Disclosure Information
As part of the CCCFA (Credit Contract and Consumer Finance Amenments Regulations) 2015 all responsible lenders are now required to publish certain information to help people make a more informed decision when deciding to use finance.
Enterprise Motor Group Gisborne can arrange finance with 3 lenders, below are links each of these individual lenders which will help you understand the fee's and terms of the different finance agreements avaliable.
When Enterprise Motor Group arrange a loan for you with one of our three lenders it will fall within an interest rate range of 10.95% and 19.95%.
The rate charged will depend on your financial circumstances taking into account;
• How much you want to borrow
• The term of your loan
• Your income
• Your other financial commitments
• Your credit history
To Understand the rate that will apply to you please call our finance department on 06 867 8368
When finance is arranged with Community Financial Services the following fees will apply.
The following is a descrition of the standard fees that may be charged in relation to a finance agreement.
Default Fee and default charges:
These only apply if you miss any of your regular payments
Should you fail to make a payment on time (and while your default continues) you must pay default interest and the default fees specified below. Default interesst is charged on any amount overdue from the time you fail to make a payment when due until the overdue amount is paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a daily default interest rate. The dailt default interest rate is calculated by dividing the annual default interst rate by 365. Interest is charged to your account at the end of each month. Annual default interest rate is the rate showen on your agreement plus 5% pa.
A payment reminder fee of $5 is charged every time we write to you to remind you of a missed payment.
A late payment fee of $25 is charged each time a payment is not recieved by the regular due date
A prepossession fee of $25 is charged once you have missed multiple payments and we writes to you to notify your of our intention to repossess your vehicle.
A repossession fee of $100 is charged as a result of your vehciles being repossessed
IMPORTANT NOTE: We understand that sometimes in life things can happen that will result in you missing a regular loan payment. To help avoid being charged default fees we recomend that our customers contact CFS on 0800 88 2000 as soon as they are unable to make a payment.
Other Fees
As part of setting up the loan an establishment fee of $350 is charged and included in the initial unpaid balance.
Included in your regular weekly payment and the balance payable is a $5 monthly administration fee . This amounts are not included in the initial unpaid balance , but are included in the regular payment listed on the front of the agreement.
Full Prepayment
If you pay your unpaid balance in full before the final payment is due (full prepayement) you may be required to pay a fee or charge to compensate us for any loss resulting from the full prepayment. We may have suffered a loss if your current interest rate is lower than the interest rate applying to this creditr agreement or if we cannot immediately relend this prepayment. You will also have to pay a fee of $125 to cover our administration costs relating to the full prepayment.
An amount to compensate us for the loss we incure on the full prepayment is calculated according to the following formula.
[a x (b-c)] x d
100 365
Where;
A = The principle sum outstanding at the prepayment date
B = annual interst rate under your agreement
C = Westpac 90 bank bill rate current at the date of prepayement
D = The lessor of: the number of days between the prepayment date and the date of the final payment under the agreement; or 90 days
To read a copy of the Community Financial Services standard loan agreement click here