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

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 cannot put into words the exceptional customer service that i received from Magenta cars. Grant takes a lot of pride in their family run business and he definitely goes the extra mile to help every step of the way to make your experience feel special while purchasing your new car. Grant managed to get me back on the road very quickly after an accident within a couple of days the purchase of my new car had gone through with a finance company Grant recommended to me who were very professional and made the application very easy and this was all done over the week of Christmas and Grant delivered my car Christmas Eve to my home address even though he had planned a family event he still made sure the car was delivered in time to pick up my Christmas shopping i honestly can say in the future both my husband and i will be purchasing all future cars from Grant.
— KATHLEEN R
I was very impressed by the service I received from Magenta Cars Ltd. They are professional, full of respect and true to their words. Anyone who wants peace of mind and trustworthy dealer, I totally recommend this car dealer. They are special.
— Anonymous
I recently bought my son’s first car from this very professional family run business. Grant and Emma take a lot of pride in their business and provide excellent customer service and go that extra mile.The pride they take in there business is reflected on the cars available on the forecourt.The whole experience from test drive to the hand over was faultless. If you want that a great experience buying a used car, look no further than Magenta Cars, you won’t be disappointed.
— Vinny G
Sold my Alfa Giulia to Grant at Magenta cars today, professional service from initial phone call to collection. Great guy, can't recommend them enough ⭐️⭐️⭐️⭐️⭐️
— Gavin T
Perfect selling experience. Grant has everything you could ask for and more! Thanks again x
— Ruby D
Thanks, Grant!!! 😄Always a hassle free service- found us an amazing 695 Abarth, a few phone calls and the car arrived a week later👍.Thank you !
— Helen W
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