Initial Disclosure Document

The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA require us to provide you with an Initial Disclosure Document to help you decide if our services are right for you. This document provides information about The Vehicle Network, 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 The Vehicle Network

The Vehicle Network is authorised and regulated by the Financial Conduct Authority (FCA).

We are permitted by the FCA to carry out credit broking.

Our registered address is 4 Clews Road, Redditch, England, B98 7ST. Our Financial Conduct Authority Firm Reference Number is 913248. You can verify our status on the Financial Services Register by visiting the FCA’s website at www.fca.org.uk or by contacting the contact centre on 0800 111 6768.o

The credit broking services we provide We will provide you with either comparable details of firms most appropriate to your funding requirements, or general information relating to finance products. To assist us in assessing your needs we may seek relevant information about your personal circumstances and objectives in order to enable us to identify the best possible solutions applicable to you.

The finance products we use

As a Financial Conduct Authority regulated credit broker, we may introduce you to a range of finance providers 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 providers. 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 may receive a commission or other benefits from one of our finance providers 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 funders 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 info@thevehiclenetwork.co.uk.

The charge for our credit broking services

The Vehicle Network may charge a fee for our credit broking services.

Processing Fee – We sometimes charge a processing fee for our services. The processing fee is the broker fee charged by The Vehicle Network 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 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 The Vehicle Network Limited 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 provider, you may be able to extend your contract. The Vehicle Network will charge a contract extension arrangement fee of £150 excl. VAT for a six-month extension and £200 excl. VAT for a 12-month extension. The contract extension fee can be paid 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 funders.

Contract Mileage Amendments – Subject to approval by the finance provider, contract mileage amendments (e.g. reductions and extensions) will be charged a fee of £150 excl. VAT. The contract mileage amendments fee is payable 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 funders. Please speak to your sales consultant for further information or e-mail info@thevehiclenetwork.co.uk

Transfer of Contract – In the instance that a transfer of contract name is required for a private individual, sole trader, partnership or LLP, The Vehicle Network will charge a fee of £400 excl. VAT subject to approval by the finance provider. This fee represents two costs, £200 (excl. VAT) of which is paid to the finance provider for the administration of the Transfer of Contract agreement and £200 (excl. VAT) of which represents the costs incurred by The Vehicle Network for processing the arrangement on your behalf. The transfer of contract fee is payable by debit or credit card or by BACs payment and will be taken prior to finance proposal. This fee is payable even if you do not complete for any reason but does not apply if you fail to pass eligibility checks. Please note, this option is not available with all funders.

Novation Fee – In the instance that a transfer of contract name is required for a Limited Company, The Vehicle Network will charge a fee of £400 excl. VAT subject to approval by the finance provider. This fee represents two costs, £200 (excl. VAT) of which is paid to the finance provider for the administration of the Novation agreement and £200 (excl. VAT) of which represents the costs incurred by The Vehicle Network for processing the arrangement on your behalf. The novation fee is payable by debit or credit card or by BACs payment and will be taken prior to finance proposal. This fee is payable even if you do not complete for any reason but does not apply if you fail to pass eligibility checks. Please note, this option is not available with all funders. Please speak to your sales consultant for further information or e-mail info@thevehiclenetwork.co.uk.

The insurance services we provide

The Vehicle Network is an insurance intermediary. We can advise and make recommendations for you after we have assessed your needs for Contract Hire and Lease GAP Insurance and/or Tyre and Alloy wheel and SMART repair insurance.

The charge for our insurance services

We do not charge fees for our insurance related services, but we may receive additional commissions from the insurer for each given product. Our margins for regulated GAP Insurance policies are within the guidelines issued by the FCA (Financial Conduct Authority) and can be compared with like for like products in the open market.

We hold any insurance money (premiums/refunds) as the agent of the insurance provider under a Risk Transfer Agreement.

Confidentiality and data protection

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/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.