Finance Commission Disclosure Statement
Compliance Version 1.0 Effective Date 28.01.21
1. Our credit-broking services:
WJ King Group (“we”, “us”, “our”) are able to offer you our credit-broking services to help finance the purchase of your motor vehicle and other ancillary products and services through our commercial arrangements with a number of lenders. If we arrange finance for you, we will receive a commission fee or other financial consideration (our “income”) from the lender for doing so. Our income varies from lender to lender depending on the contractual and commission arrangements that we have in place.
2. Commission disclosure:
If you are an individual, sole trader or small partnership and we are arranging a credit agreement or a consumer hire agreement for you which is regulated under the Consumer Credit Act 1974, you have a right to ask us to disclose the income that we will receive for arranging finance for you. If you make such a request, we will disclose the amount to you without delay.
You can make a disclosure request at any time and by any means including over the phone, by email, in writing or at the dealership. You may contact us by phoning 01322 948292 or by emailing email@example.com writing to Jeff Conway, WJ King Group, Head Office, 70/88 Park View Road, Welling, Kent, DA16 1SF or if you are at the dealership, please speak with your Sales Executive.
We will automatically disclose our income to you if we believe the income we earn on your transaction may materially impact your transactional decision.
3. Commission arrangements:
We have different commission arrangements in place with each of our lenders. The income that we earn may be a fixed fee or a fixed percentage of the amount borrowed. The income that we earn from a new car sale is typically a fixed fee whereas the income that we earn from a used car sale is usually a fixed percentage of the amount borrowed which may vary depending upon a range of factors including the age of the vehicle, the advance, any benefits or promotions that are available, good customer outcomes (including customer satisfaction scores) and a range of other commercial key performance indicators. Our income does not usually vary according to the type of financial product you choose or the term of your finance agreement. If it did, we would automatically disclose the different income earned from each product type and/or the different terms.
Our commission arrangements with our lenders have been negotiated and agreed in advance. We do not have any discretion to negotiate or adjust your interest rate, APR or any other item included in the total charge for credit. The interest rate and/or APR offered to you may vary according to the age of the vehicle you purchase and/or the amount you borrow.
4. Important information about our finance process:
We do not offer financial advice and we do not make recommendations on any financial product. We operate a non-advised sales process. Please read all terms and conditions carefully in order to decide whether what is being offered is suitable and meets your needs.
We are not independent as we have contractual relationships with a limited number of lenders. We operate a controlled vertical finance process which includes the brand finance provider, Vauxhall Finance, Black Horse, Hyundai Capital, Peugeot Financial Services, Volkswagon Financial Services (SEAT Finance), Alphera Financial Services, Evolution Funding, Northridge Finance, Santander Consumer Finance, RCI Finance and Suzuki Finance.
We do not conduct a market appraisal and we do not choose from a panel of lenders. Please see our Initial Disclosure Document for further details on our credit broking services.
5. Our lenders and finance partners:
A full list of our current lenders/finance partners and their associated Privacy Notices, can be found on our Legal Information page.
WJ King Group is a credit broker not a lender.
WJ King Group is authorised and regulated by the Financial Conduct Authority.
Authorised and Regulated by the Financial Conduct Authority Registration No: 966800. Postal Address: 70/88 Park View Road, Welling, Kent, DA16 1SF.
WJ King (Garages) Ltd. is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd.’s permissions as a Principal Firm allows WJ King (Garages) Ltd act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only.
We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.
Finance Providers include - Blackhorse Finance, Vauxhall Finance, Hyundai Capital, Peugeot Financial Services, Volkswagen Financial Services (SEAT Finance), Alphera Financial Services, Evolution Funding, Northridge Finance, Santander Consumer Finance, RCI Finance and Suzuki Finance.