Initial Disclosure Statement


  1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. Use this information to decide if our services are right for you.

  1. Whose products do we offer?

    We act as a credit broker, not as lender, for the introduction to a limited number of finance providers only for;

    • CONTRACT HIRE, FINANCE LEASE, HIRE PURCHASE, OPERATING LEASE, PERSONAL CONTRACT HIRE, PERSONAL CONTRACT PURCHASE (PCP)

We act on behalf of the lender for this introduction and not as your agent. We are not an independent financial advisor; we will provide details of products available. We will review suitable finance products, subject to your personal circumstances, though you are not obliged to take our recommendation.

    Our panel of Lenders, who may be able to finance your purchase are;

    • Halo Corporate Finance Ltd - Rate for Risk & Fixed Rate / % of Balance Financed Commission Model & Flat

£s of Advance Commission Model

    • Mercedes-Benz Finance - Fixed Rate / % of Balance Financed Commission Model

You are under no obligation to make use of any finance product arranged by Midlands Truck and Van Limited. Other providers may offer similar finance products that may or may not meet your needs.

  1. Which service will we provide you with?

     We will review suitable finance products for you after we have assessed your needs for;

    • CONTRACT HIRE, FINANCE LEASE, HIRE PURCHASE, OPERATING LEASE, PERSONAL CONTRACT HIRE, PERSONAL CONTRACT PURCHASE (PCP)

You are not obliged to agree with our recommendations or to make any purchase of a finance product. You may obtain free, unbiased guidance from the Money Advice Service at www.moneyadviceservice.org.uk or Your Impartial Guide to Car Finance at www.financingyourcar.org.uk.

  1. What will you have to pay us for this service?

     You will make no payment to us for the introduction to our panel of lenders.

If you purchase a new vehicle, typically we may receive a commission from the lender if you decide to enter into an agreement with them.

If you purchase a used vehicle, typically we will receive a commission from the lender if you decide to enter into an agreement with them.

You may ask us for details of such payments by emailing lee.willetts@midlandstruckvan.com, which we will tell you (in good time before the agreement is executed) the amount of any commission we will earn from the lender.

Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow). For your reassurance, all of the lenders we work with could pay commission at different rates, but the commission we receive does not influence the interest rate you will pay. Our aim is to secure finance for you at the lowest interest rate you are eligible for from our panel of lenders. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed.

Commission Arrangements

% of Balance Financed Commission Model

The Dealer will be paid a commission for introducing you to the lender. This will be a percentage of the amount that you borrow. This means the more you borrow the more the Dealer is paid. The commission will be the same no matter the interest rate that you pay.

Flat £s Fee Commission Model

The Dealer will be paid a commission for introducing you to the lender. This will be a flat fee amount. This means the commission will be the same no matter how much you borrow or the interest rate that you pay.

  1. Who regulates us?

Midlands Truck and Van Limited is authorised and regulated by the Financial Conduct Authority. Midlands Truck and Van Limited FCA Reference Number is 700086. Midlands Truck and Van Limited permitted business is to act as a Credit Broker for introduction to finance providers, acting on behalf of the lender.

You can check this on the Consumer Credit Register by visiting the FCA's website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768.

  1. What to do if you have a complaint?

If you wish to register a complaint, please contact us;

Write to Midlands Truck and Van Limited, 2 Cornwall Road, Cornwall Industrial Estate, Smethwick, Birmingham, B66 2JT

.

Telephone 0121 326 4200

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

  1. The Data Protection Act

Midlands Truck and Van Limited is also governed by the Data Protection Act (2018). This ensures any information you give us is managed in a secure and confidential manner. This information may be passed to other groups or affiliated members including those company(s) detailed in Section 2 above. Without this information Midlands Truck and Van Limited is unable to process your order or enquiry. Under the Data Protection Act you may apply to have this information restricted or removed at any time by telling Midlands Truck and Van Limited via phone on 0121 326 4200 or in writing to Midlands Truck and Van Limited, 2 Cornwall Road, Cornwall Industrial Estate, Smethwick, Birmingham, B66 2JT.
 

Commission Disclosure Statement

We are a credit broker and not a lender. We can introduce you to a lender on our panel, which includes Mercedes-Benz Financial Services, the lender of our vehicle manufactures. We have commercial arrangements with lenders and credit brokers which are likley to influence who we introduce you to. We are not an independent financial advisor, and we don't give you any advice or recommendations. It is your choice whether you enter into any finance agreement.

Our approach is to introduce you firrst to the manufacturer's lender, Mercedes-Benz Financial Services, linked to the franchise offering you the vehicle. They will usually offer the best available package for you, taking into account both interest rates and other contributions ( but we do not guarantee they do). If they are unable to offer finance, we then seek to introduce you to someone else on our panel. We will usually receive a commission for your introduction. This will be either a fixed fee, or a fixed percentage of the amount that you borrow. This may be linked to the vehicle model you choose.

Mercedes-Benz Financial Services may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement. You will not pay it to us. Before we propose you to a potential lender, we will tell you of the likely amount of commission we will receive and seek your consent to receiving this commission. The exact amount of commission will be confirmed before you sign your finance agreement.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18s or over. Guarantees may be required.

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