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Initial Disclosure Document

Initial Disclosure Document   


The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA requires Drivespeed Leasing Limited (also collectively referred to as ‘us’ and ‘we’ hereon) to provide you with a document called an ‘Initial Disclosure Document’.
This document contains important information about us, the products we offer, the services we will provide, who regulates us, and what to do if you have a complaint.

Who are we?


We are Drivespeed Leasing Limited, and our registered office is, 81 Burton Road, Derby, Derbyshire, DE1 1TJ

We are authorised and regulated by the Financial Conduct Authority as a credit broker and lender, Registration Number: 791845, though for this purpose we will be acting as a credit broker and not a lender, therefore we can introduce you to lenders who may be able to help you finance your vehicle.

Whose products do we provide?

Drivespeed Leasing Limited will provide customers with quotes, with or without maintenance depending on your requirements.  We will not give you advice but we will make recommendations after we have assessed your needs.  You will need to make your own choice about how to proceed.

We may use our own funding to help you finance your vehicle and provide other products and services.  We recommend you review the market place as other companies offer the same service.

You can check the authorisation status of Drivespeed Leasing Limited on the Financial Conduct Authority’s register by visiting their website www.fca.org.uk/register or by contacting them on 0800 111 6768 (freephone) or 0300 500 8082.

What do we charge?

Drivespeed Leasing Limited charge a maximum processing fee of £249.00 inc VAT for their services, details of which will be disclosed on your order form.  This cost covers the administration fee and the credit and identity check undertaken by the selected funder.

This fee can be paid via bank transfer or debit card.  You will be contacted by our accounts department up to 14 days prior to delivery to make payment.

Our funders will charge an interest rate on the monthly instalments of the vehicle lease.  This interest rate will not be known to Drivespeed Leasing until the point of quote.  If you require further information on this, please let your salesperson know and we can provide you with further details.

What services do we provide?

As an agent, we will provide you with information and quotations. In order to provide you with this service we will pass your personal information to our panel of selected funders for the purposes of undertaking credit checks and identity checks on you, and/or your business, and/or those with whom you are linked financially. Our funders may also share this information with other third parties to protect them and Drivespeed Leasing Limited against fraud.  

Cooling Off Period

Your cooling off period is the period of time that you can cancel the purchase of goods or a service without incurring a penalty.  It specifically relates to sales made at distance, such as online, over the phone or via mail order.  Under the consumer rights regulations, any goods or services sold at a distance or off premises are entitled to a minimum 14-day cooling off period.  During this time, you may cancel your purchase for any reason and get you money back.

If Drivespeed Leasing Limited are arranging your vehicle lease, you are entitled to two cooling off periods. You have a cooling off period with Drivespeed Leasing Limited (our brokerage agreement), and a cooling off period with the finance provider (your consumer hire agreement). Both these periods are 14-days.

Your cooling off period with Drivespeed Leasing, relates to the period of time you have to decide whether or not you wish to use Drivespeed Leasing’s services. In accordance with the Consumer Contracts Regulations, agreements that have been concluded with no face-to-face dealings can be cancelled without penalty if notified in writing within 14-days of signing your order form. This 14-days period begins once the vehicle order form has been signed.

Your cooling off period with the finance provider, relate to your cancellation rights on your consumer hire agreement.  Again, in accordance with the Consumer Contracts Regulations, regulated consumer credit agreements that have not been concluded face-to-face can be cancelled within 14-days without penalty.  This 14-day cooling off period may differ between funders, but often starts either once the finance documents have been issued, or once they have been signed.  Most finance providers do not allow vehicles to be delivered until the cooling off period has ended.

Cancellations

If you cancel your order within the 14-day cooling off period, you will receive a full refund of the processing fee.  

If you cancel after you 14-day cooling off period has ended and your finance documents have not been signed, then £100 inc VAT will be retained by Drivespeed Leasing Limited to cover all costs and expenses incurred up to that stage. This amount will be deducted from the processing fee.  If you cancel after your finance documents have been signed, then you will not be entitled to a refund.  

If you wish to exercise your right to cancel, you must notify Drivespeed Leasing Limited of your decision to cancel in writing via post or email to

Drivespeed Leasing Limited, Arabesque House, 1st Floor Unit 5, Monks Cross Drive, Monks Cross, York, YO32 9GZ

or via email to admin@drivespeedleasing.co.uk 


By exercising your right to cancel, you are withdrawing from your contract with us, and the contract is terminated.  For consumers entitled to a refund of the processing fee, either part or in full, their refunds will be issued within 28 days from when Drivespeed Leasing Limited receive notification of cancellation.

Commissions Disclosure

Drivespeed Leasing Limited have commercial agreements in place with a range of dealerships, product providers and funders.  Drivespeed Leasing Limited are a commission based organisation, which means that we receive commission-based payments from those we work alongside.  We will receive financial remuneration which may be variable or pre-set dependent on the product and the organisation. The amounts that we receive may vary.

Under Consumer Credit Directive rules, customers are entitled to request potential commission earning from Drivespeed Leasing.

Drivespeed Leasing Limited maintains a policy of transparency regarding commissions disclosure requests and will willingly provide this information to all customers that request it.

In line with legislation, if you would like Drivespeed Leasing to disclose any potential commissions, please make your request to compliance@drivespeed.co.uk. Once your request is made, it will be dealt with by the Group Compliance Manager. A record of all commission requests and responses will be retained in line with Drivespeed Leasing’s retention policy.

Alternatively, you can also contact us via the following methods:

In writing: Helen Rains, Group Compliance Manager, Drivespeed Leasing Limited, Arabesque House, 1st Floor Unit 5, Monks Cross Drive, Monks Cross, York, YO32 9GZ

By phone: 01904 682892

 
If you have a complaint
 
Drivespeed Leasing Limited

It is the aim of Drivespeed Leasing Limited to provide a very high standard of service to every client. It is important to us that all complaints are resolved as quickly as possible and to the complete satisfaction of our clients. You can register a complaint via:

E-Mail:    complaints@drivespeedleasing.co.uk
Telephone:    01904 682892
Write to:    Complaints Officer, Drivespeed Leasing Ltd, Arabesque House, 1st Floor, Unit 5, Monks Cross Drove, Monks Cross, York, YO32 9GZ


Data Protection

Information on how Drivespeed Leasing Limited will collect, process, and otherwise use your personal data is detailed under the Privacy Policy on our website.