Initial Disclosure Document
Last Updated: August 2021
Who are we regulated by?
The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered. Please use this information to decide if our services are right for you. LOGIC Motor Group Ltd is authorised and regulated by the Financial Conduct Authority. Registered No. 927392
What services do we offer?
We are a credit broker not a lender. As an FCA regulated independent credit broker we are able to introduce you to a wide range of specialist lenders who can help you finance your vehicle through Contract Hire (PCH, BCH), Motor Finance (PCP, HP, LP) or Short Term Flexi-Lease options alongside providing any other products within those services that you may require included. This may include servicing packages, warranty and/or maintenance.
Once you have completed an enquiry with us and we have assessed your eligibility, we will advise and make a recommendation for you on the best options available. These will be tailored to your needs and only within the services that we can offer. You will then make your own choice on proceeding with us.
What do we charge?
Contract Hire (PCH / BCH): We charge a minimum processing fee of £200.00 + VAT or £250.00 incl. VAT for our services.
This is due to be paid upon securing an acceptance from a funder. The processing fee is the broker fee charged by LOGIC Motor Group Ltd for our service and represents the costs incurred for arranging the sale, ordering the vehicle, arranging the finance and organising delivery of the vehicle. The processing fee will be payable by debit or credit card.
Vehicle Sourcing & Finance (PCP / HP / LP): We charge a processing fee of £200 + VAT for our sourcing and brokering services.
This is due to be paid upon securing an acceptance from a funder. The processing fee is the broker fee charged by LOGIC Motor Group Ltd for our service and represents the costs incurred for arranging the sale, sourcing the vehicle, performing due diligence checks, arranging the finance and organising delivery of the vehicle. The processing fee will be payable by debit or credit card.
Short Term Flexi-Leasing: On Short Term Flexi-Leasing enquiries there's 3 things you'll expect to begin your journey:
• Secure Order Fee
• 1st Month Initial Payment
• Refundable Deposit
Then our Secure Order Fee of maximum (£1200 + VAT) inclusive of all Admin Processing Fees, Funder Costs for Preparation, Logistics, Inspection Services and a Reconditioning Detail / Valet for Minor Wear on return.
1st Month Initial Payment is one single payment of what the vehicle's monthly cost is, this is paid to the funder usually on or just before handover. It goes directly to them.
Refundable Deposit which the amount for this will be decided on Underwriting / Acceptance with the funder that has the vehicle that you are wanting to order. (Anywhere from £500 to £1200), this is paid to the funder usually on or just before handover. It goes directly to them.
Administration fees once paid to LOGIC Motor Group Ltd are non-refundable.
Some of our funders / finance providers may also charge an administration / processing fee to set up your agreement or to process an order on behalf of you. We may receive a commission or other benefits from providers should you decide to enter into an agreement with the supplier that we have introduced you to.
No order which has been accepted may be cancelled by the customer except with the written consent of LOGIC Motor Group Ltd (the company) and subject to the customer indemnifying the company in full against all loss (including loss of profit), costs (including the cost of labour and/or materials), damages, charges and expenses incurred by the company, our cancellation fee is £500.00 + VAT.
Where a customer cancels the agreement during the cooling off period, the customer will still be liable to pay any fees due, as listed on the Vehicle Order Form, not being a ‘linked agreement’ for the purposes of the Consumer Credit Act.
Fees will be requested within 7 days of a cancellation request being received by us and will be payable by Bank Transfer or Card Payment to LOGIC Motor Group Ltd. This does not affect your right to cancel your finance agreement with the selected provider within any cooling off period, in accordance with the Distance Marketing Directive.
Vehicle Delivery Process
Delivery times may vary and are subject to availability. COVID-19 restrictions have affected timescales of delivery and logistics heavily. We are doing our best to gain accuracy and reliability around this matter. Once your chosen vehicle has landed with our partner suppliers, they typically deliver the vehicle within 10-14 days.
Before your vehicle can be delivered, our partners will make sure the vehicle is as ordered and fit for purpose (also known as a Pre-Delivery Inspection - PDI). This inspection is to rule out any vehicle damage which may have occurred in transit and to also double check that there are no mechanic issues that have developed since the vehicle arrived. They will also make sure that any of the optional extras that you have requested are included.
You will then be contacted to arrange a convenient delivery slot. Typically the delivery slots are between:
Monday - Friday (9am to 6pm).
Weekend delivery may be available, but subject to an additional cost depending on the supplying driver / logistics. Our deliveries are all transported or driven by a professional and insured driver. You also have the right to request a ‘Vehicle Transported delivery’ where the vehicle you have ordered is delivered directly to you, however, this service may also come at an additional cost.
Events outside of our control
We have seen a spike in delays on vehicle stock, logistics, cost increases, deliveries and refund or cancellation requests. As we have recently all experienced with COVID-19 restrictions affecting the majority of this, we still stress the importance that any events happening outside our control is to no fault of our own and is not a plausible way to obtain the full amount paid to us based on an order. An “Event Outside Our Control” means any act or event beyond our reasonable control.
Our team have still committed company funds, labour and wages, time towards helping you from your enquiry up to a vehicle being secured, ordered, processed and allocated to you. At the later stage of an order, we have commited to a vehicle for you as a broker, whiich will incur an order cost and a rolling monthly cost. If at this point you were to cancel due to a delay for any reason outside of our control, you will not be entitled to a refund.
By signing below I confirm that I am in agreement with the Terms of Business set out in this Initial Disclosure Document. I agree to the processing of my personal information by LOGIC Motor Group Ltd to the relevant funder for the purpose of obtaining a vehicle.