Initial Disclosure Document
The Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the independent regulator of financial services in the UK. This Initial Disclosure Document provides information about the services offered by Express Vehicle Contracts, helping you make an informed decision about whether our services are right for you.
About Express Vehicle Contracts
Express Vehicle Contracts is a trading style of National Fleet Services Limited and is authorised and regulated by the FCA. We act as a credit broker, not a lender, working with manufacturers and finance partners and/or lenders to provide suitable finance and purchase agreements for our clients.
As a credit broker, we do not provide impartial or independent financial advice and do not make specific finance recommendations. We have access to a panel of finance partners and/or lenders including Arval, Ayvens, Alphabet, Leasys, Lex Auto Lease, Novuna, Santander, and TCH, as well as manufacturer finance through a carefully selected panel of dealerships. We also work with a specialist panel of Hire Purchase intermediaries.
Our role is to assess these finance partners and providers to find the most suitable finance options for our customers, based on the information you provide.
At Express Vehicle Contracts, we are committed to treating our customers fairly and ensuring that the products and services we provide are suitable for their needs.
Treating Customers Fairly (TCF) is a core part of our culture and philosophy. A copy of our TCF Policy Statement is available on our website and can be requested at any time.
The Credit Brokering Services We Provide
As a regulated credit broker, we provide comparable information on any firms that may be suitable for your lending or vehicle purchasing requirements, along with general information about finance products.
To ensure we provide the most appropriate options, we may ask for personal information about your circumstances and objectives. It is important that you provide accurate and relevant information, so we can help you find the finance product and agreement that is most suitable for your needs.
The Finance Products We Offer
We can introduce you to several finance partners and/or lenders for vehicle and asset finance. We only offer products from a carefully selected panel of finance providers and will not refer you to any lender outside this panel without your consent.
Some of the finance partners and/or lenders we introduce may offer additional products or services, such as vehicle maintenance. All products and services we offer are optional, and you are not obliged to take them.
Charges for Express Vehicle Contracts’ Credit Brokering Services
Administration Fee
We charge an administration fee of £295 + VAT. For regulated customers (Private Individuals, Sole Traders, and Partnerships with fewer than four partners), the fee is £354 including VAT.
This fee covers the work we carry out to:
Sourcing the vehicle
Placing the order with the supplier
Arranging finance with the finance partners and/or lender
Providing you with regular updates throughout the process
Coordinating the delivery of your vehicle with the supplier
This fee is due once you have signed the Express Vehicle Contracts vehicle order form and we have formally confirmed your vehicle order with the supplier.
In the event of cancellation, this fee is not refundable.
The fee is payable directly to us and will be invoiced once your vehicle order is confirmed. Payment must be received within seven calendar days.
Express Vehicle Contracts will not arrange delivery of your vehicle if the administration fee remains outstanding which will result in delays.
Commission Disclosure
Express Vehicle Contracts may receive a commission from the finance partner and/or lender once the vehicle has been delivered and your contract is live. This commission may be pre-set or fixed by the finance partner and/or lender and can vary across our panel of funding partners.
The level of commission will affect the amount you pay in your initial and monthly rentals. Where the commission is a fixed amount set by the finance partner and/or lender, this is not something Express Vehicle Contracts can change.
We will disclose the amount of any commission to you before any credit searches are carried out.
In addition to commission, some finance partners and/or lenders may provide us with marketing or promotional funds, and some suppliers may provide additional support. These payments do not affect the amount you pay in your rentals or payments.
Who Regulates Us?
Express Vehicle Contracts is a trading style of National Fleet Services Limited, Registered Office: Suite G21, 1 Devon Way, Longbridge Technology Park, Birmingham, West Midlands B31 2TS, and is authorised and regulated by the Financial Conduct Authority (FCA).
FCA Financial Services Register Number: 680691
Permitted Business: Credit broking, acting as an intermediary to a panel of finance partners and/or lenders
BVRLA Membership: British Vehicle Rental and Leasing Association, Membership Number 1463
ICO Registration Number: Z5088418
You can check our details on the Financial Services Register at www.fca.org.uk or by contacting the FCA on 0800 111 6768.
What to Do if You Have a Complaint
If you wish to register a complaint, please contact us:
Write to: Express Vehicle Contracts, Suite G21, 1 Devon Way, Longbridge Technology Park, Birmingham, West Midlands B31 2TS
Telephone: 0121 427 9477
Email: [email protected]
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service or the BVRLA. A copy of our complaint’s procedure is available on request or on our website: www.expressvehiclecontracts.co.uk