What is an Initial Disclosure Document?

The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA require us to provide you with a document called an 'Initial Disclosure Document'. This document provides information about us, the products we offer, the services we will provide, what we charge for our services, who regulates us and what to do if you have a complaint.

Who regulates us?

We are authorised and regulated by the Financial Conduct Authority for credit brokerage. Our FCA number is 1021995. You can check this on the FCA's website www.fca.gov.uk/register or by contacting the FCA on 0300 500 8082.

Treating customers fairly

Magenta Cars is committed to ensuring that the FCA principle of treating customers fairly (TCF) is applied in all areas of our day-to-day business activities. We aim to ensure that the TCF principle is embedded and rooted in everything that we do. This principle underpins how we operate and function as a business.

Which service will we provide you with?

We offer a non-advised service, meaning we cannot give you advice or a recommendation on products. But in assessing your application we will ask you for information to enable us to identify your needs and present a selection of products relevant to your requirements. You will then need to make your own choice about how to proceed. You will receive the pre-contract credit information which will detail the Terms & Conditions of the product you have chosen and advise you about any other fees and interest relating to the product.

What products do we offer?

We offer a limited number of finance products from a selected panel of lenders. Customers can view these products on our website https://www.magentacars.co.uk/ or through talking with a member of staff in our showroom. We would advise you to consider your options and decide if they meet your requirements. Magenta Cars is a credit intermediary, not a financial advisory service nor a lender.

What will you have to pay us for our services?

We do not charge a fee for the introduction to the finance provider.

Commission Disclosure

We will typically receive a commission payment from the finance provider if you decide to enter into an agreement with them. The amount of commission can be made available to you upon request over the phone and/or in writing.

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. If you have a disability, physical or mental health condition, feel vulnerable due to a change in personal circumstances, or just need extra support please let us know and we will do our best to help you. You should make sure you have sufficient time and support to assess the information given to you and ensure the funding option offered is suitable for you and meets your requirements. If you are unsure, please don't hesitate to ask us for further explanations, help and support.

It is important that you only enter into an agreement if you can comfortably afford the repayments. You should assess the monthly payments you are required to make throughout the term of the agreement and ensure you can meet these and other current obligations without suffering undue hardship. If you are aware of any changes in your life or your household circumstances that may affect your ability to maintain your loan repayments, please make us aware. Your credit rating could be adversely affected if you do not make payments when due which could make it harder or more expensive for you to access finance facilities in the future.

What to do if you have a complaint

If you wish to make a complaint, the first step is for us to understand your complaint. You can contact us by:

  • Phone: 07342600314
  • Post: Magenta Cars, Morpeth Road, Ashington, Northumberland, NE63 8QG
  • Email: Info@magentacarsltd.co.uk

Please provide your name and a contact number where we can reach you between the hours of 09:00–17:00 Monday to Friday.

We will promptly acknowledge your complaint in writing, investigate your complaint and endeavour to send you a final response within 8 weeks of receipt of the complaint. If we are unable to provide you with a final response within this time, we will send you an update. If you are not happy with our response, and you are an eligible complainant, you can escalate your complaint to the Financial Ombudsman. You must do so within six months of the date of the final response letter. You can contact them:

  • By phone: 0800 023 4567
  • By post: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
  • By email: complaint.info@financial-ombudsman.org.uk

What our customers say about us

Our Reviews

A lot of traders use the phrase "Family run business!" Magenta Cars really is, very friendly, professional and so courteous. A great experience from the beginning, getting in touch via WhatsApp, sending photos and a very informative 7 minute video of the car, to the day of collection. I love the car and dealing with Grant and his family was just the icing on the cake. Thank you so much guys.
— Nick Stevenson
1st class, highly recommend!
— Chad Ridley
Great company to get a car from. From start till finish Grant was great, any questions I had were answered, the cars are in great condition and kept that way. Would highly recommend to anyone buying or looking to buy well looked after car.
— Joe
Thank you soo much to Grant for helping me purchasing my new little fiat 500. Very happy with the car and excellent service. Thanks again Grant
— Tracy Percy
Bought a lovely jag of Grant at megenta cars he went above and beyond to get the car as i wanted it,would highly recommend
— Gordon Smith
10/10 service from Grant & Gemma! The most genuine and lovely people that I’d put my car buying trust into for life! No expenses spared when it comes to preparing their cars and always there to help whenever you may need it. What a great family business, ran for the right reasons! 👏
— Luce Morfitt
I just want to say a massive thank you to Grant , Gemma and Elliot for absolutely fantastic customer service. It redeems my faith in mankind to come across people such as yourselves. You made me feel really valued every step of the way and kept me informed at all times during the sale process. I absolutely love my car and I couldn’t have wished for anything nicer. I will highly recommend you to anyone going forwards who is looking to purchase a vehicle. I can’t thank you enough. You are the best. Thank you Sharon
— Sharon Bennet
I can’t recommend Magenta Cars highly enough. They truly went the extra mile for me, quite literally, delivering my car from Ashington to Norwich when I was searching for my dream Mini Clubman. From start to finish, they were conscientious, communicative, friendly, and honest. They went above and beyond to ensure the car was in excellent condition before handing it over to me, which gave me real peace of mind. I’ve had difficult experiences with car dealerships in the past, so working with Magenta Cars was a breath of fresh air. It’s rare to see a dealership with so many five-star reviews, and every one of them is well deserved. Thank you again to Gemma, Grant, and Elliot for all your help and for making my first car purchase in the UK feel so smooth and supported.
— Cloie Parfitt
Recently sold a vehicle to magenta cars. We couldn’t have asked for a more professional service from Grant and Gemma. Would highly recommend, From start to finish, they made the process easy and simple and extremely welcoming.
— Laura Bateman
Got the car I’ve wanted since I was a teenager from these guys; I’m buzzing with it! And could not fault them at all from test drive to after sale service they have been beyond fantastic & helpful - highly recommended
— Mr A Hart
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