Consumer Finance Commission Disclosure

Due to a judgment handed down by the Court of Appeal on 25 October 2024, we now require explicit consent from the customer that they agree to AMVAS being paid a commission for arranging their vehicle finance.  

 To meet this requirement, we must set out to the customer the following: 

1. The relationship between my funder and AMVAS
2. The existence of commission
3. The nature of the commission
4. The amount of commission AMVAS will receive.

If a customer intends to proceed with the finance application, I will need to inform the funder prior to the customer signing a finance document.

1. An important document for the customer detailing the amount of commission AMVAS will earn and how it has been calculated (the “Commission Disclosure Letter”), will be sent along with the finance agreement.
2. The customer will need to read and sign the "Commission Disclosure Letter" to confirm that they understand that AMVAS will earn commission, including the amount that AMVAS will receive and that they consent to that payment. 
3. The funder may call the customer before the agreement is paid out / set to a live agreement to verify that they’ve signed the "Commission Disclosure Letter" and understand what it means for them. 
4. The above may vary slightly depending on who the funder is.