Commission Disclosure Policy for Customers
About Us
We’re authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit activities. Our Firm Reference Number is 714708. We're also an Appointed Representative (FRN 677156) of AutoProtect (MBI) Ltd for the purpose of insurance distribution. AutoProtect (MBI) Ltd is authorised and regulated by the Financial Conduct Authority and their Firm Reference Number is 312143. We're also a collaborative partner of Jurni Ltd who is authorised and regulated by the Financial Conduct Authority (FRN 631448) and through them we access their select panel of funders and introduce business to those funders through them. We pay Jurni Ltd a fixed fee if you enter into a contract with a finanec provider from their panel of funders.
We’re not a funder or a lender.
Our Service
At our core, we aim to put your needs first, give you a great service, simplify the process of sourcing finance and find the right vehicle for your needs. As a broker, not a funder, we work to connect you with finance solutions through a carefully selected panel of funders. We provide products and pricing only from this panel so we don’t search the entire market for pricing or alternative funding routes which may be available to you. We won’t offer advice, but we’ll present clear, concise information to ensure you have all the necessary details to understand how our products and services work for you and to help you make an informed decision and achieve your desired outcome.
We’ll source the vehicle on your behalf which will be the subject of your finance agreement from our preferred selection of main dealers. We’ll also let you know about ancillary products which may be of interest to you from our other suppliers, including a service, maintenance and tyres package, short term rental and for business users, tools to assist you to run your fleet effectively. We're an Appointed Representative of AutoProtect (MBI) Ltd who provide Minor Damage Insurance, Complete Wheel (Combined Tyre and Alloy) Insurance, Alloy Wheel Insurance and Tyre Insurance which is administered by them and underwritten by all via Red Sands Insurance Company (Europe) Limited. We'll provide you with information of these products (dependent on eligibility including customer type, vehicle and finance product) enabling you to make an informed decision as to whether to purchase or not.
Our Income
We receive our income which enables us to run our business and provide our services to you mainly from commission received for introducing customers to finance companies but also from various sources which we’ve detailed below
Our Funding Panel – Introductory Commission
We receive commission for introducing you to one of our panel of funders. This may be a fixed amount, a discretionary amount within a band pre-determined by the funder, discretionary and capped as a percentage of the vehicle’s taxable list price or for purchase agreements based on a percentage predetermined by the funder. The commission amount is not shown as an additional charge in your finance agreement but included in the Total Rentals Payable for a hire agreement or Total Amount Payable for a purchase agreement and the higher the amount of commission, the more you will pay to hire or finance your vehicle.
Our Funding Panel – Other Income
We may also receive additional income from a funder based on how our collaborative partner Jurni Ltd perform against their standards or by way of marketing support to advertise their products and/or services.
Manufacturer Funders – Introductory Commission
We receive commission for introducing you to a manufacturer’s finance company usually through a main dealer who in turn introduces you to the funder. The commission that we receive from the dealer may be made up from commission that they receive and/or part of the profit that they have in the sale of the vehicle.
Service, Maintenance and Tyres (SMT) Agreement – Introductory Commission
We receive a fixed commission if we introduce you to Upkeep Jurni which is Jurni Ltd's inhouse maintenance division.
Chassis Commission
We may receive income from a dealer and/or manufacture for the supply of a vehicle. Sometimes the amount is dependent on selling a quantity of vehicles.
Fees
We make a charge for our services which we detail in the Information Notice and Initial Disclosure Document which we provide to you with our quotation.
Ancillary Products and Services
If you decide to proceed with an insurance policy with AutoProtect (MBI) Ltd we will receive a fixed commission. We may receive commission for introducing you to suppliers of other ancillary products and services.
We only receive our income if you enter into an agreement with a funder, other product or service provider or if we source a vehicle for you, but we want to be transparent about the existence of commission as
Want to know how much we’ll earn?
We do expect you to shop around to make sure that you’re getting a great deal! If you like our service and our prices and if you’re a consumer, we’ll automatically let you know what we’ll be earning in our Commission Disclosure and Consent Form which we’ll provide you with before you complete the finance application form. And we’ll give you the same information if you’re a sole trader or small partnership and the agreement is regulated by the Consumer Credit Act. Otherwise, we’ll give our business customers information about our earnings if we’re asked to do so by the finance company, but otherwise feel free to ask us by
Calling: 02380 082781
Emailing: enquiries@harwoodsleasing.co.uk
Writing to: Harwoods Limited trading as Harwoods Leasing, Unit A1/A2, The Rock Business Park, Washington, Pulborough, West Sussex, England, RH20 3GR
We’ll respond to you within 5 working days