WHO WE ARE AND WHAT WE DO

YCC Cars Limited T/A YCC Motorstore is a company registered within England and Wales, company number 07874960

We are authorised and regulated by the FCA as a credit broker. Our FCA registration number is 654184 you can check our details on the Financial Services Register at https://register.fca.ord.uk/s/ or by contacting the FCA on 0800 111 6768.

We offer a range of car finance products from a panel of selected finance providers and brokers. We will provide you with information and quotations from these lenders, based on your personal circumstances and preferences. You will then need to make your own choice about how to proceed. We do not offer advice or recommendations on car finance. You must decide whether the finance product is right for you.

CONTACT US

Should you have any questions prior to making an application, or have any queries during or after your application has been made, you can contact us as follows:

Email: sales@ycccars.co.uk

WHO CAN APPLY FOR FINANCE WITH US

• All finance is subject to status.
• Terms and Conditions apply. A guarantee may be required.
• Over 18 years of age only.
• Uk residents only.

WHAT WE CHARGE FOR OUR SERVICES

You will not be charged a fee for using our service. We will receive a commission payment from the credit provider or broker for introducing you to them. This commission will not impact any rate, amount you repay or the acceptance you are offered and is an agreed fixed payment or percentage. This may vary by lender or finance partner. You have the right to request further information on our commission by writing to us or emailing us at the contact details below.

SUITABILITY AND AFFORDABILITY

We aim to support and tailor our service appropriately to those customers who may be particularly vulnerable due to their current circumstances or recent life events. Whether you have a disability, a health issue, a personal crisis, or just need some extra support, we are here to help you. Please tell us about your situation and we will do our best to assist you. You should also take your time and get enough support to understand the information we provide and make sure the funding option we offer is right for you and your needs. If you have any questions or doubts, please ask us for more clarification, help and support. We want you to enter into an agreement only if you can afford the repayments without any problems. You should check the monthly payments you have to make throughout the agreement and make sure you can pay them and your other expenses without any hardship. You should also let us know if anything changes in your life or your household that may affect your ability to pay your loan. If you miss payments, your credit rating could be harmed, and it could be harder or more expensive for you to get finance in the future.

YOUR INFORMATION

In enable us to process your application, we need you to provide us with some of your personal information. We pride ourselves on handling your information in the most secure and professional way we can. We will not process your data without your explicit consent for us to do so. We will pass your information over to our finance providers and brokers to try to obtain finance acceptance for you.

WHAT TO DO IF YOU HAVE A COMPLAINT

We always aim to provide a high standard of service to our customers. However, if you are unhappy with any aspect of our service, please let us know as soon as possible. You can contact us by phone, email or post us the details below:

Postal Address
256-280 Ribbleton Lane
Preston
Lancashire
PR1 5EB

Telephone number
01772 704704

Email Address
sales@ycccars.co.uk

We will try to resolve your complaint as quickly and as fairly as possible. If we are unable to do so within 8 weeks, or if you are not satisfied without final response, you have the right to refer your complaint to the Financial Ombudsman Service. Telephone 0800 023 4567. The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

TYPES OF FINANCE WE OFFER

HIRE PURCHASE (HP) OR CONDITIONAL SALE

A Hire Purchase agreement is a type of borrowing, where you do not own the vehicle until you have paid all monthly payments for the duration of the agreement plus an option to purchase fee which is typically included in the final payment. With Conditional Sale the ownership of the vehicle transfers to the customer once all the repayments have been made. The agreement can ve settled at any time during the agreed term, you will need to contact the lender to discuss this.

Advantages of a HP / CS product

• Hire purchase & Conditional Sale agreements allow a customer to spread the cost of buying a vehicle rather than paying cash up front.
• HP & Conditional Sale agreements do not require a large finance payment and there are no mileage restrictions as with a PCP agreement.
• The customer can hand the car back to finance company, without any further liability once half of the Total Amount Repayable has been paid (subject to condition of the vehicle).

Potential risks of a HP / CS product

• Failure to maintain the monthly payments can result in the repossession of the vehicle.
• Ownership and title of the vehicle does not transfer until all payments (including the option to purchase fee for HP) have been paid.
• If the value of the vehicle depreciates faster than expected the customer will still be required to maintain the payments until they take ownership of the vehicle.

PERSONAL CONTRACT PURCHASE (PCP) – AVAILABLE FOR CARS UP TO 89 MONTHS OLD

A PCP is a car finance agreement which is for a fixed number of repayments followed by a large balloon payment referred to as the Guaranteed Minimum Future Value (GMFV). The monthly payments on a PCP will be lower than a HP agreement of the same term due to the balloon payment at the end. The price of the vehicle is usually split into 3 amounts – a deposit, the monthly installments, and the final optional payment (GMFV), PCP finance could be a good option if you like to change your vehicle regularly. The agreement can be settled at any time during the agreed term.

At the end of the initial term, you have 3 options

1) Pay the settlement figure (GMFV) to the finance company an keep the car.

2) Hand the car back to the finance company without any further liability (subject to mileage and condition of the car).

3) Part exchange the vehicle for a new car and start a new agreement. The new dealer will work out a value for your vehicle and structure a new deal including the settlement of your outstanding finance.

Advantage of a PCP product

• Typically, monthly payments on a PCP agreement will be lower than with a Hire Purchase agreement because there is a final payment at the end of the contract (balloon payment).
• Customers to some extent, are protected against depreciation. If the value of the vehicle declines quicker than expected during the loan ter, the vehicle can be handed back to the finance provider at the end of the loan term.
• The customer can hand the car back to the finance company, without any further liability, once half of the Total Amount Repayable has been paid (subject to the vehicle being maintained in good condition).

Potential risk of a PCP product

• If you cannot afford to make the final payment (balloon payment) at the end of the agreement you would have to hand back the vehicle or start a new PCP contract.
• Failure to maintain the monthly payments can result in the repossession of the vehicle.
• There is an annual mileage limit which would be agreed at the start of the agreement. This will affect the GMFV and your monthly repayments. If the anticipated annual mileage is exceeded there will be financial penalties if the customer choses to hand the car back to the finance company at the end of the term. The value of the vehicle may be less than the settlement figure if the annual mileage has been exceeded, which means that the customer may have to pay a shortfall when trying to part exchange the vehicle.
• The vehicle must be maintained to a good condition and the customer must ensure any damages or scratched bodywork must be put right before handing the car back to the finance company.