Regulatory

Finance Disclosure

Initial Disclosure Document · Effective upon FCA authorisation

Current status: Prime Motors Direct is not currently authorised by the Financial Conduct Authority and does not currently arrange or broker consumer credit. We are working towards FCA authorisation. The disclosures below describe the policies that will apply from the date authorisation is granted. Until then, any finance agreement is between you and an independent third-party lender or broker of your choice.

1. Who we are

Prime Motors Direct is a company registered in England and Wales (company number 15587035). On grant of FCA authorisation our firm reference number will be published here and verifiable on the FCA register at register.fca.org.uk.

2. Our intended role

Once authorised we will act as a credit broker, not a lender. We will work with a limited panel of carefully selected finance providers and introduce you to them for the purpose of arranging a regulated credit agreement to fund the purchase of your vehicle. We will not charge you a fee for this service.

3. How we will be paid

We will typically receive a commission from the lender for introducing you. The commission may be a fixed amount or a percentage of the amount borrowed. The amount we receive will not affect the rate offered to you; lenders set rates based on your individual circumstances.

You will have the right, at any time before signing a finance agreement, to request in writing the nature and amount of any commission we will receive in connection with your agreement, and we will disclose this to you.

4. Our panel

Our intended finance panel will include a range of established UK prime and specialist lenders. The composition of the panel will be reviewed regularly and a full current list will be available on request.

5. The decision is yours

We will provide factual information about the finance options available through our panel so you can make an informed choice. We will not offer independent financial advice. You should consider whether any agreement offered is suitable for your circumstances and seek independent advice if you are unsure.

6. Affordability and credit checks

Lenders are required to conduct affordability and creditworthiness assessments. A credit search will be recorded against your file. Finance is subject to status; over 18s only; UK residents only.

7. Indicative example

Borrowing £20,000 over 48 months on PCP with a £2,000 deposit at 9.9% APR would equate to 47 monthly payments of approximately £349.12 and one optional final payment of £7,200. Total amount payable £25,608.64. For illustration only.

8. Complaints

See our Complaints Procedure. Once authorised, unresolved finance complaints may be referred free of charge to the Financial Ombudsman Service (financial-ombudsman.org.uk).

9. Contact

Prime Motors Direct · 93-95 Heywood Road, Prestwich, Manchester, M25 1FN · enquiries@primemotorsdirect.co.uk · 0161 798 5832