V12 Procedure Guide - Flipbook - Page 39
Product + Procedure Guide
Further detail on each document is
provided below.
1. Important Information
This explains the application process.
2. Explanation of your Hire
Purchase Agreement
This contains the adequate explanation
that the dealer or broker is legally
obligated to provide to the customer.
3. Pre-Contract Information
This contains the information on the key
features of the Product, 昀椀nancials, contact
details and legal rights of the customer.
This document must be provided to the
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 options prior to continuing. It
is valid for 30 days.
4. Hire Purchase Agreement (HPA)
(V12VF Copy)
This contains details of both the customer
and the dealer, a description of the vehicle,
and the credit terms provided. Other
information shown details the Right of
Withdrawal process, early repayments,
missed payments and charges.
The subsequent pages contain all the terms
of the Customer Agreement.
The dealer or broker must highlight the
declaration above the customer signature
box before asking the customer to sign,
ensuring the customer signs both the direct
debit box and the signature box. Dealers
and brokers should not retain a copy of
this signed agreement. Once forwarded to
V12VF, this copy is to be destroyed.
5. Direct Debit Instruction
This should contain the customer’s bank
sort code and account details from which
V12VF are to take the monthly direct
debit payment.
The bank account must be in our customer’s
name; V12VF will not accept third-party/
business accounts. The Direct Debit
Instruction is to be signed and dated by the
customer and returned.
6. Customer job check DPA Form
In some circumstances, V12VF may wish to
contact the customer’s employer.
By signing the customer job DPA Form,
the customer is authorising their employer
to provide con昀椀rmation of their employment
status/salary. The bottom of the form
must be left blank for us to send to the
customer’s employer.
The completed form needs to be signed by
the customer and returned.
Customer Deposit
Any deposit must be made in sterling.
Cryptocurrency is not allowed.
For any deposit of more than £9,000, you must
obtain con昀椀rmation of the source of funds
from the customer and retain this evidence –
this should be in the form of a bank statement
or payment con昀椀rmation con昀椀rming the
account name, account number and sort code
of the account used to fund the deposit.
39