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Initial Disclosure Document

We are Vehicle Consulting UK Limited and our registered office is 2 Acorn Business Park, Heaton Lane, Stockport, SK4 1AS.

We are an independent vehicle finance broker, not a lender, authorised and regulated by the Financial Conduct Authority.  Our Financial Conduct Authority Reference Number is 673523, this can be verified by contacting the FCA on 0800 111 6768 or by viewing the Financial Services Register at www.fca.org.uk

The Financial Conduct Authority require us to provide you with an Initial Information Notice.  This document provides information about us, the products we offer, and the services we will provide, what we charge for our services, who regulates us and what to do if you have a complaint. 

What do we offer?

We offer a range of business and personal vehicle leasing, or purchase facilities.  We are a licensed credit brokerage (not a lender) and can introduce you to one of our carefully selected panel of lenders whom may pay us for the introduction.

What services will we provide you with?

We will provide you with competitive quotations from the lenders most appropriate to your requirements, and general information relating to finance products.  While assessing your requirements we may require information about your personal circumstances and objectives to enable us to identify your needs.  It is important that you provide us with accurate and relevant information enabling us to narrow down the selection of firms offered, from which you can easily make your choice.

What do we charge for our services?

We charge a brokerage fee of £199.99 plus VAT which is payable prior to delivery, and after the finance is accepted by our lender.

Other Finance Facilities

You may be able to obtain finance for your purchase or contract hire agreement from other lenders.

What to do if you have a complaint?

Our aim is to provide a first class level of service, we are committed to treating our customers fairly, however if you wish to register a complaint please contact us.  By phone: 0344 875 0011 or by email: info@vehicleconsulting.com or in writing: Vehicle Consulting UK Limited, 2 Acorn Business Park, Heaton Lane, Stockport, SK4 1AS.

Our complaints policy and procedure is available to view on our website – www.vehicleconsulting.com.  If you are not satisfied with a decision taken in respect of a complaint or appeal, you may contact the BVRLA who will act as an independent arbiter.  The BVRLA can be found at www.bvrla.co.uk.  Consumer Credit customers also have the right to refer unreseolved disputes to the Financial Ombudsman Service within 6 months from the date of the final decision at www.financial-ombudsman.org.uk/consumer/complaints

Personal Funding Options – Available within the Marketplace

Personal Contract Hire (Also Known as Personal Car Leasing)

Personal Contract Hire is a fixed term, fixed cost rental agreement, and (at an additional cost) an optional fixed cost maintenance** facility for cars or light commercial vehicles.  Mileage is agreed at the outset.  Personal Contract Hire agreements include Road Fund Licence for the duration of the contract

There is no option to own the vehicle.

Advantages


  • Flexible initial rental*, with initial rentals as low as 1 rental in advance.
  • The initial rental is paid by direct debit after delivery.
  • Fixed period of car usage, from 2 to 5 years
  • Ease of budgeting
  • No depreciation or residual risks
  • Option of including maintenance** with the contract
  • At the end of the contract, simply return the vehicle

Disadvantages


  • You will never own the vehicle
  • The contract is relative inflexible, and should you wish to leave the contract early there will be a termination fee payable.
  • Vehicle must be maintained in accordance with the manufacturers’ requirements, there will be costs due at the end of the contract if the vehicle isn’t maintained in line with manufacturers’ recommendations.
  • Fixed Mileage Contract, with mileages available from 5,000 to 50,000 miles per annum. If the vehicle exceeds the contracted mileage, excess mileage*** penalties will apply.
  • Vehicle must be returned in a well maintained condition. Costs can be incurred.
  • You must have full comprehensive insurance
  • It is difficult to change mileage after the agreement has been processed.

Please note that you should only ever apply for a lease if you can afford to pay the monthly rentals, and you don’t foresee any material change which would prevent you making payments in the future.  All hire agreements are for vehicles to be used by yourself.

*Initial Rental is the first rental payment which is usually a multiplication of the regular monthly payment.  I.e.  An agreed monthly rental of £200inc VAT, agreed on a 3 in advance, would make the initial rental £600.  This amount can be increased or reduced to adjust the amount you will pay. 

**Maintenance is an option which you may wish to add to the rental agreement.  This will generally include all servicing, routine maintenance, and tyres.  If you choose a ‘Customer Maintained’ agreement then you will need to pay for all these costs separate to the agreement. 

***Excess Mileage is the amount a leasing company will charge for exceeding your agreed mileage at the outset.  Circumstances surrounding your motoring habits may change during the contract.  As an example if you’re excess Mileage is 8p per mile, and you do 1000 miles above the agreed contract, then this will cost you £80.

Personal Funding Options – Continued 

Personal Contract Purchase - PCP 

Personal Contract Purchase is a fixed term, fixed cost purchase agreement, and (at an additional cost) an optional fixed cost maintenance** facility for cars.  Mileage is agreed at the outset.  Personal Contract Purchase agreements include Road Fund Licence for the first 12 months only.

You agree to an initial instalment, pay your monthly payments, followed by a guaranteed future value.  If you choose to pay the guaranteed future value, and the option to purchase fee, then you become the owner of the goods.  Alternatively, you can choose to hand the vehicle back, subject to mileage and condition, or part exchange the vehicle. 

Advantages


  • Flexible initial instalment. The initial instalment is paid by direct debit after delivery
  • Fixed period for the purchase agreement. Typical term of 2-5 years
  • Settlement figures are available at any stage during the agreement. You may be able to use the value of the vehicle to assist with the settlement of the finance agreement.
  • Ease of budgeting
  • No depreciation or residual risks
  • Option of including maintenance** with the contract.
  • Different options at the end of the contract: Pay the final value, and keep the vehicle (subject to mileage and condition), return the vehicle to the finance company, part Exchange the vehicle, or refinance the final guaranteed future value

Please note that you should only ever apply for a PCP agreement if you can afford to pay the monthly instalments, and you don’t foresee any material change which would prevent you making payments in the future.  All PCP agreements are for vehicles to be used by yourself. 
 

Disadvantages

 
  • Cost. It may be more expensive than hiring. 
  • Vehicle must be maintained in accordance with the manufacturers’ requirements, there will be costs due at the end of the contract if the vehicle isn’t maintained in line with manufacturers’ recommendations.
  • Fixed Mileage Contract, with mileages available from 8,000 to 30,000 miles per annum. | If the vehicle exceeds the contracted mileage, excess mileage*** penalties will apply. Only if you choose to return the vehicle to the finance company.
  • You must have full comprehensive insurance 
 
Personal Funding Options – Continued

Hire Purchase/Motorloan

Hire Purchase/Motorloan is a traditional way to finance your vehicle acquisition.  Hire Purchase, is a case of paying a deposit, followed by a fixed number of payments, and at the end of the agreement there is nothing left to pay and the goods become your property.

Advantages


  • Flexible Deposits. Deposits are paid to the dealership prior to delivery.
  • Fixed period for the purchase agreement. Typical term of 3-5 years.
  • Ownership
  • Unlimited mileage contracts
 

Disadvantages

 
  • Monthly payments are typically higher, as there is no deferment of capital. 
  • Depreciation and residual risk