Finance
Submitted by Shane O on Thu, 2016-12-15 20:06
Hi
organising finance for our boat, bought the contract home
and noticed they have added a delear origination fee. This was not in the contract,
is this something that can be done without our consent. Should this be paid by the
finance company to the dealer?
do we have to pay it?
Rob H
Posts: 5794
Date Joined: 18/01/12
probably not, unless you
probably not, unless you want the boat.
That fee relates to the loan I would think?
Surely a much cheaper way would be to get a personal loan, then search for a private boat?
Pay less interest, get more boat as your paying a premium on both?
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pelagicyachts
Posts: 1322
Date Joined: 23/02/11
they cant charge you any fees
they cant charge you any fees without disclosing upfront - its a pretty tough market for selling baots at the moment, if you are prepared to walk just tell them they can wear it or you are walking
If you have already signed up they can definitely not then impose further fees
pelagicyachts
Posts: 1322
Date Joined: 23/02/11
they cant charge you any fees
they cant charge you any fees without disclosing upfront - its a pretty tough market for selling baots at the moment, if you are prepared to walk just tell them they can wear it or you are walking
If you have already signed up they can definitely not then impose further fees
chris raff
Posts: 3257
Date Joined: 09/02/10
Ideally if you’ve been in
Ideally if you’ve been in your house long enough , you could tell your bank you want to restructure your loan and grab $50’000 to do “ Home Improvements “ and just put that in a offset account and use at will at around 3% or whatever . Most probably cost the equivalent in fees to do what these mobs are hitting you up for .
Couple of links re : Dealer Organisation Fees etc
http://sierrafinancial.com.au/what-is-a-dealer-origination-fee-why-do-i-have-to-pay-it/
http://forums.whirlpool.net.au/archive/1809228
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Iceman
Posts: 747
Date Joined: 17/03/09
This is a dealer referral
This is a dealer referral fee the boat dealer gets for referring the business to finance company.
You should not have to pay it if it was not disclosed at the time of discussing the finance. The finance company will be getting plenty of interest from the loan so they should pay it.
With Home loans we get paid a commission but this is not a cost added to the customer loan.
Also as the boat business referred you to a comapny that pay them a fee did they disclose the fee when they referred you. If not then you should not have to pay the fee
Do you know if you are getting the best deal by shopping around?
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Shane O
Posts: 926
Date Joined: 22/01/10
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