Initial Disclosure Document

About us

We’re DriveElectric a trading name of Fleetdrive Management Limited, which is a company registered in England (registration number 02776514) and our registered office and trading address is at Unit 1 Harleyford Marina, Henley Road, Marlow, Buckinghamshire SL7 2DX. You can contact us by dropping us a line, by calling us on 01628 899727 or by emailing customerservice@drive-electric.co.uk.

As giving you an amazing service is really important to us, we record our calls for training and monitoring purposes.

We’re authorised and regulated by the Financial Conduct Authority for consumer credit activities. Our Firm Reference Number with the FCA is 678978 and you can check this on their website www.fca.org.uk

We take your privacy seriously and adhere to data protection legislation. We’re registered with the Information Commissioners Office for the processing of data under The Data Protection (Charges and Information) Regulations 2018 and our registration number is Z8537104. You can check this information at www.ico.org.uk

We’re proud to be a Leasing Broker member of the British Vehicle Rental and Leasing Association and abide by their Code of Conduct, reflecting our commitment to ethical and professional standards. For further information visit www.bvrla.co.uk 

We are a Credit Broker. We are not a Funder or a Lender.

Our Services

At our core, we aim to put your needs first, give you a great service, simplify the process of sourcing finance and find the right vehicle for your needs. As a broker, not a funder, we work to connect you with finance solutions through a carefully selected panel of funders. We provide products and pricing only from this panel so we don’t search the entire market for pricing or alternative funding routes which may be available to you. We won’t offer advice, but we’ll present clear, concise information to ensure you have all the necessary details to understand how our products and services work for you and to help you make an informed decision and achieve your desired outcome. We’ll also let you know about ancillary products which may be of interest including a service, maintenance and repair package which makes budgeting easy. We can also provide products from AutoProtect MBI Ltd including SHINE, an agreement to keep your car in tip top condition by repairing small scratches and dents and Customer Protect Comprehensive Warranty which helps towards the cost of mechanical faults (excluding fair wear and tear) when your vehicle warranty expires. For business users we offer additional facilities and tools to assist you to run your fleet effectively.

For business customers offering a salary sacrifice scheme we act as an insurance intermediary on a non-advised basis for the arrangement of vehicle insurance through Lloyd Latchford Group.

General Data Protection Regulation

To deliver our services effectively, primarily introducing you to our funders, we need to collect and share your personal information with third parties, including:

• Funders: To enable credit decisions. We may share the information directly with the funder or to access manufacturer finance facilities through a manufacturer’s main dealer.
• Vehicle suppliers and manufacturers: If your finance application is accepted and you proceed to order a vehicle through us.
• Insurance providers or other service providers: If you opt for ancillary services.

We’ll never share your data without your express permission unless required by law. For full details, please see our Privacy Policy on our website.

Commission

If you decide to use our services and enter into an agreement with one of our funding partners, we’ll receive a commission for introducing you to them and this is our main source of income. Commission may be a fixed amount,  a discretionary amount within a band pre-determined by the funder, discretionary and capped as a percentage of the vehicle’s taxable list price or for purchase agreements based on a percentage predetermined by the funder. The commission amount is included in the finance agreement and the higher the amount of commission, the more you will pay to hire or finance your vehicle. We may also receive additional income from a funder based on how we perform against their standards or by way of marketing support, from vehicle suppliers and/or manufacturers and from providers of additional ancillary products and services.

Providing our service costs money and earning commission allows us to support our dedicated team, who in turn, ensure that you receive an amazing experience. We’ll always offer you fair value for the service and outcome that you receive and being open and transparent, and if you’re a consumer, we’ll even let you know exactly what we’ll earn if you decide to go ahead with us! For business customers, we will make a disclosure to you if the finance company require us to but otherwise you may ask us.  Our Commission Disclosure Policy provides you with more information about this.

Charges for our services

We make a charge to you for the services that we provide:

New Orders

Administration Fee

We charge an administration fee of £234 including vat (£195 plus vat). This covers the cost of sourcing your vehicle, subject of a finance agreement, and keeping you updated about your order through to delivery.  It also covers the cost to support you and assist with any queries throughout the term of your agreement.  We raise an invoice for our administration fee when you place your vehicle order.

Processing Fee

On some occasions we may be asked to help with things which aren’t part of our core service such as arranging the disposal of a vehicle or the sourcing a vehicle for outright purchase. In these instances, we will make a processing charge to cover the work that we undertake. This will vary but we will provide the amount that we will charge at the outset.

Order Cancellation

We hope that you won’t have to cancel your order but if you do, we may a charge of £600 including vat (£500 plus vat) which covers the work that we’ve done for you from the point of your initial enquiry. We won’t make a charge if you’re a consumer and you cancel your order with us within 14 days from the order date but if you cancel afterwards, you’ll be liable for the cancellation fee. Please note that the supplying dealer of the vehicle or the finance company may also levy a cancellation charge, and we’ll let you know what this is as soon as we can and within 5 working days of your cancellation. Cancellations must be requested in writing.

Contract Extension

If you want to extend your contract and its allowed and approved by the funder, we make a charge of £249 including vat (£207.50 plus vat) for undertaking the work to arrange this for you.

Transfer of Agreement

If you want to transfer your agreement to another party and it is allowed by the funder, we make the following charges.

Transfer Application Fee

Our fee is £300 including vat (£250 plus vat) and covers the cost of obtaining the required information from both parties and submitting it to the funder for consideration. It is payable at the point of application and irrespective of the funder’s decision.

Transfer Completion Fee

This fee of £300 including vat (£250 plus vat) covers the cost of arranging the documentation and consulting with both parties after the transfer has been approved until completion.  

If we make a charge we’ll issue an invoice. All invoices are required to be paid within 7 days either through our online payment system or by direct bank transfer except for invoices for new orders which must be paid within 7 days or 3 days before delivery of the vehicle, whichever is sooner.

Complaints

We want happy Customers! Putting you first is at the heart of our company’s culture and the key to our reputation and success. We aim to give you a great level of service and whilst we’ll always do our very best to achieve this, we’re human and we know that sometimes things do go wrong. So, if we’ve slipped up, please do let us know and we’ll do everything that we can to put this right and of course, we’ll take whatever steps we can to prevent it from happening again. That’s why we take every complaint very seriously and we’ll do our utmost to deal with any issue quickly, efficiently and in a positive manner. Whilst no-one likes to receive complaints, we’ll always thank you for bringing something to our attention as your happiness is what makes us happy. For information about how to contact us and the process, please take a look at our Complaints Procedure for Customers on our website or email customerservice@drive-electric.co.uk.

Please speak to us if you are unsure about the contents of this Initial Disclosure Document.

Updated: November 2025

Version: V1 11112025