Initial Disclosure Document
The Financial Conduct Authority (FCA) is the independent regulator of financial services. A requirement by the FCA is for us to provide you with an Initial Disclosure Document to help you decide if our services are right for you. This document provides you with information about Vavoom Vehicle Management Limited, the products we offer, the services we will provide, what we charge for our services, who regulates us, what to do if you have a complaint, and details about the Financial Services Compensation Scheme.
About Vavoom Vehicle Management Limited
Providing credit broking services
We will seek your assistance in assessing your needs and we may require relevant information about your objectives and personal circumstances to enable us to identify the best possible solutions applicable to you. We will then provide you with details of either comparable firms who are most appropriate to your funding requirements, or general information relating to finance products.
The finance products
As a Financial Conduct Authority regulated credit broker, we may introduce you to a range of finance lenders who may be able to help you finance your vehicle and provide other products/services, such as vehicle maintenance and servicing packages.
We will only offer products from a carefully selected panel of finance lenders. We will not refer you outside of this panel without your consent. You can ask us for a list of the suppliers who provide our finance and insurance products. All the products we offer are optional.
We will receive a commission or other benefits from one of our finance lenders should you decide to enter into an agreement with them as a result of our introduction or, from another credit broker to whom we refer you should we be unable to arrange funding for you. This is reflected in the monthly lease rate that you pay for your vehicle. The amount of commission received may vary depending on the funder selected, the terms of the funding and other criteria, such as achieving high levels of customer service. Some lenders may also pay us an additional commission based on business volumes. If you would like more information regard to the disclosure of commissions, please e-mail firstname.lastname@example.org
Associated charges for our credit broking services
Vavoom Vehicle Management charge a fee for our credit broking services.
Processing Fee: We charge a processing fee of £198 inc. VAT for our services. The processing fee is the broker fee charged by Vavoom Vehicle Management for our service and represents the costs incurred for arranging the sale, ordering the vehicle, arranging the finance and organising delivery of the vehicle. This processing fee is payable by debit or credit card or by BACS payment and is taken once finance approval has been received, along with all relevant paperwork signed by yourself instructing us to place an order on your behalf.
Transaction Fee: For certain agreements, we may also charge a transaction fee for our service. The transaction fee represents the fee taken by Vavoom Vehicle Management for the arrangement of the agreement. The transaction fee is payable by debit or credit card or by BACS payment and is taken once finance approval has been received, along with all relevant paperwork signed by yourself instructing us to place an order on your behalf.
Contract Extension: At the end of your contract agreement and subject to approval by the finance lender, you may be able to extend your contract. Vavoom Vehicle Management will charge a contract extension arrangement fee of £80 plus VAT for this service. The contract extension fee is payable by debit or credit card or by BACS payment and will be taken on receipt of your signed finance documentation detailing the amendment. Please note, this option is not available with all lenders. Please speak to your sales consultant for further information or e-mail email@example.com
Contract Mileage Amendments: Subject to approval by the finance lender, contract mileage amendments for both reductions and extensions, will be charged a fee of £80 plus VAT. The contract mileage amendments fee is payable by debit or credit card or by BACS payment and will be taken on receipt of your signed finance documentation detailing the amendment. Please note, these options are not available with all lenders. Please speak to your sales consultant for further information or email firstname.lastname@example.org
Data Protection and confidentiality
As part of the process of obtaining finance and non-investment insurance products for your vehicle we will need to pass your details on to one or more of our finance lenders and/or insurance providers. A list of these partners is available on request together with their FCA firm reference numbers. Any organisation approached to arrange credit will need to undertake credit searches with a credit reference agency which could affect your credit rating. All our calls are recorded for training and monitoring purposes.
Vavoom Vehicle Management Ltd is authorised and regulated by the Financial Conduct Authority. Our registered address is Lake View, Lakeside, Cheadle, SK8 3GW. Our Firm Reference Number is 946537. You can check this on the Financial Services Register by visiting the FCA’s website at www.fca.org.uk or by contacting the contact centre on 0344 264 4177.
Some services that we offer are not regulated by the Financial Conduct Authority.
Complaints and dispute resolution
We work hard to ensure that the services we offer are fair and that our communication to our customers is clear and not misleading. However, if you are unhappy with our service and you wish to register a complaint, please contact us:
…in writing Customer Resolutions, Vavoom Vehicle Management Limited, Lake View, Lakeside, Cheadle, SK8 3GW
… by phone 0344 264 4177
… by email email@example.com
To help us resolve your problem, you should provide the following information:
- Your full name and contact information
- Full details of your complaint
- Your lease agreement details
- Details of what you would like us to do to put things right
- Photocopies of any relevant paperwork
We will answer any complaints as quickly as possible but always within eight weeks.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
The Financial Services Compensation Scheme (FSCS)
You may also be entitled to compensation from the Scheme if we are unable to meet our obligations. This depends on the type of business and the circumstances of the claim.
Further information about compensation scheme arrangements is available from the FSCS.