Our Value Assessment Statement is a regulatory document that we produce each year reviewing our performance, charges, advice and overall service to our clients.
In this report, we provide details of how we deliver value, the actions we’ve taken over the past 12 months, and where we can do more.
Xcite Car Leasing provides vehicle leasing to personal and small business customers throughout the UK. We connect customers with a finance provider to get them a competitive lease for their vehicle.
Our service includes:
We only offer contract hire products. Our service only offers Personal and Business Contract Hire agreements, which are designed to provide our customers with flexibility and affordability. While you won’t own the vehicle at the end of the lease, our contracts offer a host of benefits, including lower upfront costs and fixed monthly payments.
We understand that any new financial commitment can have an impact that extends beyond monetary considerations. Non-financial costs, such as the impact on your time and privacy, should be taken into account.
Regarding your time, searching for a deal, negotiating an agreement, amending a contract, or cancelling an order can all be time-consuming processes that require careful consideration. As a broker, our aim is to alleviate this burden by providing advice, direction, and support throughout the entire leasing journey.
Concerning your data, as a broker, we may collect and use your personal data for purposes such as marketing or to improve our service. This may raise privacy concerns, as your data may be shared with third parties.
However, we alleviate these concerns by ensuring that our use of customer data is limited to fulfilling our service requirements and that marketing literature is only sent with your consent. You can view our privacy policy for more information on how we use your data.
All of our customer-facing staff are trained to recognise vulnerability in customers and how to support them. Our staff are trained to tailor their approach to meet the customer’s needs so that they experience outcomes as good as other customers and receive consistently fair treatment.
We continually gather feedback from our customers so that we can understand their needs. We regularly review the design of our sales and support services to ensure they continue to meet the needs, characteristics and objectives of our target market, including those customers with characteristics of vulnerability. We design our communications to be clear, fair and not misleading and review them regularly. Where we identify actual or potential harm we take action to address this.
We have various ways of monitoring whether we are meeting the needs of vulnerable customers which include assessing the quality of our interactions with customers, reviewing resolutions to complaints, analysing the root cause of every complaint and monitoring key indicators of harm for different customer types.
At Xcite Car Leasing, we prioritise providing excellent value to our customers. To ensure we meet this goal, we assess our value proposition by evaluating our unique selling points, core values, pricing competitiveness, and service quality.
Over the past two decades, we have established comprehensive processes for reviewing our business performance, pricing strategies, and services for personal and small business leasing customers. With the FCA’s Assessment of Value requirements, we have enhanced these procedures by enforcing greater transparency and rigor to our pre-existing processes.
Our commitment to delivering value in practice is straightforward: we offer competitive pricing backed by personalised, first-class service. Our dedicated Account Managers work closely with customers to ensure their vehicle requirements are met, from selecting the most suitable vehicle to arranging credit and delivery.
All our sales and support staff undergo thorough induction training before interacting with customers, and their competency is signed off by their line manager.
Additionally, all staff must complete mandatory training modules approved by our industry body, the BVRLA, throughout the year. Customer-facing staff attend quarterly compliance training sessions, covering topics such as Consumer Duty, Vulnerability, Conduct, and Complaints Handling.
To ensure consistent, high-quality service, our management team regularly monitors the performance of our customer-facing staff. Each month, the compliance manager reviews a sample of calls and files to ensure compliance and an excellent customer experience. Our Compliance manager reports the outcomes to our Board.
Through our Customer Relationship Management system, we are able to measure many parts of the customer journey. This includes Credit Decline, (both by our funders, and by our own internal procedures), Cancellations, take up rates (where we measure our competitiveness in the marketplace), amongst other data. We have a robust complaints procedure, where any expression of dissatisfaction is logged, reviewed and thorough root cause analysis is carried out.
Our customer survey questionnaire is end to all retail customers at the point their vehicle is delivered. This questionnaire measures our performance against the key Treating Customers Fairly indicators, as well as the Consumer Duty outcomes.
We encourage our customers to give us a review on FeeFo, which gives us another good measure of our effectiveness in customer service.
Commission & Remuneration: We receive a fixed and/or variable commission for introducing you to a funder. Our commission is added to the base rental rate quoted by each leasing company in our panel of funders. It is included in the total price of the monthly rentals you pay, which is published on our website. We set our commission at a level that is market competitive to make an offer attractive to our customers. Our commission levels are capped and monitored by our Compliance team and the Board.
The commission or fees we earn does not influence our decision on who we introduce you to. The commission we receive is included in the price you pay.
You can ask for information about the commission we receive for introducing you to the funder, including the amount, by emailing us at any time at compliance@xcitecarleasing.co.uk
We charge a fee of £270 including VAT for our services. These services include:
Here at Xcite Salary Sacrifice we believe in offering outstanding customer service and great value for money. We also believe that by putting the customer at the core of everything we do, we meet and exceed those expectations.
Check out one of our helpful guides or our explaination of leasing to get all your questions answered.
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