Crown Dependencies Left in the Lurch: Black Horse Halts New Car Loans

In a significant shift in lending practices, Black Horse Offshore, a subsidiary of Lloyds Bank, has decided to discontinue new vehicle loans in the Crown dependencies, which include Jersey, Guernsey, and the Isle of Man. While existing motor finance customers will continue to have their loans serviced until their contracts come to an end, they will not be allowed to borrow additional funds on these loans. This move also marks the discontinuation of the Black Horse brand in these areas.

The announcement was framed within the context of Lloyds Banking Group’s broader strategy for growth, which was initiated in February 2022. A spokesperson emphasized that the changes are integral to their plan to enhance customer service and streamline operations in the Crown dependencies. The company’s goal is to deliver better products and services after these adjustments.

A small number of employees in the affected regions will feel the impact of these changes, and the bank is actively working with unions to support its staff during this transition. Customers looking for clarity on their loans or those needing to discuss changes to personal circumstances were encouraged to contact the company for more information.

This strategic realignment underscores not only changes in financing availability for potential vehicle buyers but also highlights a shift in banking focus, prioritizing efficiency and customer engagement in a competitive market.