road parking and those that cannot afford such high ap’s but do not qualify for a grant. Things need to change and be looked into these are huge sums and even bonds.
<p style=”text-align: center;”>The Group continues to pursue a strategy aimed
at diversifying sources of funding, protecting
structural liquidity and maintaining a well-
laddered debt maturity profile. Following the
issue of inaugural bonds under our social bond
framework in January 2021, the Group raised
incremental financing in January 2022 via a
£500m 20-year GBP bond. This bond provides us
with strong liquidity headroom as we look
ahead and in the context of the repayment of a
£400m bond liability due in July 2022.</p>
<p style=”text-align: center;”>Of the Group’s £1,093.8m cash and cash
equivalents balance reported at 31 March 2022
(March 2021: £437.8m), £83.1m is ring-fenced
(March 2021: £149.5m) in respect of insurance
liabilities in MO Reinsurance Ltd. The Group
retains a £1.5bn Revolving Credit Facility to
provide liquidity headroom which was
undrawn at 31 March 2022. Our corporate
credit ratings (A1/A, both with a Stable
outlook; S&P and Moody’s respectively)
remain an important enabler of our access
to financing at competitive rates from the
debt capital markets.</p>
So someone is making and taking profits from the scheme. That is clear as to how much that is unclear as is alot of the accounts it’s just generic and list of a breakdown of the actual cost and items related to those cost of running the scheme. even if there small percertages of huge amounts we talking that’s alot of money, leaving the scheme and not put back directly into the scheme. just had to post this and get it out there.