Finance Commission Disclosure Statement
Compliance Version 1.0 Effective Date 28.01.21 1. Our credit-broking services LS Autos Ltd (“we”, “us”, “our”) are able to offer you our credit-broking services to help finance the purchase of your motor vehicle and other ancillary products and services through our commercial arrangements with a number of lenders. If we arrange finance for you, we may receive a commission, fee or other financial consideration (our “income”) from the lender for doing so. Our income varies from lender to lender depending on the contractual and commission arrangements that we have in place.
2. Commission disclosure
If you are an individual, sole trader or small partnership and we are arranging a credit agreement or a consumer hire agreement for you which is regulated under the Consumer Credit Act 1974, you have a right to ask us to disclose the income that we will receive for arranging finance for you. If you make such a request, we will disclose the amount to you without delay.
You can make a disclosure request at any time and by any means including over the phone, by email, in writing or at the dealership.
You may, email email@example.com or write to LS Autos Ltd, Home Farm Business Park, Rad Lane, Dorking, RH56RA or if you are at the dealership, please speak with the staff.
We will automatically disclose our income to you if we believe the income we may earn on your transaction may materially impact your transactional decision.
3. Commission arrangements
We have different commission arrangements in place with each of our lenders. The income that we earn may be a fixed fee or a fixed percentage of the amount borrowed. The income that we earn from a new car sale is typically a fixed fee whereas the income that we earn from a used car sale is usually a fixed percentage of the amount borrowed which may vary depending upon a range of factors including the age of the vehicle, the advance, any benefits or promotions that are available, good customer outcomes (including customer satisfaction scores) and a range of other commercial key performance indicators. Our income does not usually vary according to the type of financial product you choose or the term of your finance agreement. If it did, we would automatically disclose the different income earned from each product type and/or the different terms.
Our commission arrangements with our lenders have been negotiated and agreed in advance. We do not have any discretion to negotiate or adjust your interest rate, APR or any other item included in the total charge for credit. The interest rate and/or APR offered to you may vary according to the age of the vehicle you purchase and/or the amount you borrow.
4. Important information about our finance process We do not offer financial advice and we do not make recommendations on any financial product. We operate a non-advised sales process.
Please read all terms and conditions carefully in order to decide whether what is being offered is suitable and meets your needs.
We are not independent as we have contractual relationships with a limited number of lenders. We operate a controlled vertical finance process which includes the brand finance provider, Octane Ltd. We do not conduct a market appraisal and we do not choose from a panel of lenders. Please see our Initial Disclosure Document for further details on our credit broking services.
LS Autos Ltd is a credit broker not a lender LS Autos Ltd FRN 938971 is authorised and regulated by the Financial Conduct Authority