Initial Disclosure Document (IDD)
MPORTANT: Please Read
Dear Customer
Please read the following document in addition to your pre-contract information. You should consider the information provided before signing your finance agreement, to decide if our services are right for you.
Who are we and how can we help finance your purchase?
Motion Finance (2017) Ltd T/A Motion Finance. Company Registration Number: 06232824. Our registered address is Thompson Close, Whittington Moor, Chesterfield, Derbyshire, S41 9AZ.
We are authorised and regulated by the Financial Conduct Authority for consumer credit and insurance distribution activities. Our Firm Reference Number is 669390.
Motion Finance (2017) Ltd is a credit broker, not a lender.
Who can apply for finance with us
- All finance is subject to status.
- Terms and Conditions apply. A guarantee may be required.
- Over 18’s only.
- UK residents only.
PLEASE ENSURE YOU CAN AFFORD THE REPAYMENTS FOR THE DURATION OF A LOAN BEFORE ENTERING INTO A CREDIT AGREEMENT.
Whose products we offer
We can introduce you to a panel of lenders and intermediaries with finance products to assist with your vehicle/asset purchase. We are not an independent financial advisor and no not made recommendations. However, we will provide you with information on products which may suit your requirements based on information you disclose to assist you in making an informed decision on your purchase. Please ask for a list of our funding partners. You may be able to obtain funding for your purchase from other providers and you are encouraged to seek alternative quotations.
As a credit broker with a limited panel of preferred credit providers from whom we receive commission Motion Finance is not impartial and is free to prefer its own interests. However, this will not impact the outcome we deliver to you from our limited panel and the commission we receive will never be the primary reason for the decision on which lender to place you with.
We offer Return to Invoice Guaranteed Asset Protection (RTI GAP) from a single insurer, Global Insurance Management Limited, and an unregulated warranty product via WarrantyWise Limited.
Our finance partners
Details on our current list of finance lenders and details of how they use information can be found at the following link: https://www.motionfinance.co.uk/lender-privacy-policies
Commission arrangements and interest rates
Rates will either be fixed or based on your credit score depending on the dealer/supplier you are purchasing from. Fixed rates are determined by our contractual agreement with the dealer/supplier and they cannot change this rate. Credit score-based rates are pre-agreed with each dealer/supplier and are linked to your individual credit rating along with other parameters including the amount borrowed, asset age, loan to value and mileage of the asset, and the lender who provides the finance. Typically, the higher your credit score, the lower the APR you will receive from a credit provider.
We will receive payment from the credit provider for introducing you to them and we will share that commission amount with the dealer or asset supplier. Different lenders or intermediaries pay different amounts for such introductions.
We have different commission models depending on the arrangements that we have agreed with each lender we deal with and in turn agreed with our dealers or other asset suppliers. The commission received is either a fixed fee or a percentage of the amount you borrow, which means the payment we receive may vary depending on the finance product, the amount you borrow and the term the loan is borrowed over. This may also mean that the more you borrow the more the dealer/supplier is paid.
The amount of commission that we receive from a lender is pre-determined. The percentage of commission that we pay to the dealer/supplier is within a 30-60% range. It is not fixed, but the dealer/supplier cannot influence the amount. The rate you pay is pre-determined and it cannot be changed based on the commission paid. We will confirm the likely amount of commission both we and the dealer/supplier will receive for arranging your finance agreement in good time before you sign the agreement documentation.
We do not charge you a fee for our services, but the commission we receive from the lender and pay to the dealer/supplier impacts the amount you pay.
As stated above, the amount of commission is predetermined by our commercial relationship with the lender and cannot be changed for your agreement.
Value Added Products
Motion Finance will offer eligible customers certain value-added products which may benefit you upon purchasing your new vehicle. Should you decide to purchase any of these products Motion Finance will receive a commission from the product provider. Details of these commission amounts are given below.
Warranty
Should you choose to purchase a warranty, Motion Finance will receive a commission of between £240 and £501 from the warranty provider. The amount of commission we earn is dependent on the duration of the product you select. Motion Finance will also pay a fixed commission of £20 to the supplying dealership.
GAP RTI
If you choose to purchase a GAP insurance product, Motion Finance will receive a commission dependent on the product you select. The amounts of commission we receive for each product are fixed and are outlined below. Motion Finance will also pay a fixed commission of £10 to the supplying dealership.
| Term | Vehicle Price | £5000 - £14999 | £15000 - £24999 | £25000 - £34999 | £35000 - £49999 | £50000 - £74999 | £75000 - £99999 | £100000+ |
|---|---|---|---|---|---|---|---|---|
| 36 months | Commission Payment | £92 | £114 | £157 | £241 | £274 | £295 | £302 |
| 48 months | Commission Payment | £133 | £175 | £241 | £350 | £350 | £350 | £350 |
Please note bandings above are rounded up to nearest £1. If you require any further information regarding this then please contact our value-added products team.
Using your personal data
Please read our privacy notice as your personal data is being processed by Motion Finance (2017) Ltd.
We process your personal data for the purposes of arranging vehicle finance and insurance products.
You can read our privacy policy at https://www.motionfinance.co.uk/privacy-policy
Contact us
If you have any queries regarding the agreement you are entering into, please contact us at
If your enquiry is related to value added products, please contact us at
What can you do if you have any concerns about our services?
If you have any concerns, please contact us in the first instance by writing to us at: Compliance Manager, The Barn, Hatton View Farm, Whitley, Warrington, Cheshire, WA4 4DS, emailing us at
You have the right to refer any unresolved complaint to the Financial Ombudsman Service: Exchange Tower, London, E14 9SR.
Web: www.financial-ombudsman.org.uk
Telephone: 0800 0234 567
Are we covered by the Financial Services Compensation Scheme (FSCS)?
Please note that your finance agreement is not covered by the Financial Services Compensation Scheme (FSCS).
However, you may be entitled to compensation from the scheme if we cannot meet our obligations for any insurance products you decide to purchase from us. This depends on the type of business and the circumstances of the claim. General Insurance advising and arranging is covered for 90% of the claim with no upper limit. Compulsory forms of insurance (e.g. motor insurance) are covered for 100% of the claim with no upper limit. Further information about compensation scheme arrangements is available from the FSCS - Financial Services Compensation Scheme | FSCS.
Disclaimer
To check your eligibility, Motion Finance will perform a soft credit check, which won't impact your credit score. If you continue to apply, some lenders may perform a full credit check.
By submitting your finance application, you acknowledge that the lender(s) we send your application to may perform a full credit check, which will affect your credit score.
By submitting your finance application, you acknowledge that you have received our privacy notice and understand how we use your personal data.