Adequate Explanation Document

Motorlet Limited
Company Registration Number: 10231513
FCA Registration Number: 752729
Registered Office: Upton House, 4 Baldock Street, Royston, Hertfordshire, SG8 5AY
Phone: 0333 202 6668
Email: [email protected]
Website: www.motorlet.co.uk

What is an Adequate Explanation Document?

The Financial Conduct Authority (FCA) requires regulated entities to provide this Adequate Explanation Document, which includes important information about Motorlet Limited and outlines key features of the finance agreement to help you make an informed decision.

Who Regulates Us?

Motorlet Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a credit broker, not a lender.
FCA Registration Number: 752729.

You can verify our status by visiting the FCA’s website www.fca.org.uk/register or by calling the FCA at 0300 500 8082.

The Services We Provide

As a regulated credit broker, Motorlet Limited will take steps to ensure that any recommendations we make align with your needs and financial circumstances. In assessing your needs, we may ask for information about your personal situation and objectives. It is important that you provide accurate and relevant information.

Products We Offer

Motorlet Limited works with a panel of UK funders to offer leasing solutions for both personal and business customers. Products may include maintenance or servicing packages to meet various customer needs. All products offered are optional, and we will not refer you to additional funders without your consent.

We may receive a commission from finance providers if you enter into an agreement with them. This commission is reflected in the monthly lease rate, and the amount may vary based on the terms of the lease. For more information regarding commission disclosure, please contact us at [email protected] or 0333 202 6668.

What Will You Have to Pay for Our Services?

Arrangement Fee: Motorlet Limited charges a fee of £300 (including VAT) for sourcing and arranging your vehicle lease. This fee represents the cost of securing your lease, ordering the vehicle, establishing a credit line, and organising vehicle delivery. This payment is taken upon application via a secure payment link provided once you sign the necessary documents instructing us to place an order.

Leasing Agreement Details

• Ownership: As this is a lease agreement, you will not own the vehicle at the end of the lease term.

• Maintenance: Whether you select a maintained or non-maintained lease, it is your responsibility to ensure the vehicle is serviced to the manufacturer’s standards.

• Mileage: The agreement is based on the term and mileage limit that aligns with your needs. Exceeding the mileage limit will result in an excess mileage charge, detailed in your quote and agreement documents.

• Right to Withdraw: You have the right to withdraw from the agreement within 14 days of signing. If you exercise this right, the agreement will be cancelled, and the vehicle must be returned. Additional charges may apply if the vehicle has been delivered.

• Early Termination: If you choose to end the lease early, an early termination fee will apply, as outlined in your agreement.

• End of Contract: At the end of the contract, the vehicle must be returned in line with BVRLA standards. Additional charges may apply if there is excess wear or if the mileage limit is exceeded.

Considerations of Leasing

1. No Ownership: Leasing is a hire agreement, so you will never own the vehicle, even at the end of the lease term.

2. Mileage Restrictions: You must adhere to the annual mileage allowance. Exceeding this limit will result in additional charges.

3. Condition Standards: At the end of the lease, the vehicle must be returned in line with the BVRLA Fair Wear and Tear guidelines. Additional charges may apply for damage beyond these standards.

4. Long-Term Commitment: Once the agreement begins, you are committed to making the payments for the duration of the lease term. Early termination may result in significant fees.

5. Potential Costs for Changes: If your circumstances change, such as needing a different mileage allowance or early termination, additional fees may apply.

6. Insurance Responsibility: You must arrange comprehensive insurance for the vehicle throughout the lease term, which can be an additional cost.

7. No Asset: Unlike purchasing a vehicle, leasing does not give you an asset at the end of the agreement that could retain residual value.

Things You Cannot Do with a Lease

1. Modify the Vehicle: You cannot make permanent modifications to the vehicle, such as adding body kits or changing paintwork, without prior written consent from the finance provider.

2. Use the Vehicle Outside the Terms: The vehicle must not be used for any purpose outside the terms of the lease, such as sub-letting, ride-sharing, or other commercial activities not specified in your agreement.

3. Ignore Maintenance: You must maintain the vehicle in line with the manufacturer’s guidelines, even if you opt for a customer-maintained lease. Failure to do so may result in charges.

4. Transfer the Lease: The lease agreement is non-transferable and cannot be assigned to another person without approval from the finance provider.

5. Drive Without Proper Insurance: The vehicle must be comprehensively insured at all times, covering all named drivers and uses.

6. Avoid Mileage Charges: If you exceed the agreed mileage allowance, you cannot waive or avoid the excess mileage charges.

Missed Payments

Failure to make payments may impair your credit rating and affect your ability to obtain future credit. Non-payment could lead to repossession of the vehicle and potential legal action.

Confidentiality and Data Protection

Motorlet Limited acts as a data controller in the leasing process. If you proceed with a lease, we will share relevant personal information with the finance provider to facilitate the credit application. This may include credit checks with Credit Reference Agencies, which may impact your credit file.

What to Do If You Have a Complaint

Motorlet Limited is dedicated to providing a high-quality service. If you are dissatisfied with any aspect of our service, please contact us at:

Complaints
Motorlet Limited
Upton House, 4 Baldock Street, Royston, Hertfordshire, SG8 5AY
Phone: 0333 202 6668
Email: [email protected]

We will acknowledge your complaint within 3 working days and work towards a resolution within 30 days. If the complaint remains unresolved after 8 weeks, you may be eligible to refer it to the Financial Ombudsman Service.

Financial Ombudsman Service Contact Information
Address: Exchange Tower, London, E14 9SR
Email: [email protected]
Phone: 0800 023 4567 or 0300 123 9123

Treating Customers Fairly

Motorlet Limited is committed to treating customers fairly before, during, and after a sale. This includes ensuring clear communication, transparency in fees, and a straightforward cancellation process.