Initial Disclosure Document

Financial Conduct Authorityy

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 may charge you for our brokering services in the form of a documentation fee of £150.00 + VAT, dependent on the financial product you select. If applicable this documentation fee will be clearly marked on the vehicle and finance quotation document.

Cancellation

Holders of regulated finance agreements may have fourteen days after signing the contract documents during which to cancel the contract without paying a penalty to do so. This is known as the cooling off period and forms part of your consumer rights. If you would like to cancel the contract you should fill in the cancellation form and return it to the company denoted on the form.

Commercial Vehicle Contracts Limited will charge for the cancellation of vehicle orders a fee at least equivalent to the initial rental of the finance agreement, as per the terms and conditions of order.

The laws that govern the length of the cooling off period differ depending on how and where the agreement takes place.

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.