Initial disclosure document

About Select Car Leasing

Select Car Leasing is a trading style of Select Contracts UK Limited and is both authorised and regulated by the Financial Conduct Authority (FCA) We provide broker services to customers and work with our finance partners to find a suitable vehicle lease agreement for our customers. You can find more about what we do on our dedicated About Us page.

Select Car Leasing are a Credit Broker and not a lender and work with multiple Finance Companies and Vehicle Suppliers. See Finance Options and our Guide to Leasing for more information on the leasing process.

Our Head Office is located in Reading, Berkshire.

Appointed Representatives

As well as our Reading Head office and associated staff, Select Car Leasing (Select Contracts UK Ltd) partners with several credit brokers within the UK. These are independent businesses, and separate legal entities that act exclusively on our behalf under our brand and are known as ‘Appointed Representatives’ (AR’s). Our AR’s operate under an AR Agreement and undergo an application process for permission to operate as an AR that is submitted to and then approved by the *FCA. For more information regarding Appointed Representatives click here.

Our ‘AR’ partners use Select Car Leasing systems and adhere to Select Car leasing processes, practices, values, and standards. As a ‘Principal’ firm, Select Contracts UK Ltd is responsible for all the *regulated activity that AR’s conduct on behalf of Select Car Leasing. Select Car Leasing is responsible for monitoring and regularly reviewing the performance of our AR partners.

*see below Who Regulates us?

The products we use

As an FCA regulated Credit Broker we can introduce you to a range of Finance Companies who can help you finance your vehicle and provide any other products and services that you may require, including servicing packages and vehicle maintenance. We work with some of the UK’s most prominent and trusted Finance Companies to help secure you the best and most appropriate deal.

Our Services

We will provide you with either comparable details of any firms most appropriate to your lending or purchasing needs or any other general information relating to finance products. To do this, we may seek personal information about your circumstances and objectives as this may be relevant to enable us to identify your exact needs and establish a line of credit. It is always important that you provide us with accurate and relevant information so that we can try and find a product or agreement that is most suitable to you.

The costs of Our Services, Our Remuneration and Commission

As an FCA licensed Credit Broker we rely purely on commission and extra fees for our remuneration, which we fully disclose to our customers throughout the customer journey. Each element is explained below:

Arrangement Fee

This fee covers the costs incurred by Select Car Leasing for Our Services and not for arranging the Finance Agreement with the Finance Provider.

Our Services include facilitating the processes from the point you order your vehicle such as:

• Ordering your vehicle with a Vehicle Supplier
• Providing access to our Customer Portal
• Providing regular updates through the customer journey
• Arranging delivery of your vehicle with the Vehicle Supplier
• Arranging a Finance Agreement Extension

The Arrangement Fee is not included in the lease costs paid by you over the duration of the Finance Agreement.

The Arrangement Fee is charged at point of order and is disclosed on the Order Form.

Finance Commission

The Finance Provider will pay us a commission once the vehicle is delivered and the Finance Agreement is live. Subject to the Finance Provider the commission we receive may be pre-set at a fixed value or may be discretionary.

Finance Commission is payable for facilitating the finance processes from the point you order your vehicle such as:

• Arranging a credit line
• Issuing Finance Agreements
• Activating Finance Agreements

The Finance Commission is included in the lease costs paid by you over the duration of the Finance Agreement, and as such has a bearing on your monthly lease cost you pay.

The Finance Commission is disclosed on the Order Form.

Marketing Support

The Finance Provider may pay us Marketing Support once the vehicle is delivered and the Finance Agreement is live. Subject to the Finance Provider the Marketing Support we receive may be pre-set at a fixed value or may vary within a range subject to KPI’s (Key Performance Indicators).

Marketing Support is a contribution towards our promotional costs such as:

• Online Marketing
• Physical Marketing
• Promotions

The Marketing Support may be included in the lease costs paid by you over the duration of the Finance Agreement, and as such may have bearing on your monthly lease cost you pay.

The Marketing Support is disclosed on the Order Form.

Vehicle Supplier Commission

The Vehicle Supplier may pay us commission once the vehicle is delivered and/or the Finance Agreement is live.

Where the Vehicle Supplier pays us a commission from their vehicle supply margin it is not included in the lease costs paid by you over the duration of the Finance Agreement.

Where the Vehicle Supplier arranges the Finance Agreement on our behalf, they will receive a Finance Commission from the Finance Company. The Vehicle Supplier may pay us a proportion of this commission payment, which is included in the lease costs paid by you over the duration of the Finance Agreement, and as such has a bearing on your monthly lease cost you pay.

The Vehicle Supplier Commission is disclosed on the Order Form.

Manufacturer Commission

The Manufacturer may pay us commission once the vehicle is registered and delivered. Subject to the Manufacturer the commission we receive may be pre-set at a fixed value or may vary within a range subject to KPI’s (Key Performance Indicators).

The Manufacturer Commission is not included in the lease costs paid by you over the duration of the Finance Agreement.

The Manufacturer Commission is disclosed on the Order Form.

Commission Disclosure Questions

We believe in transparency at all stages of our customer journey. If you would like to know more about the amount of commission we make or you would like more Information in general or have any concerns about our disclosure of commission, please email compliance@selectcarleasing.co.uk.

Credit Search Information

If you proceed with an Order, you would have already provided consent for a Credit Check to be completed as part of the credit application.

The Order Form will include full details of all costs associated with the lease, initial payment, monthly rentals, details of our upfront costs and Commission Disclosure Consent.

For more information, please read our Fair processing notice and credit search information page here.

Who regulates us?

Select Car Leasing is a trading style of Select Contracts (UK) Ltd and is regulated by the FCA. You can verify this by checking the FCA Register on the website: https://www.fca.org.uk/firms/financial-services-register or contacting them on: 0300 500 8082. Our firm reference number is 670832.

What should I do if I have a complaint?

If you are unsatisfied with the service, we provided for any reason then please visit our dedicated Complaints Procedure page or contact us.

Firms directly authorised by FCA and the Claims Regulator have a documented complaints procedure and a copy of ours will be made available to you upon request, or if you make a complaint against us. Should you have a complaint, please put it in writing to: The Complaints Team, Pacific House Imperial Way Reading RG2 OTD, telephone 0118 467 8656, or email complaints@selectcarleasing.co.uk.

In the unlikely event that a complaint remains unresolved after 8 weeks from the date it was made, you may be able to refer it to the Financial Ombudsman Service (FOS), dependent upon the nature of your complaint. The FOS provides a mechanism for resolving disputes which is a simple, informal, and accessible alternative to the courts. Their address is: The Financial Ombudsman Service (FOS), Exchange Tower. LONDON E14 9SR. Email: complaint.info@financial-ombudsman.org.uk. Tel: 0800 023 4567 (free), or 0300 123 9123 (costs no more than calls to 01 and 02 numbers).

The financial services compensation scheme (FSCS)

As with all firms directly authorised by FCA, Select Car Leasing Ltd is covered by the FSCS. This is the body established to operate and administer the compensation scheme, set up by major insurance companies, to compensate consumers when authorised firms are unable, or likely to be able, to satisfy claims against them. Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim without any upper limit.

The Industry Body - The British Vehicle Rental & Leasing Association (The BVRLA)

Select Car Leasing are a member of the industry trade body, the BVRLA (British Vehicle, Rental and Leasing Association). All BVRLA leasing brokers must adhere to their mandatory Code of Conduct, which is there to ensure that the customer benefits from the highest standards of service, fair terms and conditions, transparent and accurate information, and a complaint resolution service. In addition, all broker members are audited or inspected to BVRLA standards. If you have had a complaint and are not satisfied with the outcome of your complaint, we have provided a link to the BVRLA conciliation service where further information is provided about this service - http://www.bvrla.co.uk/advice/guidance/using-bvrlas-conciliation-service.

Further information on Initial Disclosure

This version of our Initial Disclosure document has been updated with effect November 11th 2024. For mor information on this or previous versions of this document please email Compliance@selectcarleasing.co.uk