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Hawkes Bay
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  Reply # 207453 17-Apr-2009 07:27
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Okay, having read the whole thread, I will offer some opinions (just that too....).
P.S. - I work for a finance company, but it is not the one in question.



  • 5% is stupidly low. If you are going to go the the absolute cheapest provider of something, you have to expect awful service really. It's like expecting cheeseburgers at McDs to be priced at 50c AND served instantly AND not have to wait in line.

  • Your gripe is NOT with the finance company as far as I can see. The car dealer is a raving lunatic to give you the vehicle before the finance has been paid out.

  • You mention recourse for other money etc you have spent. I don't see how you came to this conclusion. You have asked for money, they have not given it yet. Anything you do in the meantime is on your own back sunshine.

  • Why haven't you gone to a different finance company seeing as you have been stuffed around so much?

  • You pretty much say the company is lying about facts on your payslips - thats highly unusual, either those details are in plain view and are correct, or they aren't.

  • 99% of applications that get delayed in our organisation, are down to incorrect or missing information fromt the customer, who selectively removes a page from their bank statements, or provides a payslip with a business name and employee name different from the details on the loan application, or bank statement shows incoming child support payments, with no children disclosed etc etc etc (a whole raft of things actually).


Apply for finance, do everything the people with the money ask of you (if you agree to it), get settlement, get the vehicle, make your payments.

It's the car dealer who has deviated from normal practice by the sound of it!









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  Reply # 207475 17-Apr-2009 09:09
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tonyhughes:

  • 5% is stupidly low. If you are going to go the the absolute cheapest provider of something, you have to expect awful service really. It's like expecting cheeseburgers at McDs to be priced at 50c AND served instantly AND not have to wait in line.


5% is a current promotion, not their usual rate, so this is not a budget finance company. ie GE money charges around 25%, however on occasion one can get stuff from Harvey Norman at 0% interest for 2 years, that doesn't make GE money budget or stupid, its just a promotion.





  • Your gripe is NOT with the finance company as far as I can see. The car dealer is a raving lunatic to give you the vehicle before the finance has been paid out.!


Incorrect, I have seen the paper work myself, and I have repeated this fact a few times now I thought, so here it is again...

-I go to dealership and say I want this vehicle (on finance).
-Then I fill out all the finance paperwork and provide supporting documents, ie payslips, drivers licence, and so on.
-The finance company then makes an instant decision whether they will finance or not.
-In my case they came back after reading the application and said yes we will give finance on this vehicle.
-Then AFTER its been approved, but BEFORE it can be settled, the finance company (not the dealership) requires the vehicle to be registered/warranted/ownership transferred/and comprehensive insurance all to be completed by this stage. 





  • You mention recourse for other money etc you have spent. I don't see how you came to this conclusion. You have asked for money, they have not given it yet. Anything you do in the meantime is on your own back sunshine.


Neither I nor the dealer really wants to go to the expense of doing these things if there is still a chance things can fall through. It was a condition of the finance. If any of those 4 things above were not done at this stage after the finance had been approved, they would not settle the finance. And after all, if thats what the finance company requires, why not do it as they have approved it, thats a fairly safe statement to work on.




  • Why haven't you gone to a different finance company seeing as you have been stuffed around so much?


The finance company in question, is the vehicles brand finance company. I would have assumed that they would be more likely to want to settle finance, as it means a sale for "them". Also I had no idea it was going to drag out this long, as I keep saying the finance was approved so I assumed that I just had to be patient and let them go about their jobs at their own pace, after all it sounds like they process 1000s of applications a week (?)




  • You pretty much say the company is lying about facts on your payslips - thats highly unusual, either those details are in plain view and are correct, or they aren't.


The info was there, the person reading it obviously wanted it to say an exactly precise thing ie, they wanted payslip to say "employee start date = " rather than "employee anniversary date = ". I mean really, what does the word anniversary mean?  Anniversary = The annually recurring date of a past event" ie start date. Same with the other things, the info was all there, they just didn't know how to interpret it.






  • 99% of applications that get delayed in our organisation, are down to incorrect or missing information fromt the customer, who selectively removes a page from their bank statements, or provides a payslip with a business name and employee name different from the details on the loan application, or bank statement shows incoming child support payments, with no children disclosed etc etc etc (a whole raft of things actually).


That pretty much was the bulk of the delay, they wanted information that is "not" on my payslip. Their requirements for the finance to be approved with to regards to pay information was 2 recent payslips. There was no mention what those payslips needed to show. They weren't interested in my weekly income shown by the payslips themselves, only YTD figure, so why ask for 2 recent payslips? Maybe thats a figure that is commonly on payslips, however its been a very very long time since any of the jobs I have had have shown this information. So I assume not all employers include this. And as I think I said, the YTD total was there "in disguise", it was accumulated into my annual bonus, and if a formula was applied to it, it provides exact YTD figure.




Apply for finance, do everything the people with the money ask of you (if you agree to it), get settlement, get the vehicle, make your payments.

It's the car dealer who has deviated from normal practice by the sound of it!


Well the epilogue is that they decided not to settle the finance. Even though the weekly payments only add up to 4% of my pay NET (!), they believe I cannot afford this with the fact I pay the monsterous amount of $75 a week in rent, and huge existing car payments of $33 per week. It is insane, and everyone who personally knows me knows this.

They did say they would accept co-applicant, (and what I'm about to say may be a case of Chinese whispers) but I'm fairly certain they said applicant would need to be:
 
A)Family member,
B)Working (obviously higher paying than me),
C)Live in same city as me.

As I can meet any 2 but not all 3 conditions, this means that is not an option.

So yes, now that things have got this far, I really have no choice but to obtain finance elsewhere. This really is not a problem.

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