V12 Procedure Guide - Flipbook - Page 14
Procedure Guide
Procedure Guide
Enhanced Bank Check
We are unable to accept bank details that are not
CONC 2.7, (where relevant) CONC 11 and the
Explanation to Hire Purchase Agreement
in the customer’s name. An enhanced bank check
Consumer Credit (Disclosure of Information)
read to the Customer
will be completed at pay-out to confirm the bank
Regulations 2010.
account for the Direct Debit is in the customer’s
What are distance sales
name. If this check fails, proof of bank account
will be requested. If different bank account details
are provided, a new Direct Debit mandate form
will need to be completed and a re-sign may be
required.
Acceptable proof of bank account include a copy
of a bank statement showing the customer’s
name, current address, sort code and account
number; a copy of a cheque or paying-in slip. If
Distance sales are those where a trade, such
as a dealer, makes exclusive use of distance
on-line for electronic signature via our
CALMS FMO platform.
Where eSign is not being used, the customer
agreement must be printed and presented to the
customer for ‘wet signing’. The documents must
completely legible, ensuring all the information is
clear and present.
The dealer or broker must, ensure the customer
is presented with the correct documents
according to the type of sale. Where the sale is
not face to face but completed at a distance,
the Pre-Contractual Credit Information contains
additional information which must be supplied
to the customer. Our distance sale documents
contain this additional information to comply with
Consumer Contracts Regulations 2013, e FSDMR,
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Right of Withdrawal process, early repayments,
missed payments and charges. The subsequent
pages contain all the terms of the Customer
The dealer or broker must highlight the
declaration above the customer signature box
customer.
Direct Debit Instruction
To be signed by the Customer and returned
The Signing Up Process
1. Explanation to Hire Purchase Agreement
at which the contract is entered into with the
In all circumstances (both for esign and wet sign)
• Provide adequate explanations to the customer
Customer agreements can be accessed
Hire Purchase Agreement (V12 Vehicle Finance
provided. Other information shown details the
To be signed by the Customer and returned
or telephone) up to and including the point
updated their bank details, proof of name change
Customer Agreement
To be retained by the Customer
description of the Vehicle and the credit terms
Agreement.
the dealer or broker is obligated to:
Dealer and Broker Responsibilities
Pre-contractual Information and Explanations
details of both the customer and the dealer,
Copy)
communication (for example the internet, email,
the customer has changed their name but not
may be required.
To be
of the details of the agreement;
• Allow adequate time for the customer to
read and consider the documents and the
agreement and to ask questions; and
• If at any time, should the dealer or broker
believe the agreement is unsuitable for the
customer either though lack of understanding,
inability to afford or any other reason, DO
This document contains the pre-contractual
credit explanations the dealer or broker is
legally obligated to provide the customer.
The Pre-contractual Explanations is for your (the
dealer’s or broker’s) use only and is not to be
given to the customer.
2. Pre-contractual Information and
Explanations
This contains the information
on the key features of the product, financials,
contact details and legal
NOT PROCEED with the acceptance and
rights of the customer.
instead contact our motor team regarding the
This document must be provided for the
applicant.
The dealer or broker must ensure that all the
details on the documents are accurate; ensuring
customer for them to retain and take away, and
they must be allowed adequate time to read it
and the opportunity to leave and consider their
the Customer’s name and address matches the
options prior to continuing.
identification documents provided and the V5
The document is valid for 30 days.
document is completed in the customer’s name.
The customer agreement documents must be
presented in the order they are printed and listed
below ensuring all legal obligations are met:
3. Hire Purchase Agreement
(V12 Vehicle Finance Copy)
The Hire Purchase Agreement contains
before asking the customer to sign; ensuring
the customer signs both the direct debit box
and the signature box. Dealers and brokers are
not to retain a copy of this signed agreement.
Once forwarded to
V12 Vehicle Finance, this copy is to
be destroyed.
4. Direct Debit Instruction:
The Direct Debit Instruction should contain
the customer’s bank sort code and account
details from which V12 Vehicle Finance are to
take the monthly direct debit payment. The
bank account must be in our customer’s name,
V12 Vehicle Finance will not accept third party/
business accounts. The Direct Debit Instruction
is to be Signed and dated by the Customer and
returned.
5. Customer job check DPA Form:
In some circumstances V12 Vehicle Finance
may wish to contact the customer’s employers.
By signing the customer job DPA form the
customer is authorising their employer to
provide confirmation of their employment
status / salary. The bottom of the form must
be left blank in order for us to send to the
customer’s employer. To be signed by the
customer and returned.
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