Applying with Cocoon Vehicles
If you proceed to apply online for an application for a vehicle with us, you are providing us with consent to perform a credit search to form part of the application process.
The application form is not a “Vehicle Order Form” nor a “Finance Agreement”, it is a notice that your details have been received and passed to our underwriters and need to make you aware of what will happen next.
Contents of Article
Short Term Vehicles
To process your application for a credit line with Cocoon Vehicles Ltd. Our underwriters will perform credit and identity checks on you with one or more credit reference agencies (CR). Please be aware that we also reserve the right to carry out periodic searches at CRAs as part of managing your account and to prevent fraud.
In order to carry out credit and indetity checks, your personal information will be passed to CRAs and they will give Cocoon Vehicles information about your residential, financial situation and financial history. The CRAs will also supply both public (including electoral roll) and shared credit, financial situation and financial history information as well as information to prevent fraud.
The information is used for:
Cocoon Vehicles may continue to provide information to the CRAs during the relationship, we may also share your information with databases to prevent bad hirers, these include RiscONLINE, Hireguard and ProHire Risk.
The CRAs may be informed of settled accounts and if you pay your vehicle rentals and subscriptions on time. We will also share any outstanding Debt. This information may be shared to other organisations by the CRAs.
Please be aware that when a search is carried out with a CRA, a search “footprint” may be placed on your credit report. This can be either a soft search or hard search, depending on the CRA and the type of search carried out. It may be seen by other lenders using the same CRAs.
The personal information that Cocoon Vehicles hold, may be shared with fraud prevention agencies who will use it to prevent fraud and anti-money laundering and to verify your identity. Please be aware that should fraid be detected, you could be refused certain services, finance or employment, exisitng contracts may be terminated and your vehicle may be repossessed. For further details on how your information will be used, please see our Data Protection policy or CONTACT COCOON VEHICLES.
Long Term Car Leases and External Finance Companies
To process your order following the credit application, the finance company will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). Please also be aware that the finance company may also make periodic searches at CRAs as part of managing your account.
To do this, your personal information will be passed to CRAs and they will give the finance company information about you. This will include information from your credit application and about your financial situation and financial history. The CRAs will also supply both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.
The information is used to:
- Assess your creditworthiness and whether you can afford to take the product;
- Verify the accuracy of the data you have provided to us;
- Prevent criminal activity, fraud and money laundering;
- Manage your account(s);
- Trace and recover debts; and
- Ensure any offers provided to you are appropriate to your circumstances.
The finance company will continue to exchange information about you with CRAs while you have a relationship with them. The CRAs will also be informed about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs.
Please be aware that when CRAs receive a search from the finance company a search footprint will be placed on your credit file and this may be seen by other lenders.
The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and to verify your identity. Please be aware that if fraud is detected, you could be refused certain services, finance, or employment. For further details of how your information will be used by the finance company, please see our Data Protection Policy.
Non-Status and New Start Companies
This text is in addition to the Short-Term Vehicles section below.
When we carry out Non-Status checks, our underwriters may require more in-depth information to carry out affordability and stability checks.
For personal customers, bank statements, employment history and land registry checks may be carried out. We may also ask to see if a guarantor is available.
Should you have any adverse credit, we may require additional details on this along with payment plans to see if the vehicle is affordable to yourself.
Business customers with new startup companies, overseas parent companies, negative shareholder funds or those who may have used bounce back or covid loans may be required to provide additional details on the Directors of the company.
Checks may be carried out on the Directors personal circumstances and guarantees may be required.
If you would like any further information on what we do with your data and the processes, please get in touch with the team on 01332 290173 or use the CONTACT FORM below.