Guide - Credit Contract - Consumer Lease - Westcorp Capital for fast vehicle finance, boat loans, bike, caravan and equipment loans.

Mon October 23, 2017
Loan Enquiries : 08 9373 1555 Email : info@westcorp.com.au

Guide – Credit Contract/Consumer Lease

F&I MANAGEMENT PTY LTD

ABN: 58 074 537 036 ACL: 378293 UNIT 6, 205 ALEXANDER ROAD, BELMONT WA 6104

 

What is a credit guide?

A Credit Guide sets out important information about the services that we provide as a licensee broker, any fees and commission payable to us, our responsible lending obligations and our internal and external dispute resolution procedures and how you can access them.

We are required to provide this Credit Guide to you as soon as practicable after it becomes apparent that we are likely to provide credit assistance to you.

 

What is credit assistance?

We provide credit assistance when we:

  • Suggest or assist you to apply for a particular credit contract with a particular credit provider; or
  • Suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
  • Suggest you remain in a particular credit contract with a particular credit provider.

 

 

Which credit providers do we utilise when providing credit assistance?

We source credit products from a limited number of banks, lenders and other credit providers. At present, we can write loans with the following banks, lenders and other credit providers:

  • GE MONEY
  • ESANDA FINANCE
  • LIBERTY FINANCIAL
  • MACQUARIE BANK
  • YAMAHA FINANCE

 

How will I pay for the credit assistance provided?

The actual fee depends on the extent of the work we need to undertake on your behalf but will not exceed $990.00 (including GST). The actual amount will be confirmed in the credit proposal we present to you prior to your acceptance of the credit we have obtained. This fee will be payable at the time the funds are released by the credit provider. No fee is charged if you do not accept the credit proposal.

We will provide you with a credit quote containing details of our  fees and any payments made to us by credit providers before we provide you with credit assistance.

 

What information is required to receive credit assistance?

Before we provide you with credit assistance, we are required to complete a Preliminary Assessment. This preliminary assessment makes enquiries about:

  • Your requirements and objectives for seeking a credit product;
  • Your financial and relevant personal situation; and
  • Your repayment capacity.

 

We may also request documentation in order to verify the information contained in the preliminary assessment, such as pay slips, letters of employment and bank statements.

 

What information is kept on my credit file and can I examine my file?

We maintain a record of your personal profile including details gathered as part of our preliminary assessment.

You are entitled to request a copy of our Preliminary Assessment, and we must give you a copy if requested. There is no charge for requesting or receiving a copy of the Preliminary Assessment.

  • At any time during the first 2 years – we must provide it within 7 business days; or
  • Between 2 years and 7 years after it was conducted – we must provide it within 21 business days.

 

We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information.

 

Are commissions, fees or other benefits paid to F&I Management Pty Ltd by the credit provider?

When we provide you with credit assistance, we (or our directors, employees and authorized credit representatives) receive commissions from the credit providers involved. We may receive the following commissions when we provide credit assistance to you:

  • Upfront Commission
  • Additional Commission depending on the total volume of business we place with the credit provider.

 

We can provide, on request, a reasonable estimate of the commission, fees and benefits and how they are calculated.

 

Are commissions paid by F&I Management Pty Ltd to other parties?

We may pay a referral fee to people or organizations that refer clients to us who receive credit assistance from F&I Management Pty Ltd. All amounts paid to the referrer are from F&I Management Pty Ltd’s share of the commission and benefits. You won’t pay any additional amount if we pay a referral fee. A referral fee is only paid to the referrer by F&I Management Pty Ltd on settlement of a loan. We can provide, on request, a reasonable estimate of the commission and how it is calculated.

 

What is suitability assessment?

By law, we must not provide you with credit assistance if the credit contract is unsuitable for you. If unsuitable, we cannot:

  • Suggest or assist you to apply for a particular credit contract with a particular credit provider; or
  • Suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider, or
  • Suggest that you remain in your particular credit contract with your particular credit provider.

 

When is a credit contract unsuitable?

A credit contract will be unsuitable if:

  • It is likely that you will be unable to comply with the financial obligations under the credit contract; or
  • It is likely that you could only comply with the financial obligations with substantial hardship (such as having to sell your principal place of residence); or
  • It is likely that the credit contract will not meet your stated requirements or objectives.

 

We want to ensure that the credit products you select with us are not unsuitable for your needs. Because of this, it is important that you openly and honestly discuss with us your requirements, objectives, preferences, financial situation and repayment capacity.

 

What should I do if I have a complaint about the credit licensee?

If you have a complaint or concern about the service provided to you by the licensee, please contact their Complaints Resolution Manager. As part of the Internal Dispute Resolution policy they will investigate the matter and endeavor to address it as quickly as possible.

 

Complaints Resolution Manager for F&I Management Pty Ltd

Unit 6/ 205 Alexander Road, Belmont WA 6104

Ph 08 9373 1555 Email: gill@westcorp.com.au

 

Our aim is to completely resolve any issues you raise. If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with you can refer your complaint to an independent External Dispute Resolution Scheme. We belong to the following external, independent dispute resolution scheme, which can be contacted as follows:

 

Credit Ombudsman Service Ltd

Case Management Team

C/- Credit Ombudsman Service

PO Box A252

SYDNEY SOUTH NSW 1235

 

Ph: 1800 138 422

Fax: (02) 9273 8440

Web: www.cosl.com.au

 

A copy of COSL’s dispute resolution policy is available at www.cosl.com.au or by request to F&I Management Pty Ltd.

 

Please see below relevant forms and documents relating to Westcorp Capital finance options

 

 

 

 

 

 

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F & I Management Pty Ltd trading as Westcorp Capital. ABN 58 074 537 036
Australian Credit Licence 378293