This document explains your cancellation rights and the period within which you must decide whether you wish to use Embrace Leasing's brokerage service.
Consumer Contracts Regulations dictate that regulated credit broking agreements that have been made without any face-to-face contact (i.e via phone or internet) come with the statutory right to cancel without penalty or reason within 14 calendar days.
If you have a regulated agreement (e.g. you are a private individual, a sole trader or a partnership with up to 3 partners) and choose to cancel your vehicle order, you will be liable for the costs of any service delivered, which will be equal to one month’s rental (+VAT) of the vehicle ordered, and in addition our vehicle service/admin charge is non-refundable.
This 14 day cancellation period begins from the date you sign and submit your car order form. We reserve the right to charge you the arrangement/documentation fee and/or Deposit (or a reasonable proportion) where we have commenced performing the Services and cancel the Order.
It is possible to cancel your agreement after this period, but fees will apply. If you submit a formal cancellation request after the 14 day cancellation period, Embrace will retain the full £300.00 inc VAT processing fee taken at the time of order. This is to cover all costs incurred in arranging the car order and finance arrangement up until that point. Furthermore, if charges have been incurred from the car supplier, these fees will be owed in full by the cancelling party.
Contract Hire agreements made by Limited Companies, Limited Liability Partnerships (LLP) and Partnerships with more than four partners are unregulated. In these circumstances, where an agreement is cancelled following submission of a completed order form, cancellation fees will apply.
If your car has gone into build, the charge would be 5% of the full list price.
For in stock cars or those that have not yet gone into build, the cancellation fee will equal 2 monthly rentals.
Furthermore, in the event that delays or price increases occur that are outside of our control, Embrace must be given first refusal to supply an alternative car at competitive rates. If not, the above cancellation rates would apply.
If you wish to exercise your right to cancel, you must notify Embrace Leasing of your decision to cancel the contract by a clear statement in writing by post or via email to:
Silverstone Leasing
Office 5
The Old Hay Barn
Preston Lodge Court
Preston Deanery
Northampton
NN7 2DS
Email: customercare@silverstoneleasing.com
You must include details of your full name, address, and details of the order you wish to cancel. Please note, by exercising your right to cancel, you are withdrawing from the brokerage contract and the contract is terminated.
Although extremely rare, there may be circumstances where Embrace are unable to fulfil your order – such as when there are unfavourable changes to manufacturer build schedules or changes to rates between order and delivery that we have no control of and cannot protect against. If Embrace are forced to cancel an order due to circumstances outside of the customer’s control, the processing fee will be refunded in full.
For those entitled to a refund of the processing fee taken when their order was placed, refunds will be issued as soon as possible but within 28 workings days from the day on which Embrace is in receipt of your formal cancellation request.
If you have any further questions about our cancellation policy, please call us on 01604 978481
Embrace Leasing is a trading name of Silverstone Corporation Limited. Silverstone Corporation is a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 674485 | BVRLA member 1918