Initial Disclosure Document
About our finance services Woodson Cars Limited Thurnall House, Thurnall Trading Estate Manchester, M44 5AH
1. Purpose of IDD This document explains the regulations that govern finance agreements which Woodson Cars Ltd follows to help you finance your purchase. Please read it along with the other pre-contract information provided to you before signing your finance agreement. Use this information to decide if our services are right for you.
2. Who regulates us? Woodson Cars Limited is directly authorised and regulated by the Financial Conduct Authority for consumer credit and insurance distribution activities. Our Firm Reference Number is 754286. Our FCA Permitted Business is secondary credit broking. We are a broker, not a lender You can check this on the FCA Register by visiting the FCA website at www.fca.org.uk.
3. Whose products do we offer? Woodson Cars Limited is a Credit Broker, not a Lender and can introduce you to another broker or a panel of lenders and intermediaries with finance products to assist with your vehicle / asset purchase. We are not an independent financial advisor and do not make recommendations. However, we will provide you with information on products which may suit your requirements based on information you disclose to assist you in making an informed decision on your purchase. Please ask for a list of our funding partners. You may be able to obtain funding for your purchase from other providers and you are encouraged to seek alternative quotations. As a credit broker with a limited panel of preferred credit providers from whom we receive commission Woodson Cars Limited is not impartial and is free to prefer its own interests. However, this will not impact the outcome we deliver to you from our limited panel and the commission we receive will never be the primary reason for the decision on which lender to place you with.
4. Which finance products do we offer? We will provide you with information to assist with your funding decision relating to: Credit Agreements: Hire Purchase (HP) or Conditional Sale (CS), Personal Contract Purchase (PCP), Lease Purchase, Personal Loan.
5. How is the interest rate on my agreement decided? Rates will either be fixed or based on your credit score depending on which dealer / supplier you are purchasing from. Fixed rates are determined by our contractual agreement with the broker / supplier and they cannot change this rate. Credit score based rates are pre-agreed with each dealer / supplier and are linked to your individual credit rating along with other parameters including the amount borrowed, age of the asset and the lender who provides the finance. Typically, the higher your credit score, the lower the APR you will receive from a credit provider.
6. Will you have to pay us for our finance services? No, you make no payment to us. We will receive commission from the credit broker for introducing you to them and we will share that commission amount with the broker or asset supplier. Different lenders or intermediaries pay different amounts for such introductions. We have different commission models depending on the arrangements that we have agreed with each lender we deal with and in turn agreed with our dealers or other asset suppliers. The commission received is either a fixed fee or a percentage of the amount you borrow, which means the payment we receive may vary depending on the finance product, the amount you borrow and the term the loan is borrowed over. This may also mean that the more you borrow the more the dealer / supplier is paid. However, the amount of commission that us as a dealer and the broker receive from a lender and share with the introducing dealer / supplier is pre-determined. We will confirm the likely amount of commission both we and the dealer / supplier will receive for arranging your finance agreement in good time before you sign the agreement documentation. You are able to request any commission paid before signing your finance documents, we also as a broker may pay a fee to a third party finance company we deal with. We recommend you requesting the commission your broker earns if you do not choose to finance your car through Woodson Cars Limited We appreciate your business and would love your feedback, please contact compliance on [email protected]