This is an example of a Standard European Consumer Credit Information document. It applies to Personal Contract Purchase Contracts
If you go ahead with a lease with us, you will receive a specific version of this relating to your deal.
PRE-CONTRACT CREDIT INFORMATION
(Standard European Consumer Credit Information)
Prepared for - - website PCE
Contact Details
Creditor
Address
Telephone number(s)
E-mail address
Fax number
Web address
ALD Automotive Limited
Oakwood Park, Lodge Causeway, Fishponds, Bristol,
BS16 3JA
0117 908 6535
uk-dsproposals@aldautomotive.com
0117 908 9886
http://www.aldautomotive.co.uk/
Credit intermediary
Affinity Leasing Limited
Cross bank House, Cross Bank, Bewdley, DY12 2XB
-
Key features of the credit product
The type of credit
Hire Purchase Agreement Regulated by the Consumer Credit Act 1974
Fixed sum credit to finance the hire, with an option to purchase, of a vehicle
The total amount of credit
This means the amount of credit to be provided under the proposed credit agreement or the credit limit.
£23126.28
How and when credit would be provided.
We will provide you with the amount of credit in a single payment, by paying in full on your behalf the invoice we receive from the dealer/manufacturer where you selected the vehicle financed under the agreement .
The duration of the credit agreement
36 months
Repayments
You will repay the total amount payable under the agreement by paying an advance payment of £664.80 on or before the date on which the agreement is made.
You will pay by direct debit 35 payments of £664.80 each, starting one month after the agreement date and continuing on the same day in each calendar month for the term of the agreement.
Your first regular payment will include an administration fee of £145.00, making a total first payment of £809.80.
You will pay a final instalment of £6287.50 including an option to purchase fee of £65.00 payable at the end of the term of the agreement.
Your repayments will pay off what you owe in the following order:
The amount of your repayments is calculated to reduce the principal amount and the interest you owe us to zero by the end of the term of the agreement.
If you pay less than the full amount of each instalment, we will use the money to pay off first, any fees and charges applied to your account; second the interest owing under this agreement; and third to pay off the amount of credit outstanding under this agreement starting with the arrears.
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The total amount you will have to pay
This means the amount you have borrowed plus interest and other costs
£30365.30
This is the total amount payable by you under the agreement assuming that you do not default under the agreement.
It is made up of the advance payment of £664.80 , plus the amount of credit shown on page one, plus a total charge for credit of £6574.22 comprising a credit administration fee of £145.00 , option to purchase fee of £65.00 and interest of £6364.22 .
The proposed credit will be granted in the form of a deferred payment for goods or service
Description of goods
Vehicle: Alfa Romeo 159 5DR Sptwgn 2.0 JTDM 136 16V Turismo
New/Used: New Year: 2011A
Cash price: £23791.08
Security required
This is a description of the security to be provided by you in relation to the credit agreement.
We may require a third party guarantee and indemnity of your obligations under this agreement. We will tell you if we need this.
Additionally, under the terms of the agreement, If the Vehicle is stolen or damaged and the Customer's insurers declare the Vehicle to be irrecoverable or incapable of repair; or if the vehicle is returned with an outstanding insurance claim for damage to the vehicle; then the benefit of the motor insurance in relation to such loss or damage we will ask you to assign to ALD.
Costs of the credit
The rate(s) of interest which apply to the credit agreement
Interest at a fixed equivalent rate of 14.0% is pre-calculated and charged on the Amount of Credit from the agreement date until you have paid in full the Total Amount Payable plus any other amounts due under this Agreement, which would normally be by the date on which you pay the final balloon payment. The rate of interest on the Total Amount Payable is applied on the agreement date and is fixed at an equivalent rate of 14.4% per annum.
Annual percentage rate of charge (APR)
This is the total cost expressed as an annual percentage of the total amount of credit
The APR is there to help you compare different offers
15.4%
RELATED COSTS
Any other costs deriving from the credit agreement
Insurance/care of vehicle:-
You must keep the Vehicle insured comprehensively against all risks for its full replacement value.
You must keep the vehicle serviced and in good condition in accordance with the terms and conditions of the agreement. If you fail to do so, you must compensate us for any loss we suffer as a result of your breach.
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Excess mileage charges:
Your agreed maximum contract mileage is 60000 miles over the term of the agreement.
When the vehicle is returned to ALD, ALD will compare the actual mileage recorded by the vehicle against the contractual mileage specified in the agreement. If the vehicle has recorded more miles than the contractual mileage, then you will pay an excess mileage charge of 6.75 pence per mile plus VAT up to 9999 miles and thereafter 9.79 pence per mile plus VAT multiplied by the difference between the contractual mileage and the actual mileage.
If the Vehicle is returned to ALD prior to the end of the term, the contractual mileage specified above will be recalculated on a pro rata basis in respect of the amount of the Term which has elapsed and any excess mileage charges will be calculated using the pro-rata Contractual mileage.
Vehicle Return / Collection:-
If you ask us to collect your Vehicle on or before the end of the agreement term, we may charge you a collection fee which is £250 plus VAT, but the amount of the fee may vary. Collection is only available from mainland UK locations. You may choose to return the vehicle yourself, but you must return it to the location specified by ALD at that time.
Conditions under which the above charges can be changed
We can change any of our charges under the agreement by giving you at least 30 days prior written notice, see clause 11.
Costs in the case of late payments
If you do not pay any amount due on the due date under the agreement, we will charge you our reasonable costs and expenses, including legal costs, if we have to send you a reminder about late payment or if we have to send you a default notice.
You agree to pay our reasonable costs and expenses, including legal expenses, if:
- we have to remind you about missed instalments;
- we have to send you a default notice;
- you default under the agreement;
- we have to find you if you have changed your address without notifying us;
- if we have to take steps including Court action to trace you and/or to enforce our rights under the agreement.
- we have to repossess your vehicle as a result of your default.
If you delay or default on your payments under this agreement, we will charge you interest on the overdue balance at a rate no greater than the rate of interest on the Total Amount Payable specified in section 3 above, until the arrears have been cleared.
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If you are late in making any payment due under the Agreement, we will charge you £12 to cover our costs.
In addition, we reserve the right to add a 3% credit charge to any late payments made by credit card in order to cover our costs and the fees charged by credit card issuers.
Consequences of missing payments
Missing payments could have severe consequences and could result in legal proceedings being taken against you. If you miss a payment we may record your default with a credit reference agency who will keep a record of that default. This could make obtaining credit more difficult for you.
Other important legal aspects
Right of withdrawal
Once you have made your agreement, you have the right to withdraw from it by the end of 14 calendar days starting with the day after the date on which you received a copy of the concluded agreement from ALD.
Please note that should you choose to withdraw from this agreement, you are still required to make other arrangements to pay for the vehicle within 30 days of the date of withdrawal.
If you do not repay this debt within the 30 days, we may commence repossession proceedings against you and pursue the debt via the court. Please note that in addition you will be liable for the daily cost of any interest charges applicable until the amount of credit is repaid in full.
Early repayment
Once your agreement is made, you have a right, at any time, to repay the credit early in full or partially.
Compensation payable in the case of early repayment
If the early repayment exceeds a certain amount, then we may be entitled to compensation. Any compensation must be fair and justified and will not exceed the lower of 1% of the amount repaid early where the agreement has more than one year to run; or 0.5% for agreements with less than one year to run. The compensatory amount reduces the amount of the partial settlement used in calculating the interest rebate; and for full early settlements it will be added to the settlement figure.
Further information on how to go about this can be obtained by calling ALD Automotive Limited on 0844 600 1407
Consultation with a Credit Reference Agency
If we decide not to proceed with your prospective credit agreement on the basis of information we receive from a credit reference agency, we will tell you promptly and we will give you the details of the credit reference agency from which we obtained details about you.
Right to a draft credit agreement
You have the right, upon request, to obtain a copy of your draft credit agreement free of charge, unless at the time of your request, we have already decided that we do not want to proceed with your credit agreement.
The period of time during which the creditor is bound by the pre-contractual information
This information is valid from 1st March 2011 until 29th March 2011
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Additional information in the case of distance marketing of financial services
Registration number ALD Automotive Limited holds a licence under the Consumer Credit Act 1974, Consumer Credit licence number: 0010018 and is authorised and regulated by the Financial Services Authority for the conduct of insurance intermediation under number: 308101.
The Supervisory authority ALD Automotive Limited is supervised by the Office of Fair Trading and is authorised and regulated by the Financial Services Authority for the conduct of [insurance intermediation] under number: 308101.
The law taken by ALD as a basis for the establishment of relations with you before the conclusion of the credit agreement The law of [England and Wales][Scotland] shall apply to this Agreement.
The law applicable to the credit agreement and/or the competent court English [Scottish] law governs this credit agreement and the credit agreement is supplied in English. We will communicate with you in English for the duration of the credit agreement.
Concerning Redress
Access to out of court complaint and redress mechanism We have our own complaint procedure. If you have a complaint about this agreement, you can write to The Process & Compliance Manager at ALD Automotive Limited, 900 Pavilion Drive, Northampton Business Park, Northampton, NN4 7HA. Should you wish to register your complaint verbally, please contact your Sales consultant or Account Manager. If you wish to contact us by e-mail, please title your e-mail "Quality Department" and send to qualityuk@aldautomotive.com. A copy of our complaints procedure is available upon request. If you are unhappy with our response, you can complain to the Financial Ombudsman Service at: Financial Ombudsman Service, South Quay Plaza, 183, Marsh Wall, London, E14 9SR. The Ombudsman can also be contacted by telephone at 0845 080 1800.
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