Finance

 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?

 


Posts: 5738

Date Joined: 18/01/12

 probably not, unless you

Thu, 2016-12-15 23:36

 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?

____________________________________________________________________________

 Give a man a mask, and he'll show you his true face...

 

 

The older you get the more you realize that no one has a f++king clue what they're doing.

Everyone's just winging it.

 

pelagicyachts's picture

Posts: 1293

Date Joined: 23/02/11

they cant charge you any fees

Fri, 2016-12-16 08:19

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's picture

Posts: 1293

Date Joined: 23/02/11

they cant charge you any fees

Fri, 2016-12-16 08:19

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's picture

Posts: 3257

Date Joined: 09/02/10

 Ideally if you’ve been in

Fri, 2016-12-16 08:35

 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

____________________________________________________________________________

Intelligence is like a four-wheel drive. It only allows you to get stuck in more remote places.”

Iceman's picture

Posts: 745

Date Joined: 17/03/09

 This is a dealer referral

Sat, 2016-12-17 20:41

 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?

____________________________________________________________________________

Smartline Personal Mortgage Advisers - Level 1, 11 Hobsons Gate Currambine 

0448122208

Posts: 926

Date Joined: 22/01/10

Pm

Sat, 2016-12-17 21:28

 pm sent