Motorlet Limited Initial Disclosure Document

This document is to ensure that you have full transparency regarding our services, our role, and any fees or commissions related to your finance agreement. Thank you for considering Motorlet Limited for your vehicle financing needs.

Company Registration Number: 10231513
FCA Registration Number: 752729
Address: Motorlet Limited, Upton House, 4 Baldock Street, Royston, Hertfordshire, SG8 5AY
Phone: 03332026668
Email: [email protected]
Website: https://www.motorlet.co.uk

About This Document

The Financial Conduct Authority (FCA) is the independent regulator of financial services. This document provides you with essential information about Motorlet Limited to help you decide if our services are suitable for your needs. It explains who we are, the services we provide, associated fees, regulatory details, and the complaint resolution process. It also includes information about the Financial Services Compensation Scheme.

About Motorlet Limited

Motorlet Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a credit broker, not a lender. We provide credit broking services, including vehicle finance and leasing arrangements.

Our FCA Firm Reference Number is 752729. You can verify our status on the Financial Services Register at www.fca.org.uk or by calling 0800 111 6768.

Our Services

Motorlet Limited offers a range of services to support your vehicle needs:

• Credit Broking: We facilitate connections with finance providers who offer funding for vehicle leasing and purchasing.

• Needs Assessment: By understanding your requirements, we aim to match you with suitable finance products.

• Product Information: We provide information on available finance products to help you make an informed choice.

Finance Products and Providers

As an FCA-regulated credit broker, we work with a panel of carefully selected finance providers. All products are optional, and we will refer you to our panel only with your consent. Upon request, we can provide a list of these providers.

We may receive commission payments from finance providers if you enter into an agreement with them. This commission, which may vary depending on the provider and product, may impact the total cost of your agreement. You have the right to request details about any commission we may receive.

Our Fees

Processing Fee: Motorlet Limited charges a processing fee of £300 (including VAT), or £250 (excluding VAT), for our credit broking services. This fee covers:

• Arranging finance approval

• Ordering your vehicle

• Coordinating vehicle delivery

This fee is payable once finance approval is received and all necessary paperwork is signed, authorising us to proceed with your order. Payment can be made via debit/credit card or bank transfer.

Additional Fees: Motorlet may apply an administrative fee for additional services, such as contract amendments or mileage adjustments. If these fees apply, we will notify you in advance.

Commissions and Remuneration

Motorlet Limited may receive a commission from finance providers when arranging vehicle finance/leases on your behalf. We believe in transparency, and this section provides details on the nature, purpose, and structure of commissions and how they impact your finance arrangement.

1. Purpose of Commission Payments

Commissions are payments made by finance providers to Motorlet Limited for the service we provide in introducing and arranging finance agreements for our customers. These payments help cover the costs involved in providing our services, including guidance on finance products, needs assessment, and administration.

2. Types of Commissions

We may receive different types of commissions from our finance providers, which include:

• Fixed Commission: A standard payment amount agreed upon with the finance provider, regardless of the specific terms of the finance agreement.

• Variable Commission: A commission amount that may vary based on factors such as the amount financed, the term of the finance agreement, or product type.

• Volume-Based Commission: In some cases, finance providers may pay an additional commission if we achieve a high volume of business with them over a particular period.

These payments may impact the total amount payable by you under the finance agreement.

3. How Commissions Are Calculated

The amount of commission received may vary based on:

• The lender or provider chosen

• The type and terms of the finance agreement (such as contract length and amount financed)

• Business volume targets or other performance-related criteria

You have the right to request information about how the commission is calculated in your specific case and any factors influencing the amount.

4. Impact of Commissions on Your Agreement

Motorlet Limited strives to provide unbiased guidance based on your needs and preferences. We select our panel of providers based on their competitive rates and ability to meet our customers’ needs. Your decision to enter into a finance agreement will always be based on your individual circumstances and the suitability of the product offered.

5. Your Right to Disclosure

We are committed to transparency and will provide you with details of any commission or remuneration we receive upon your request. This includes:

• The amount of commission we will receive from the finance provider related to your finance agreement

• How the commission amount is calculated (if applicable)

To request this information, please contact us at [email protected] or 0333 202 6668, and we will gladly assist.

Data Protection

Motorlet Limited may share your details with finance partners as required to arrange vehicle finance. Credit checks may be performed as part of this process, which could affect your credit rating. We are committed to safeguarding your data and will only share it as necessary to provide our services.

Complaints Procedure

If you are dissatisfied with our service, please contact us at:

• Mail: Motorlet Limited, Upton House, 4 Baldock Street, Royston, Hertfordshire, SG8 5AY

• Phone: 0333 202 6668

• Email: [email protected]

Please provide your full name, contact details, and the nature of your complaint. We aim to respond promptly and resolve complaints within eight weeks.

If we are unable to resolve your complaint to your satisfaction, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS). The FOS is an independent organization that helps settle disputes between consumers and financial services businesses.

Financial Ombudsman Service Contact Information:

• Website: www.financial-ombudsman.org.uk

• Phone: 0800 023 4567 or 0300 123 9123

• Address: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

Alternatively, as a member of the British Vehicle Rental and Leasing Association (BVRLA), we adhere to the BVRLA Code of Conduct, which provides further protection and clarity for our customers. If you have concerns that are not resolved by us, you can also contact the BVRLA.

British Vehicle Rental and Leasing Association (BVRLA) Contact Information:

• Website: www.bvrla.co.uk

• Phone: 01494 434747

• Address: BVRLA, River Lodge, Badminton Court, Amersham, HP7 0DD

Financial Services Compensation Scheme (FSCS)

Our finance providers are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation if an insurer cannot meet its obligations. For more information, visit www.fscs.org.uk or call 0800 678 1100.