This document sets out how we will deal with you in the provision of services for Credit Broking and explains factors that you should consider.
The Financial Conduct Authority is the independent regulator of financial services. The Financial Conduct Authority requires us to provide you with a document called an ‘Initial Disclosure Document’. This document provides information about us, the products we offer, the services we will provide, what we charge for our services, who regulates us and what to do if you have a complaint.
Car Leasing Contracts is a trading style of VIP Gateway Limited Ltd. VIP Gateway limited is authorised and regulated by the Financial Conduct Authority 619198.
You can check this in the Financial Conduct Authority’s Register by visiting the Financial Conduct Authority’s website or by contacting the Financial Conduct Authority on 0800 111 6768.
Who are we?
We are a broker, not a lender and our registered office is VIP Gateway, 32-33 Longwood Road, Trafford, Manchester, M17 1PZ. Our contract number is 0161 641 4111. All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
Registered in England & Wales with company number: 08919886 | Data Protection No: ZA158071 | VAT No: 206689977
Registered Office: 32/33 Long Wood Road, Trafford, Manchester, England, M17 1PZ
Carleasingcontracts.com – firstname.lastname@example.org – 0161 641 4111
VIP Gateway Limited a credit broker, not a lender.
What do we offer?
We will at all times act in your best interests, we will source finance from our panel of third-party finance providers, which is suitable for the requirements you disclose to us. We will not offer facilities from lenders outside of this panel. When the preferred option has been agreed, we will provide you with information about the finance and the provider of this to ensure you understand your responsibilities and commitments, before proceeding.
Our aim is to supply you with a professional and confidential service that delivers the highest possible standards. However, there may be occasions where you feel this has not been achieved and should you wish to make a complaint about any aspect of the service we provide to you, you can do this by writing to VIP Gateway, 32/33 Longwood Road, Trafford, Manchester, M17 1PZ or by telephoning us on 0161 641 4111, further information regarding complaints procedures can be found below.
What do we charge for our services?
We are a commission and fee-based organisation which means that we may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with us. These fees may be variable or pre-set dependent on the product and the volume that we place with the chosen supplier.
Do You Need Finance?
There are a number of options for you to consider when looking to acquire equipment, the main options are:
- Outright Purchase, utilising your own cash reserves
- Bank Facility
- Raise New Capital
- Short Term Rental (typically less than one year)
- Asset Finance Agreement: i) A finance provider will purchase the equipment from the supplier you have selected, at the price you have negotiated. ii) You will then hire or lease the equipment from the finance provider.
When deciding your preferred route, you should consider the following relevant factors:
- Whether you have the Cash to Buy outright
- How long you require the equipment
- Cost / Benefit of the various options
- How long you expect to use the equipment
- TAX (Income tax/corporation tax), VAT and accounting treatment of the facility
For further information when deciding whether or not to utilise asset finance, please follow this link to the Governments’ Business Finance advice.
Types of Finance
- Hire Purchase: Upon reaching the end of the agreement there is an option to purchase the equipment. This option to purchase is generally a nominal value and usually collected automatically. Should you not take this option, you will be required to return the equipment to the finance provider.
- Conditional Sale: Upon reaching the end of the agreement you will automatically take ownership of the equipment.
- Lease: Upon reaching the end of the agreement, there is no option to purchase. The agreement can usually be extended allowing you to continue to use the equipment whilst continuing to make regular payments. You may be offered the option to sell the asset on behalf of the finance provider. Or, the equipment can be returned to the finance provider.
Please Note: We may not be able to offer all of the products listed above; product availability is subject to underwriting, suitability and credit acceptance.
Most types of asset finance arrangements will involve you making an initial payment (deposit or one-off first payment) followed by regular payments. The key difference between these products relates to the conclusion of the agreement, specifically who holds title to the equipment. Further information regarding these factors can be found at Governments’ Leasing and Asset Finance advice.
Suitability of Finance?
In certain circumstances, asset finance may not be suitable for your needs. When deciding whether or not to obtain asset finance you should consider:
- You are required to continue to pay for the equipment for the agreed period/payment even if you no longer need/use the equipment.
- Should you wish to change the equipment during the agreed period you may be required to settle the agreement or pay higher charges.
- Finance may be unsuitable if you are unsure whether i) You will need the equipment for the agreed period ii) The equipment will be maintained and can keep in a useable condition for the agreed period iii) You would be unable to return the equipment upon conclusion of the agreement.
For further information in relation to factors affecting suitability, please refer to the Guidance published by the Institute of Credit Management, “Managing Cash When it’s Time to Invest”.
If you have opted for a non-maintained contract, you will be responsible for any maintenance in line with the Manufacturers servicing and maintenance recommendations according to their website and vehicle handbook. This will be at your cost.
Before committing to an order, it is important that you check that the vehicle meets your requirements, including transmission type. We recommend that you visit your local Main Dealer to test drive the vehicle before placing an order.
Adhering to the emissions standards for new cars means that almost all diesel vehicles are now fitted with a DPF. This is a technology which is designed to catch soot in the exhaust and as a result, prevent it from entering the environment. To keep everything running smoothly, the filter needs to be regularly emptied using a process known as regeneration. This is when the soot is burnt off at a high temperature, leaving just a small residue of ash. It’s a process that takes place automatically when driving at motorway speeds because the exhaust reaches a high enough temperature for the regeneration process to occur. On the other hand, if a vehicle is mainly driven for shorter distances, at slower speeds, the cleaning process will not take place frequently enough to keep the filter clean. In these circumstances, most vehicles will initiate a forced regeneration by boosting the exhaust temperature to a point where regeneration will occur. However, this can mean that you need to keep driving for 10 minutes or so at speeds greater than 40mph until the process is complete and the warning light clears.
If the warning light is ignored, soot levels will continue to rise and the vehicle may enter a ‘restricted performance mode’ in order to limit any further damage. At this point, the vehicle will need professional attention to clean or even replace the DPF. This is not covered by either your warranty or any maintenance agreement. To protect your DPF and keep it running smoothly, it is important to follow the guidance found in your vehicle handbook and, if any warning lights come on, take the recommended action immediately.
When we provide services to you we will need to gather information about your personal circumstances. The information you provide to us will be subject to the Data Protection Act 1998 (the “Act”). By signing this document you consent to us or any company associated with us processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, lenders or statutory, governmental or regulatory bodies for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data. (This may include performing searches with licensed credit reference agencies.)
In order to provide services to you, we may be required to pass your personal information to parties located outside of the European Economic Area (EEA) in countries that do not have Data Protection Laws equivalent to those in the UK. Where this is the case we will take reasonable steps to ensure the privacy of your information.
We may also contact you or pass your details to other companies associated with us to contact you (including by telephone) with details of any other similar products, promotions, or for related marketing purposes in which we think you may be interested.
The information provided may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the committing or alleged committing any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions; religious or similar beliefs; sexual life; or your membership of a Trade Union.
If at any time you wish us or any company associated with us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on 0161 641 4111 or in writing at VIP Gateway, 32/33 Longwood Road, Trafford, Manchester, M17 1PZ.
You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purpose. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data. Subject to certain exceptions, you are entitled to have access to your personal and sensitive personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data.
What to do if you have a complaint?
Our aim is to provide a first class service and we are committed to treating our customers fairly, however, if you wish to register a complaint please contact us:
By Phone: 0161 641 41111
By Email: email@example.com
In Writing: 32/33 Longwood Road, Trafford, Manchester, M17 1PZ.
Our Complaints Policy and procedure is available to view on our website. If you are not satisfied with a decision taken in respect of a complaint or appeal, you may contact the BVRLA (our industry trade association) who will act as an independent arbiter, at www.bvrla.co.uk Consumer Credit customers also have the legal right to refer unresolved disputes to the Financial Ombudsman Service within six months from the date of the final decision.