My name is Myles Cunliffe and I am the founder of Get Me Finance Limited and also Buy to Lease Limited. Get Me Finance was founded in 2010 and has continued to grow since its birth as a broker and a lender within the car finance industry. Not many companies can boast a lending licence with the FCA but after two years hard graft, it takes proud place on my FCA licence. Get Me Finance offers the product to take the vehicles to market and offer the returns to buy to lease limited and its clients.
Having this experience within the industry and whilst lending money within this sector, stood us in good strength when launching Buy To Lease Limited. This allows anyone who wants to invest in vehicles, the option to do so whilst obtaining great returns along the way.
Experience is the key when building this product as it allowed me to make the right decisions in order to deliver a secured product that is tried and tested in the marketplace. Material used are actual facts and not just made up bits of information from the internet.
The sub-prime market continues to grow. Increasing consumer demand has given Get Me Car Finance the opportunity to launch its new affordable product and take it to another level by delivering a unique offering that is not currently widely available.
Get Me Car Finance was set up predominantly as a broker for car financing, whose main focus was to concentrate on offering prime and subprime finance facilities to customers who wanted cars. Due to the high demand of the sub-prime market, and without dismissing the prime market, Get Me Car Finance quickly recognised the huge potential and profitability in the customer who finds it harder to obtain finance.
Get Me Car Finance Limited trades as Get Me Car Finance and as well as being a broker operates with a fully operational lending licence, authorised and regulated by the Financial Conduct Authority (licence number 661934).
Get Me Car Finance currently generates leads online through its well established website www.getmecarfinance.co.uk that can generate over 2000 leads a month organically, as well as utilising the pay per
click on various search engines and has a well established affiliate network.
Get Me Car Finance currently find the right finance package for the customer, find the car they want and supply it direct to their door. On many occasions customers will find their own vehicles and Get Me Car Finance receive a commission for the completed deal from the relevant finance broker/lender.
If the finance broker/lender cannot help, Get Me Car Finance offer finance to the customer directly from its own line of funding. As well as supplying the vehicle, this allows Get Me Car Finance to generate income from both the car sale profit and the interest. This aspect of the business can grow exponentially supporting Get Me Car Finance to become the market leader in the motor industry sub-prime sector.
Working every day with the sub-prime product and customers, gives us cutting edge research and practical knowledge of how and what products will benefit the market.
Some of the day to day problems we and the customer face are:
- Delays in getting answers from finance houses, sometimes it can take weeks
- Over priced cars from dealers
- Dealers not standing on warranty claims, a big issue that does go unnoticed
- Endless application declines – on average 60% of applications get declined
- Previous lending experience, the good and bad points experienced by the company
We meet this market with:
- A Managing Director with 15 years experience in the finance industry
- 200,000 strong customer database, very active and constantly rotating
- Delivery service options. Some customers don’t want to travel and want everything done for them. We believe expanding our one-stop door-to-door option is essential
- Hire Purchase agreements for buying a car can often result in more expensive repayments. Our new leasing product helps reduce monthly payments making this a more affordable option
- Continuous FCA training for current and incoming staff to stay compliant with the lending guidelines, keeping us up to date with new legislation and an ever changing market place.
As the sub-prime market increases, our research indicates that offering everything under one roof would give Get Me Car Finance a huge advantage on our competitors.
NEW LEASING PRODUCT
As well as still being able to offer the traditional Hire Purchase product, Get Me Car Finance will introduce their new leasing product which will offer customers who struggle to obtain credit the opportunity to get into a used car at significant lower monthly payments than buying a car on a conventional Hire Purchase through our competitors. There isn’t a product or company in the market where a customer with bad credit can obtain a lease car for three years all from the same place.
Taking 3 payments upfront from the customer covers our initial outlay to prepare the car for sale thereby reducing the risk. Get Me Car Finance and the client have direct ownership of the vehicle throughout the agreement and can be resold after three years on the return. On completion of the 3 year lease the owner is guaranteed the contractual return of the initial outlay for the vehicle.
The leasing product would be advantageous to the customer due to benefits, such as:
• No negative equity
• Different car every three years • No high settlement figures
• No depreciation on the vehicle
All factors they would not have the benefit of when buying a car on Hire Purchase.
With the team’s experience and expertise in the sub-prime market, a new product, a huge current database and a void within the industry, Get Me Car Finance will quickly become the market leader in the UK.
SECURITY ON THE CAR AND OWNER PIECE OF MIND
Before Get Me Car Finance leases a car to an end user, we use our agent Buy To Lease Limited to purchase all vehicles for each individual client. All vehicles are purchased using established sources and various checks are carried out. An HPI Check is a vehicle check provided by HPI Ltd that scrutinises the history of any motorised vehicle registered in the UK, including cars, vans and motorbikes. The HPI Check Report will alert you to any adverse information held against the vehicle by finance and insurance companies, the DVLA, the Police and other industry bodies. The HPI Check is probably the most important check you will do before buying a used car and should be your first line of defence against vehicle fraud. Valuations used for your purchase are with leading companies such as CAP and Glass’s Guide. Once the vehicle is purchased and you are the rightful owner, the lease document is drawn up between you the owner and Get Me Car Finance Limited.
What is included in an HPI Check:
Recorded as Stolen - Is the vehicle currently recorded on the Police National Computer as stolen? These vehicles remain the property of the individual or organisation from whom they were taken. If you buy one of these you stand to lose it, together with the money you paid for it.
Insurance Write-Off - Has the vehicle been too badly damaged to be repaired economically or safely; has the insurance company declared it a total loss? In some cases the damage to the vehicle is so severe that it cannot be
repaired. These vehicles should never return to the road but some do, presenting a real danger to anyone who drives them.
Outstanding Finance - Is there an outstanding loan or finance agreement secured on the car? Most finance agreements/loans will grant the lender ownership of the vehicle until the debt has been paid. The debt stays with the vehicle not the borrower. Even if you bought the vehicle in good faith, if the finance hasn’t been settled then the lender could repossess the vehicle, meaning you could lose the car and the money you paid.
- Number of Previous Owners
- Recorded as Scrapped
- Logbook Check
- Mileage Discrepancies
- Number Plate Changes
- Has the car been imported or exported?
- VIN/Chassis check
- MOT history check
WE RECORD ALL VEHICLES PURCHASED ON THE HPI SO WE HAVE TOTAL CONTROL OF THE ASSET TILL THE END OF THE CONTRACT.
THE HPI (www.hpi.co.uk) CHECK REPORT IS A FULLY COMPREHENSIVE VEHICLE CHECK, PROVIDING VITAL INFORMATION ABOUT THE CAR BEING BOUGHT TO PROTECT FROM MOTORING SCAMS AND FRAUD.
THE ULTIMATE SECURITY
YOU are the beneficial owner of the vehicle, YOU have direct ownership of the asset throughout the three year term, receiving quarterly
rental returns of up to 12% p.a.
We issue you a guaranteed buy- back at the end of the three years, 100% of your capital down payment.
BAD DEBT AND ADDITIONAL SECURITY
Yes, dealing within the finance market you are going to get a degree of bad debt and some people that struggle to pay. That’s the industry and in some cases why they are coming to Get Me Car Finance.
However, what Get Me Car Finance have learnt is that cutting corners with deposits to help someone only leads to problems, and doing longer term deals just to secure a deal also leads to problems.
Having direct interaction with the customers who physically hand over money for their deposits demonstrates commitment and increases their likelihood to pay.
Supplying the vehicles also gives you a head start, Get Me Car Finance buy at trade prices, therefore the initial outlay for a vehicle is at trade valuation and not retail prices.
To try and minimise issues further, trackers are fitted to the vehicles to ensure the cars can be located at any time. The smart-technology on the vehicle trackers sends alerts when the customer is tampering with the system.
Further checks are made in house to ensure all vehicles are fully insured by checking the Motor Insurance database on a weekly basis.
What value of cars can I purchase?
How often can I receive my payments?
Rental returns paid quarterly.
Is my returns rate fixed?
What does fixed rate mean?
It means the return rate will never change during the course of the agreement.
What are the tax implications of the investment?
If you are a U.K. taxpayer, income in the U.K. is taxed at 20% of your profits earned.
How many people in the team?
Once funding is secured, further recruitment for key personnel will continue allowing the expansion of
the current team which are:
- Myles Cunliffe, MD
- Marina Douglas, Business Development - Michael Smith, Sales Director
- Reece Bailey, Sales Director
- Nick Kernick, IT Officer
- Jordan Marks, Marketing Director
- Steve Maidenhead, Head of Purchasing
How can you ensure my returns?
Your returns are generated by the lease of a car to an end user and the lease payments they make. Everyone leasing a car is fully vetted to ensure they can afford to make the payments on the three year contract. For extra peace of mind, Get Me Car Finance will cover all payments due to you irrespective of the end user defaulting. In addition to this, the car you have funded is fitted with Tracking Hardware/Software.
What happens if the person leasing my car stops making payments?
Get Me Car Finance commits to honour every quarterly rental returns payment due to you and guarantees your full capital outlay at the end of the three year term.
What assurances can you give me about the quality of the end user?
Every customer is vetted for proof of monthly salary, monthly outgoings, identity and proof of occupation, under our strict FCA guidelines.
What happens if the driver cancels his insurance and then has an accident?
Get Me Car Finance has a payment process in place which includes confirmation of payment, mileage monitor and
insurance validation, at the time of each monthly payment.
Who is responsible for any damage to the investment vehicle?
The responsibility for damage to the vehicle relating to your investment is firmly with the end user, the driver. However, where this responsibility is compromised, your contract with Get ME Car Finance ensures that you are not financially responsible for any damage in exactly the same way a bank or finance company isn’t held responsible for damage for vehicles driven by an end user.
Is there a danger I get back less than I funded?
If an end user fails to pay the vehicle lease payments the vehicle will be repossessed and leased to another user. Failing this the car will be sold. Whatever the circumstances, Get Me Car Finance will guarantee the full return on your initial capital outlay.
What happens if the end user’s circumstances change and they can no longer afford payments?
As with all vehicle lease agreements, the car will be repossessed from that customer. If necessary we will use the Tracking software fitted to the car to recover your vehicle. We will use every effort to re-hire the vehicle to a new end-user as soon as possible to protect your monthly payments received.