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We provide options for good and bad credit clients.

Both may apply. Applications are subject to our lending criteria, ensuring that any car payment is affordable for you and your family and that it will fit comfortably within your weekly budget. Applications may be declined

Payment Arrangement Conditions That May Affect Your Loan

Important Information - PLEASE READ

If your loan account is in arrears, your loan will remain in default until all arrears are paid in full.

When a loan is in default, interest continues to accrue and additional fees and charges may apply. As a result, your loan may take longer to repay than originally agreed under your loan contract.

If you do not set up a payment arrangement to clear the arrears on your loan account, your loan may continue to incur default fees until the loan is fully repaid. This is why it is important to ensure a payment arrangement is put in place as soon as possible.

Fees & Charges

Fees and penalties applied to your loan may include, but are not limited to:

  • Default fees
  • Missed or late payment fees
  • Communication and letter fees
  • Statement fees
  • Monthly management fees
  • Short payment fees
  • Debit journal fees
  • Other fees and charges permitted under your loan agreement

These fees and charges will increase your loan balance and may extend the term of your loan.

If your loan remains in arrears and no payment arrangement is in place, additional default fees and interest may continue to accrue for the duration of the default period.

Important Information About Payment Arrangements

You must keep your repayments up to date or maintain an agreed payment arrangement to help reduce further fees and charges being applied to your loan account.

A payment arrangement does not remove the default status of your loan account until all arrears have been paid in full. Interest will continue to accrue on the outstanding balance during this period.

Your loan will remain in default, with default fees continuing to accrue, until your payment arrangement has been successfully completed and all arrears have been cleared in full.

It is important that all payments under your payment arrangement are maintained as agreed. If payments are missed or repayments stop, your loan may remain in default for a longer period. This may result in:

  • Additional fees and charges
  • Increased interest
  • A higher total repayment amount
  • An extension of your loan term

Even after arrears are cleared, your loan term may still be longer than originally stated in your contract due to accrued interest, fees, and missed repayments.

Once your payment arrangement has ended, you must continue making all future repayments on time. Any future missed payments may place your loan back into default and result in further fees, interest, and additional loan term extensions.

If you are unable to maintain your agreed repayments, you should contact Vehicle Sales & Finance Ltd immediately to discuss your circumstances. Failure to maintain your payment arrangement may result in further default fees, additional collection activity, repossession action, or legal recovery proceedings in accordance with your loan agreement.

Any payment arrangement entered into is temporary and subject to review based on your account conduct and repayment history.

Loan Agreement Reference

All fees and charges applied to your loan are charged in accordance with your signed loan agreement and lending terms and conditions.

We recommend you refer to your loan agreement for full details of applicable fees, charges, and repayment obligations.

Monthly Management Fee – Pre-October 2023 Loans

For loans issued prior to 1 October 2023, a monthly management fee of $9.00 was introduced effective from 1 October 2023. All affected clients were advised of this change by email on 15 September 2023.

Loan Summary Disclaimer

Any loan summaries, repayment estimates, loan terms, interest calculations, fee calculations, or total repayment amounts provided are based on repayments being made in full and on time.

If repayments are missed or made late, additional fees or charges are applied, or changes are made to your loan arrangement (including reduced repayment amounts), your loan term may extend and your total repayment amount may increase.

Client Acknowledgement

By entering into a payment arrangement, you acknowledge that you have read, understood, and accepted these conditions.

Fees, charges, interest rates, and lending terms are subject to change in accordance with your loan agreement and applicable legislation.

For further information regarding our lending terms and conditions, applicable fees, and charges, please refer to the Responsible Code of Lending section on the Vehicle Sales & Finance Ltd website, then select Fees.

Privacy Waiver

I/We apply for a loan and certify that the particulars above and overleaf are true and correct, and that I/we are over the age of 18 years and are not undischarged bankrupts.

Pursuant to the Privacy Act 2020, I/we authorise the Finance Company and any related finance company to contact any credit reporting agencies, credit providers, employers, Government agencies or departments, accountants, identity verification providers, debt collection agencies, repossession agents, insurers, or any other source, to obtain, check, collect and exchange (both now and in the future) such personal, financial, credit and commercial information and references about me/us as is necessary for the purpose of considering this application, verifying my/our identity, administering and protecting any loan arising from this application, enforcing any agreement between me/us and the Finance Company, recovering any monies owing, or complying with legal and regulatory obligations.

I/We understand that personal information may also be collected indirectly from third parties in accordance with the Information Privacy Principles, including IPP3A, where permitted by law.

I/We agree that this authority may be provided to such parties for the purposes of obtaining or correcting such information. Under the provisions of the Privacy Act 2020, I/we are entitled to request access to and correction of any personal information held about me/us.

Furthermore, I/we specifically authorise the Finance Company to undertake a credit check for any Ministry of Justice overdue fines that may be outstanding. Overdue fines are defined as fines or reparations overdue for payment to the Ministry of Justice and not subject to a current payment arrangement.