This Information relates to the activities undertaken by Carparison Limited trading as Corparison at www.corparison.co.uk. We encourage you to review these details in full in order to help decide if our services are right for you.
About our financial services
Financial Conduct Authority
The Financial Conduct Authority (FCA) is the independent watchdog that regulates our financial services.
The Financial Conduct Authority expects any intermediary to disclose to the customer that a commission may be payable by the owner or creditor to the intermediary, and, if the customer asks, the amount of that commission. The Financial Conduct Authority has made it clear that "commission" means any financial consideration. The commission earned by Corparison when a customer enters a vehicle lease contract or takes up any subsidiary services can be requested from your Account Manager at any time.
Treating Customers Fairly
Our business is committed to treating our customers fairly and ensuring our products and services are suitable for their needs. Treating Customers Fairly is a core part of our culture and philosophy and you can review our commitment to it by asking for a copy of our Treating Customers Fairly policy statement.
What products do we offer?
Corparison offer products and services from a range of UK Vehicle Dealerships and Product Providers with whom we have commercial agreements in place.
We are a credit broker not a lender. We can introduce you to a limited number of lenders who may be able to assist you with your requirements but we will not make recommendations as to product suitability.
We receive fixed marketing support and we also typically receive a fixed commission of £400 per sale, however, this commission may vary in certain circumstances, for example, based upon the model of the vehicle and market influences. In these circumstances, the commission will not exceed a fixed percentage of the total amount of finance advanced. In some instances, and depending on the finance house used, the amount of commission can affect the value of monthly repayments. You can request for us to disclose the amount of any commission received.
The income or reimbursement earned by Corparison for any additional services you purchase will vary depending on the service or product itself, your term and the quantity or size of the order you place with us.
Other Finance Facilities
You may be able to obtain funding for your purchase from other providers and you are encouraged to seek alternative quotations and details of their products by researching on the high street, in the media and online.
Equally, we are one of many providers of fleet solutions and fleet support services and would encourage you to conduct ample research to ensure our proposition best suits your needs.
What will you have to pay for this service?
If you choose Corparison to supply your fleet vehicles, we may collect a processing fee of £298.80 (inc VAT) which is payable before you enter into a hire agreement. You will receive separate communication regarding this which you must sign and return to us if you would like to proceed with our services.
All charges that you will pay including interest, processing fees or rentals, where applicable, will be clearly shown on the finance agreement.
Understanding our products and documents
You should carefully consider the amount of time you need to review the information and documentation with which you have been presented, and ensure you understand your commitments under the agreement. You should also consider if it is advisable for you to have someone you know to help you make your decision.
This is particularly important if you have any health issues, difficulty in understanding information, or if there have been any recent life events that could affect your ability to fully understand the information and documentation. Please advise us if this is the case and we can then proceed with your requirements in the most appropriate way.
If you are placing an order on behalf of your business, we will need confirmation that you are authorised to do so.
Your business should seek independent financial advice before entering into any significant financial commitment.
For personal vehicles, you should assess the monthly payments you are required to make throughout the agreement and ensure you are able to meet these and other obligations you already have without suffering undue hardship. If you are aware of any future events that will affect your ability to meet these payments, you should ensure the finance provider is informed immediately.
Your credit rating could be adversely affected if you do not make payments when due which could make it harder or more expensive for you to access finance facilities in the future.
Who regulates us?
Carparison Limited trading as Corparison is an Appointed Representative of Product Partnerships Limited which is authorised and regulated by the Financial Conduct Authority; registration number 626349. Product Partnerships address is Suite D2 Joseph’s Well, Hanover Walk, Leeds, LS3 1AB and their permitted business is to act as a Principal for a network of firms who carry out consumer credit activities.
You can check this information on the FCA register by visiting www.fca.org.uk/register 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:
- in writing: Product Partnerships Limited, Suite D2 Joseph’s Well, Hanover Walk, Leeds, LS3 1AB
- by phone: 01274 921234
- by email: [email protected]
If you would like to know how we handle complaints, please ask for a copy of our complaints handling process. If you cannot resolve a complaint with us, you may be entitled to refer it to the Financial Ombudsman Service whose contact details are set out below:
- in writing: The Financial Ombudsman Service, Exchange Tower, London E14 9SR
- by telephone: 0800 0234567
- by email: [email protected]
- website: www.financial-ombudsman.org.uk
Confidentiality and data protection
Throughout the process of administering services for you we will need to collect personal information from you and pass this information to one or more third party organisations in order for them to supply any services you request. This may include passing this information to one or more potential lenders or credit brokers to enable them to make a credit decision. These lenders may use your information to conduct an affordability and credit worthiness assessment and will do so using the consent given by you. This may include sharing your information with credit reference agencies and other companies for use in credit decisions and fraud prevention. For full details of where your information will be sent, and the purpose for doing so, or to cancel your consent for the processing of your personal data, please contact us.
In cases where your initial application may be refused by the most suitable lender, your application may be referred to other lenders or credit brokers who may also share information with credit reference agencies in order to assess your application for finance. Those lenders or credit brokers will not use your personal information to provide you with promotional or marketing material, unless you opt-in to receive this material directly with them.
- in writing: Carparison Limited, Stratford House, Waterbridge Court, Matford Park Rd, Marsh Barton, Exeter, EX2 8EX
- by telephone: 01395 202260
- by email: [email protected]
Finance providers and products offered
- You simply hand the vehicle back at the end of the agreement, avoiding the hassle of having to sell the vehicle.
- You are renting the vehicle and will never own the vehicle.
- Some agreements may allow you to add maintenance to the contract.
Restrictions/potential extra costs
A limit is set on the annual mileage of the lease vehicle. If you exceed this, you will pay excess mileage charges at the end of the contract. If the vehicle is damaged, you may also have to pay damage costs when you hand the vehicle back. If you want to terminate the agreement early, you may have to pay all outstanding rentals and therefore you should take care in matching the term of the agreement to your expected requirements.
Payment and equity
As you are only using and are not purchasing the vehicle and therefore are not paying for the full value of the vehicle, you will not have any equity in the vehicle when the agreement ends. Payments may be lower than some other forms of finance over the same period because you are not paying for the full value of the vehicle.
The finance providers we predominantly work with are:
- Lex Autolease
- Alphabet Finance
- Manufacturer Finance