Financial Conduct Authority
The Financial Conduct Authority is the independent body that regulates financial services. Commercial Vehicle Contracts Limited is authorised and regulated by the Financial Conduct Authority. Our register number is 678622 and you can check our status at: https://fca.org.uk or by contacting the Financial Conduct Authority on 0300 5000597. Our permitted business includes credit broking.
Our Service
Our dedicated client Account Managers will assess your demands and needs through a series of qualification questions and a consultative approach, and may make a recommendation to you. You will then be able to make an informed decision about the overall suitability of our service and any financial product, ancillary product, and motor vehicle before you decide to proceed. We charge you for our brokering services in the form of a documentation fee of £199.00 + VAT. This documentation fee will be clearly marked on the vehicle and finance quotation document.
In addition to charging a Documentation Fee of £199.00 + VAT for processing new business, the firm charges all customers a Documentation Fee of £199.00 + VAT in the event that they wish and are able to formally extend the term of finance. This fee is charged in order to cover the work which is required in these circumstances and includes consulting and liaising with the funding partner, submitting the requisite details, checking the requisite details and presenting them to the customer in a formal format. Once authorised the firm will then issue the completed schedule to the funding partner.
Cancellation
You are able to cancel the finance agreement at any time without charge prior to the agreement becoming non cancellable with the funding partner (after which time funder termination costs will apply which are detailed in your finance agreement pre contract information). You are able to cancel the vehicle at any time without charge prior to taking delivery of the vehicle (after which time funder termination costs will apply which are detailed in your finance agreement pre contract information). If you have selected vehicle modifications then our firm will pay to the supplier the full cost of any such work and products. We will advise in writing the full costing of any such modification work at the stage that we submit your customer order form to you, which is prior to requesting your authorisation to proceed. In the event that you proceed and then cancel the vehicle order after the vehicle has undergone the modification work, then there will be no charge to cancel the vehicle order however you agree to reimburse to our firm the cost of all modification work as per the details submitted to you by our firm prior to authorisation. The cost of modification cancellation will never exceed the cost borne by the firm in respect of this.
Consumer Credit Act 1974:
If you enter into a regulated credit agreement you have a right to a fourteen-day cooling-off period from the date of the agreement regardless of any pre-arranged visit. If you don’t receive a copy of the ‘executed agreement’, the cooling off period extends to the end of the fourteenth day following the day you signed the agreement.
Consumer Protection (Cancellation of Contracts Concluded Away From Business Premises) Regulations 1987:
If you enter into a contract away from business premises you have a right to cancel the contract within fourteen days. If the relevant law requires a longer cooling-off period, then this should take precedence over the requirements of the Code.
Status Disclosure
Commercial Vehicle Contracts Limited is a credit broker and not a lender. With your agreement, we will introduce you directly to our selected panel of lenders to establish credit. This will result in a credit search against our business and may include nominated directors and partners. As such we will share your business and any submitted personal details with our business partners during the normal course of transacting your business. In the event that we introduce you to Arval, ALD or Santander then this will be conducted via our strategic partner Lookers PLC, to whom we will make your business and personal details available in the normal course of transacting your business. In the event that Commercial Vehicle Contracts introduce you to a funder that operates on behalf of a motor vehicle manufacturer, then this introduction will be via a nominated franchised motor vehicle retailer appointed on behalf of the manufacturer, to whom we will make your business and personal details available in the normal course of transacting your business.
Commission Disclosure
We may receive a commission payment from the lender in respect of any finance agreement that we arrange for you and in addition we may receive an additional amount per unit from the lender based on the volume of business referred and the quality standards of our work. Any commission that may be due is capped at a taxable list price of the asset. The higher the level of commission payable, the higher the rental or payment payable by the customer. We may receive a vehicle margin from the vehicle supplier in respect of placing the vehicle order.
If you hold a regulated finance agreement, then you have the right to ask us the amount of any financial consideration that we will receive for transacting your business. Please write to Commercial Vehicle Contracts Limited, The Landmark, 66 Sackville Road, Bexhill-on-Sea, East Sussex, TN39 3FA for details or call on 01424 863456.
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