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Sneaky Credit Tactics - watch out for the Loan Sharks now

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The Senate Inquiry, last week, was told that Australian is losing its taste for credit.

The demand for home loans is probably dropping as well.

Borrowers are paying off their home loans more quickly.

So where are the lenders going to find more clients willing to sign up for credit to keep their bottom line?

And are the lenders getting the message yet: more Australians are a wake up to credit rorts these days and are shopping around for better - and straighter - deals.

It was too much to expect that all dodgy deals and credit tactics would stop last week when the banks got a collective attack of conscience over their lending "mistakes"!

It's still going on ... in other credit markets ...

This story is not about a Lo Doc Home Loan. It's about a vehicle leasing agreement with similar problems.

Steve, the maintenance guy, went to replace his ute. He took all his income paperwork in to get the finance sorted.

The first finance expert, from Capitol, didn't want to see his income proofs, said it wasn't necessary. So long as Steve agreed to make the repayments, that was all that was necessary. She offered him a deal at close to 12% over 5 years.

Steve did the figures. He said Capitol were "very pushy". He said they wouldn't let up on him. The numbers didn't stack up for him - after 5 years he'd still be facing a residual payment. He turned down their offer.

The second finance expert, from Macquarie Bank, was willing to look at Steve's last two years income. Gave him a good deal at 8%. Steve took it and got the ute.

Steve thought it was strange that Capitol "wasn't interested" in seeing the proof of his ability to repay them.

I told him that's how they can then charge him a higher interest rate on the basis that there was no proof of income and thus he's more high risk as a borrower.

Steve was not impressed with Capitol's behaviour. Pushy and sneaky.

So consumers now have to watch out for credit and finance "experts" (brokers) who are refusing to see their income paperwork and then manipulating the system to charge consumers higher interest. 

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  • doyla66
    doyla66 Thursday, 16 August 2012

    I was talking with my 20yr old son about this. There has been a proliferation in the media (radio/tv/net) about tradies vehicles for a while now. Especially here in WA & I would suspect Qld where the resources booms have been, this must have been the next market for the finance brokers after the GFC. Those "next car now deals", "talk to us" with the 'stiff as a board trusty footy players', etc. I wonder how long before all of those tradies on leases will take to realise what has occurred? Expensive work vehicles with a huge residual & no possibility of a decent trade.
    With banks now trying to target the superfund markets, brokers are looking at vehicles. I am so glad I taught my kids to save the cash, buy outright & never take a loan on a vehicle.

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