Losing Sales Because Of Finance

[Okay dokay 3]

Hi guys, new member but long time lurker and what a fantastic resource this is.

 

Has a few sales fall through because we can't yet offer finance but this culminated this week when a deal fell through after the customer was accepted with Zuto but Zuto wouldn't agree to pay us out...long story short customer bought elsewhere same day.

Now I got on the phone to Zuto as I understood a CCL was required to broker / arrange finance but that you didn't need one to receive payment from a finance company if set up fully off of the customers own back?

Can anyone claify this? Zuto were sketchy and said it will be down to the underwriters and whether they feel the business is a reputable one with good reviews etc. Now we have been trading a good while but only recently gone more mainstream with social media etc so as yet there are no reviews.

Any help much appreciated.

[umesh 336]

I've had a few deals via Zuto, they  asked for CCL 1st before they agreed the 1st deal with me. I guess they are protecting themselves. 

[Okay dokay 3]

Thanks Umesh,

 

since your reply I have begun FCA application for a limited permission license.

 

But it all appears so alien! As I understand it regular submissions to GABRIEL are required and annual fees from the FCA are based on income generated by the firm.

 

This is a ruddy minefield. All I want to do is be able to tell customers to call Zuto or similar and apply and we be paid out. But every broker I have called says we HAVE to have a CCL.

 

How do you guys do it, it seems a nightmare, do you hire someone to look after it for you?

 

There really isn't enough info on this otherwise very informative forum to tackle the FCA license setup.

[SC Derby 259]

I don't have my license (yet) but have no problem dealing with Zuto, even in my early months, they have never not paid out, intact I am now on their preferred list apparently!!

Not sure how I achieved this status, though.

[Rory RSC 596]

Get a finance rep to come out and set you up. 

 

Might aswell be offering the finance and make the commision yourself. 

FWIW evolution funding have got a very nice system which is dead easy to prop customers on and has quite a large panel of lenders you get the commision. 

 

I got got my largest finance commision cheque since starting  in the last week and it really does make a difference I have sold the cars and made extra on the finance.

[umesh 336]

Okay Dokay , 

Its not quite as bad as it may 1st appear , easiest way as already suggested get one of the finance company reps to help you! Feel free to give me a bell 01782 822 700 if its easier !  

[Okay dokay 3]

Thanks guys, carfinance247 and Zuto both insist on FCA license.

looks like I should try a smaller broker like

evolution funding as RS advised above. Thanks for all the replies.

[SC Derby 259]

Zuto do not insist on FCA license, not if the customer goes to them direct.

 

 

[Okay dokay 3]

Zuto do not insist on FCA license, not if the customer goes to them direct.

 

 

I lost a sale last week, phone rang, it was Zuto, we have a customer that wants your Audi A4, just need to get you set up with us, can you tell us your FCA license no.? Me: we don't have one, oh sorry we have to have that to proceed.

[SC Derby 259]

If you request their dealer application form there is a box asking what type of license you have with 3 or 4 options. One of the options is no license held.

tick this, send it back to them and hey presto (or as I say it was for me).

 

i average 1.5 deals with them a month and do not have any FCA license/approval/permission.

[Okay dokay 3]

If you request their dealer application form there is a box asking what type of license you have with 3 or 4 options. One of the options is no license held.

tick this, send it back to them and hey presto (or as I say it was for me).

 

i average 1.5 deals with them a month and do not have any FCA license/approval/permission.

here is the form they sent, as you can see no option for no FCA license no. 

 

[Phil H 124]

it's asking for your Financial conduct authority registration or interim permission number that's what us old timers call our fca number / permission or ccl number / permission

[Okay dokay 3]

it's asking for your Financial conduct authority registration or interim permission number that's what us old timers call our fca number / permission or ccl number / permission

I know. That's the whole point.

[SC Derby 259]

That's totally different to the form they sent me, which was two pages long, haven't got a copy to show you now as I deleted the email as it was a big file.

Found it, happy to email it across if you like?

[Okay dokay 3]

That's totally different to the form they sent me, which was two pages long, haven't got a copy to show you now as I deleted the email as it was a big file.

Found it, happy to email it across if you like?

That would be great many thanks, will PM you email.

[SC Derby 259]

That would be great many thanks, will PM you email.

 no problem, sent.

[Okay dokay 3]

Thanks to a see cars we are registered with Zuto.

Is anyone successfully on the books of carfinance247 without having a CCL, they are firm on the requirement to have one however spoke with the FCA who don't agree.

[Okay dokay 3]

 

Is anyone successfully on the books of carfinance247 without having a CCL, they are firm on the requirement to have one however spoke with the FCA who don't agree.

anyone?

[Nick 2]

Can anyone tell me how much a Consumer credit licence costs. I have heard from £100 to £670 as a sole trader which I am and £1667 for a dealership. Bit confused. Cheers.

[Nick 2]

Right just had an online chat with Zuto and the guy said I didn't need a CCL or register with the FCA just the usual. Trading name, my name, address etc. Lets hope he is right as he is forwarding my info onto the dealer department tomorrow.

See Cars Derby. would you mind sending me the form they sent you?

Nick