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A New One From The Banks

Jay95R33
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Jay95R33 Grand Master

Jay95R33

Posted
Posted

How this...

A mate is getting a R33 GTS-t. Arranged a loan through a Credit Union here in Canberra but once the time came to hand over the cash the Credit Union changed their mind !!

The excuse they gave was "we've decided not to loan money for imported cars" !!! WTF???

This car had already been imported and we drove it a few days ago, so basically it's a private sale - it has rego and everything so it's not like he has to pay for it now and wait for it to come over from Japan.

He explained that he had full insurance ready for it, so if it got written off and stolen the loan would be paid in full by the insurance company. Still no luck.

He explains that it's just like buying a second hand Commodore. Still the same answer "we've decided not to loan money for imported cars"!!!

So he rings two other banks. Same deal, they are happy to give him he money, but not to buy a imported car !!!

Are the banks now in with the government on trying to stop us from buying imported cars?

He ended up just ringing back and getting a personal (unsecured) loan for the money.

I'm sure this is some sort of conspiracy against us all......I better go now - I think someone is watching me :D

J

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Jon R33 Collaborator

Jon R33

Posted
Posted

I almost had the same thing happen to me when I was buying the R33.

Had everything arranged, insurance, registered in my name, finance approved...then the day comes and the final phone call to the bank "Oh! is this an import, I'm sorry we don't finance imports."

I think I scared the guy..."It's a bit F*&%^NG late to tell me that, I've already had the car registered in my name...blah blah rant rave"

Eventually the superviser said they could provide a secured personal loan but for $500 less than the price of the car WTF!? so I had to get Jash to make out a stupid invoice with the $500 seperate in cash.

God Damn I hate banks.

Got the 'line though so I'm still smiling :D

predator Grand Master

predator

Posted
Posted

Depends, there is also the 5 year rule or something on secured loans for most fianciers. That is, if the car is over 5 years old they don't want to lend you more than 20k or so.

I guess it just covers there ass, because a car over 5 years old (or an import) is harder to sell in an auction, etc if they have to reposses the car

akira Rising Star

akira

Posted
Posted

JAY95R33,

sounds like your mate would have been better off applying a personal loan, saying that it would be used to buy beer and hookers to support the local economy :(

The irony is that he would have a better chance of obtaining money that way than buying an import car.

Cops are cracking down, SEVS laws are being changed to slow importation of modified vehicles, Banks are rejecting loan requests.......sounds like a conspiracy to me:(

Jay95R33 Grand Master

Jay95R33

Posted
  • Author
Posted
Originally posted by akira

JAY95R33,

sounds like your mate would have been better off applying a personal loan, saying that it would be used to buy beer and hookers to support the local economy :P  

The irony is that he would have a better chance of obtaining money that way than buying an import car.

Cops are cracking down, SEVS laws are being changed to slow importation of modified vehicles, Banks are rejecting loan requests.......sounds like a conspiracy to me:(

Yepp, your right. They are slowly making it harder and harder for anyone to buy imports.

If only they realised that the reason we buy them is cause most the cars that Australia make are crap :P

But the good news is that my mate rang up later and told the bank that he wanted a personal unsecured loan for $20k to go out to the Casino on Saturday night and pi$$ all the money up against the wall, and they gave it to him !!!

He should pick the car up on Tuesday if all goes well......

J

Shell Grand Master

Shell

Posted
Posted

Yeah the Credit Unions can be funny, Jay :P

maybe it's because they're not actually a bank...they work in different ways..who knows??

I got my Skyline thru the Commonwealth Bank...it was a personal loan and they never gave a shit what i was buying. I think i wrote "vehicle" but I can't remember if i wrote what sort...

Jay95R33 Grand Master

Jay95R33

Posted
  • Author
Posted
Originally posted by Shell

Yeah the Credit Unions can be funny, Jay :)  

maybe it's because they're not actually a bank...they work in different ways..who knows??

I got my Skyline thru the Commonwealth Bank...it was a personal loan and they never gave a shit what i was buying. I think i wrote "vehicle" but I can't remember if i wrote what sort...

Yeah, they seem to have a few wierd 'in house' rules.

But it's all good now, he should be getting the car very soon. He might even be at the cruise in June :P

NIZ30 Community Regular

NIZ30

Posted
Posted
Originally posted by predator666

Depends, there is also the 5 year rule or something on secured loans for most fianciers. That is, if the car is over 5 years old they don't want to lend you more than 20k or so.  

I guess it just covers there ass, because a car over 5 years old (or an import) is harder to sell in an auction, etc if they have to reposses the car

The thing here is what's called chattel mortgage secured personnal loans. ie your car is their security.

Any organisation that does this has a 9 year rule for domestic cars, and 5 years for imports. As said it is so the car still has value by the time your loan (usaully 5 years) is done.

The age makes a difference on the interest rate too. If you buy a new holden the rate will be something like 6%. 2 year old holden - 9%. 7 year old holden 15% (figures are guesses).

So yes your mate was declined because unless it was a post march of 1999 (year of manufacture, not importation) model import then he will be declined nearly everywhere on a secured PL.

Everyone else (not all) is on a unsecured PL, meaning interest rate is slightly higher. Wouldn't make much difference on a 5 year old or more car though. Actually unsecured is probably cheaper (about 12%, less fees too). I know I have paid up to 18% on a secured PL for an import.

So it is not a conspiracy, just trying for the wrong product. As shell said, her bank didn't even ask, nor what would they care what you did with it. You wouldn't be able to buy a kingswood with this loan, and nor should you try.

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