Finance
The Motability Scheme is available to anyone who receives the Higher Rate Mobility Component of DLA (Disability Living Allowance) or the War Pensioners’ Mobility Supplement.
Financing a Motability car
The Motability Scheme is available to anyone who receives the Higher Rate Mobility Component of DLA (Disability Living Allowance) or the War Pensioners’ Mobility Supplement.
By exchanging your benefit you can lease a vehicle through Motability usually over five years including a mileage allowance of 100,000 miles. This includes insurance, breakdown cover and servicing and maintenance.
You will need to pay an amount upfront which is called an Advance Payment. The amount of this will vary depending on the value of your WAV.
Financing a private purchase
If you are financing your own car purchase, there are two types of car finance;
• Hire Purchase Agreement – This is where you put down a deposit, but you then spread the entire cost of the car over the loan and own the vehicle outright at the end of the term.
• Personal Loan – Arrange your own personal loan to purchase the car which you then own outright. Interest rates are usually lower than PCP or HP and you have the flexibility to sell the car whenever you choose.
Our friendly and knowledgeable team are here to guide you every step of the way.
Vehicle Finance Status Disclosure for GM Coachworks.
GM Coachwork Ltd, a dealership acting as a credit broker in arranging finance for vehicle transactions.
Our registered office is Teign Valley Trusham Newton Abbot Devon TQ13 0NX
Company registration no. 03548808
Tel: 01626 853050
Yes, we are authorised and regulated for credit-broking activities by the Financial Conduct Authority (“FCA”).
We are not a lender. Our FCA Firm Reference Number is 723505. For
more information,
Please visit the FCA website at: https://register.fca.org.uk/.
Please note that business customers may not be protected under the Consumer Credit Act 1974 or FCA rules.
We can introduce you (whether direct or through a specialist credit broker) to a number of finance companies (“funders”) who may be able to finance your transaction. There are other funders to which we cannot introduce you which may also be able to offer you finance.
We will provide you with information and explanations about the finance products that may be available to you and, where we recommend a product to you, we will ensure that this is based on the information you
give us about your needs and circumstances so that it is suitable for you. Finance is arranged subject to status and terms and conditions.
We cannot guarantee that we will be able to secure finance for you.
We are not independent financial advisers and so are unable to provide you with independent financial advice.
You don’t have to pay us for our service.
But a funder or broker we work with may pay us for introducing you to them. Different funders/brokers may pay us different amounts, but it will typically be based on a fixed percentage of the amount borrowed.
This percentage may vary according to different factors, for example: the amount of credit; the age or type of vehicle; the type of finance product; or the funder’s assessment of the risk of lending. For your reassurance, we are not able to change the interest rate you pay in order to receive more commission from a particular broker or funder. Although rates and commissions may vary between our finance partners, our aim is always to secure finance from them which is appropriate to your circumstances and at the lowest interest rate available.
If we are successful in obtaining an offer of finance for you and you would like to know the amount (or likely amount) we would receive if you decided to go ahead with the agreement and how that amount has been calculated, please contact us.
We will use your information to obtain quotes from funders and brokers to process finance applications through them and we and/or they may also conduct a search of your record held with one or more credit reference agencies. Credit checks may as a result appear on your credit file lodged by organisations with whom you have not dealt directly. The personal information collected will also be shared with fraud prevention agencies who will use it to prevent fraud and money laundering and to verify your identity. If fraud is detected you could be refused certain services, finance or employment.
Further details of how your information will be used by us, funders and these fraud prevention agencies, and your data rights can be found here http://www.gmmobility.co.uk/privacy . A full data protection notice/ privacy policy will be provided to you before we submit any application for finance on your behalf.
We are registered as a data controller with the Information Commissioner’s Office under registration number ZA309100
If you wish to make a complaint, please contact us:
- by writing to us at Complaints, GM Coachwork LTD, Teign Valley Trusham Newton Abbot Devon TQ13 0NX
- by emailing [email protected]
- by telephoning 01626 853050
If, after making a complaint to us you are still unhappy and feel the matter has not been resolved to your satisfaction, please contact the Financial Ombudsman Service (“FOS” – www.financial-ombudsman.org.uk). Please note that FOS may not be able to deal with complaints from business customers.
If you require further information, please contact us by telephoning the above number(s) or emailing us at [email protected], addressing your correspondence to the Complaints Manager.