Octopus Electric Vehicles Limited Terms & Conditions and Important Information
Who are we?
Our company is called Octopus Electric Vehicles Limited (‘Octopus Electric Vehicles’, “Octopus EV’, ‘we’, ‘us’, ‘our’). Our registered office is at UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN and our company registration number is 10754317. If you’d like to contact us please email email@example.com or you can call us (and speak to a real person in our UK office on +44 (0) 203 3895 959 Monday-Friday 9-5pm (excluding bank holidays).
Our Service to you
In relation to the services we will provide you, depending on the product you choose, we may be a vehicle hirer, insurance intermediary, introducer or credit broker.
In most cases we lease vehicles directly to our customers in relation to the following products:
- Personal contract hire
- Salary sacrifice schemes
- Business contract hire
- Vehicle to Grid personal contract hire
In addition we may also arrange vehicle finance for individuals and businesses with selected third parties. We will make it clear to you when providing any quotations whether we are acting as hirer or as a broker.
By making an enquiry or asking us for a quotation for car finance arrangements, you are providing your informed agreement to These Terms and Conditions.
Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct Authority (FCA) for certain consumer hire and credit related activities, our FCA Firm Reference Number is 809736.
When acting on your behalf in a broking capacity we work with a number of carefully selected contract hire funders and credit providers (‘the funders’) who may be able to offer you a hire arrangement (typically a long-term lease arrangement known as Personal Contract Hire – PCH or Business Contract Hire - BCH). Where we act as a broker we may receive a commission for these services.
We do not and cannot offer financial, legal or tax advice. If you're unsure, please seek independent advice.
Information in relation to the financial service we will provide you
If we introduce you to our selected panel of insurers, finance, accident management and service and maintenance providers, they may pay us a commission for the introduction.
Background Checks and Affordability
Once we have found a quote that meets your requirements, we will need to conduct background and credit checks to ensure that we are complying with the law and to make sure that the car you are leasing will be affordable.
With your consent, in order to carry out finance checks both us and our panel of funders (where relevant) may use public and personal data from a variety of sources including credit reference agencies and other organisations. This will include carrying out a credit search. Please be aware that you may need to provide additional financial information. We will let you know if this is the case. Credit searches can impact your credit rating, as any credit reference search will appear on your credit report whether or not your application proceeds. If you have any questions about this or any other matter, please do not hesitate to contact us. Please note that we may need to carry out an additional credit check where there is a delay of more than 3 months between your application and the delivery of your car.
Vehicle leasing isn’t cheap and failure to make payments is likely to impact your credit rating and therefore your ability to get credit in the future. Please take your time and carefully consider the current and future affordability of any offer before you accept the terms.
The Processing of your Personal Data
If you need to make a complaint
We are committed to great customer service and to that end we are always grateful for your feedback. If you are dissatisfied with our service and would like to make a complaint, please see our Complaints Policy for information on how to make a complaint and our process for dealing with complaints. Please email firstname.lastname@example.org or you can call us (and speak to a real person in our UK office on +44 (0) 20 3389 59 59.
Our Eligibility Criteria
It is important that you are, and remain eligible, to lease a car from Octopus Electric Vehicles. All of our drivers must, at all times:
- Live in the United Kingdom
- Have a full UK Driving Licence
- Maintain comprehensive motor insurance
There are additional requirements depending on the product which you choose, please ensure that you read your agreement carefully. You must let us know immediately if your circumstances or your eligibility changes. In all cases we reserve the right to end our agreements with you and collect the car if you are no longer eligible.
Information in relation to the vehicles
Please note that any vehicle descriptions and technical information are provided by third parties, and we cannot be held liable for any errors or discrepancies.
Please carefully check that your chosen vehicle’s specification is in line with the details given on the quotation or order confirmation. It is not possible to change your mind once your car has been ordered and cancellation fees apply.
We are happy to answer any questions you may have on this.
Pre-delivery Price Changes
Please note that prices can change at any time before vehicle delivery due to factors outside of our control. There are a range of factors which may result in price changes including vehicle manufacturers increasing prices, the vehicle becoming out of stock, change of government policy, tax treatment, VAT or residual value calculations. In addition, because of the impact on our cost of funding, we reserve the right to amend the price if the Bank of England's Base Rate changes by 0.5% or more before the date of delivery.
Potential changes during your agreement (Salary Sacrifice Electric Dreams Customers Only)
The Benefit in Kind tax rate (BiK) (or company car tax) paid for EVs is currently set at 2% until 2025. The government has announced that beyond April 2025, BiK will increase by 1% every year until 2028. To find out more about company car tax, head here.
Once your application has been accepted with a signed order form and we have confirmed this to you, your car will either be sourced from stock or will be built to your specifications. If you cancel your order prior to delivery, cancellation fees may apply. These will depend on the dealer and manufacturer providing the vehicle.
If there are any subsequent changes such as the vehicle you have ordered not being available, or the manufacturer making a change to the price or specification, we will contact you to confirm whether you want to proceed with the order, find an alternative vehicle or cancel.
Upon receipt of any initial payment, if applicable, and once the vehicle is available, it will be registered and delivered to your address or made available for collection. Any mileage showing on the odometer of the vehicle will not count towards your contracted mileage allowance.
Any quoted delivery date is an estimate and circumstances can arise where vehicles are delayed during manufacture or delivery. In these cases, we will keep you informed. We have no control over manufacturer delivery times and will not accept any responsibility for any losses caused by any delay to the delivery time.
Unless your vehicle comes with insurance, prior to delivery you will need to provide proof of insurance for the vehicle. You are responsible for ensuring that your vehicle is covered by an appropriate comprehensive motor insurance policy (whether arranged by us, a third party or by you).
On delivery of your vehicle we hope that everything is in order and as expected. If this is not the case, then please detail any issues on the delivery note and contact us immediately. If any damage is not detailed, then we cannot accept any liability.
Excess Mileage and Wear and Tear
Your contract will have an annual mileage limit which will apply across the full term of the contract. If the vehicle is returned with excessive mileage, above the total limit for your contract, this will result in additional charges.
Where the vehicle is returned at the end of the contract, it should be in good condition allowing for ‘Fair Wear and Tear’. Please see the British Vehicle Rental and Leasing Association guidelines on fair wear and tear for further details, which can be found here https://octopusev.com/salary-sacrifice/fair-wear-and-tear-guide. You will be charged for any damage which does not constitute fair wear and tear.
If you cancel your order prior to delivery, cancellation fees may apply. These will depend on the dealer and manufacturer providing the vehicle and whether any associated costs are incurred by us.
Depending on the type of finance you have opted for you may have a 14 day ‘cooling off’ period from the date you sign the contract. You will be made aware of this prior to signing the finance documents. If you have any more questions about this please contact us.
You will not be able to cancel once your car has been delivered, if you would like to terminate your lease agreement at any time after your car has been delivered there will be a penalty to pay, this will be set out in your lease agreement.
Periodically we may introduce you to ’Special Offers’ and towards the end of your lease we will contact you to discuss your options and the latest deals. Terms and conditions for these promotions will be made available at your request.
Nothing in these conditions shall affect your statutory rights. Octopus Electric Vehicles Limited is registered in England and Wales (registered number - 10754317 ) and authorised and regulated by the Financial Conduct Authority (firm reference - 809736). Our registered office is 6th floor, 33 Holborn, London, EC1N 2HT.