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Credit Guide
Credit Provider

Important information about this document

This document is the Credit Provider Credit Guide ("Credit Guide") of Cars on Terms Pty Ltd ("Cars on Terms"),                   
ABN 11 123 544 249,   -   Aust Credit Licence No. 391299.

In this Credit Guide "we", "our" and "us" mean Cars on Terms.

This Credit Guide contains important information about Cars on Terms and our obligations as a credit provider. The National Consumer Credit Protection Act 2009 requires us to provide this information to you when it becomes apparent to us you are likely to enter a credit contract with us.

Who is the Credit Provider?
Cars on Terms Pty Ltd is a credit provider of secured automotive loans. If you choose to obtain a loan, and we agree, you will enter a credit contract with Cars on Terms Pty Ltd.

How can you contact us?
Our Head Office is located at:        
1223 Logan Rd, Mt Gravatt Qld 4122
You can contact us by:
Telephone: (07) 3349 4848
Internet on:  www.carsonterms.com
Mail at:        1223 Logan Rd Mt Gravatt Qld 4122
In person:    1223 Logan Rd Mt Gravatt Qld 4122


What happens when you ask us for credit?
When you ask us for a credit, we will make an assessment to determine whether the credit you are seeking is not unsuitable for you. To enable us to undertake this assessment, we will ask you to provide us with information about:
    your requirements and objectives for the credit you are seeking, including the purpose of the credit; and
    your current financial situation
As part of our assessment, we will take reasonable steps to verify the financial information that you provide to us. However, it is important that you provide us with all relevant information about your financial situation, including any foreseeable changes that may affect your ability to repay the proposed loan. You should also let us know immediately if your financial circumstances change.

When would the credit be unsuitable for you?
We will make an assessment to determine whether a credit contract or credit limit increase is unsuitable for you based on the information you provide to us about your financial situation, your requirements and objectives and the information we obtain from the reasonable steps we have taken to verify your financial situation.
A credit contract would be unsuitable for you if at the time the credit contract is entered:
    is it likely you will not be able to comply with the financial obligations under the contract, or you could only comply with substantial hardship; or
    the contract does not meet your requirements of objectives.
We will not enter a credit contract with you if we assess the contract is unsuitable for you.

How can I obtain a copy of the assessment?
In most cases, we will provide you with a written copy of our assessment with your loan documents.
You can ask us for a copy of the assessment at any time before you enter the credit contract or the credit limit is increased. If you make such a request, the credit contract must not be entered until we have provided the assessment to you. You should notify us immediately if the information on the assessment document is incorrect or has changed.
You can also ask us for a copy of the written assessment up to 7 years after the date the credit contract was entered into or the credit limit was increased.
If you request for a copy of the assessment is made after you have entered into the credit contract, a written copy of the assessment will be provided to you:
    within 7 business days of receiving your request, if the request is made within 2 years from the day you entered into the credit contract; or
    within 21 business days of receiving the request, if the request is made more than 2 years but less than 7 years from the day you entered into the credit contract.

Who can I contact if I have a Problem or Complaint?
We can help you with any complaints you might have and we would like to hear about these. If you have a complaint concerning your credit contract, please tell us.
Our aim is to sort out most problems at first contact

Hardship/Dispute/Complaint Resolution Procedure:
To ensure the successful handling of any difficulties a customer may have with their finance we have developed the following dispute resolution procedures.
1.        Please telephone Shenae in Accounts on 0433 792 646 (preferable) or 3349 4848  to:
   a.  Advise of the problems you are having; and
   b. Any solutions you are seeking.
            - Generally most problems can be sorted out at first contact; if not a verbal response will be provided within 7 days of first contact followed by a final written response
   c. We are happy to accept other means of contact either by Email: sales@carsonterms.com or letter to the above address

2.        Should the suggestions provided by Shenae be unsuitable the Dispute may be escalated to the Credit Manager, Rodney Clayton
  a. Please email (sales@carsonterms.com (preferred)), phone 3349 4848, or write to the above address, as soon as possible  with the following:
      i. advise of the problems you are having and
      ii. any solutions you are seeking.
      iii. Dates and times of your previous correspondence
      iv.Your thoughts on the solutions offered
  b. The Credit Manager will then contact you within 14 days of the date of verbal response by our Accounts area (ie we will seek to have a final decision by 21 days  after you first contacted our office)

3.        CARS ON TERMS also is a member of the Credit and Investments Ombudsman (CIO)
             i. External Dispute Resolution is a free service established to provide you with and independent mechanism to resolve specific  complaints
            ii. In the unlikely  event that we are unable to resolve your dispute you may contact CIO
           iii. Their contact details are: 1800 138 422 or www.cosl.com.au








FORM 5
paragraph 16 (1) (b) of the Code
regulation 70 of the Regulations
INFORMATION STATEMENT
THINGS YOU SHOULD KNOW ABOUT YOUR
PROPOSED CREDIT CONTRACT

 
        This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract.

        If you have any concerns about your contract, contact the credit provider and, if you still have concerns, your credit provider's external dispute resolution scheme, or get legal advice.

The contract

1. How can I get details of my proposed credit contract?
Your credit provider must give you a precontractual statement containing certain information about your contract. The precontractual statement, and this document, must be given to you before -
  • your contract is entered into; or
  • you make an offer to enter into the contract;
                                                      whichever happens first.

2. How can I get a copy of the final contract?
If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep. Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply if the credit provider has previously given you a copy of the contract document to keep.

If you want another copy of your contract, write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy -
  • within 14 days of your written request if the original contract came into existence 1 year or less before your request; or
  • otherwise within 30 days of your written request.
3. Can I terminate the contract?
Yes. You can terminate the contract by writing to the credit provider so long as -
  • you have not obtained any credit under the contract; or
  • a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract.
However, you will still have to pay any fees or charges incurred before you terminated the contract.

4. Can I pay my credit contract out early?
Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract.

5. How can I find out the pay out figure?
You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify. You can also ask for details of how the amount is made up.

Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement.

6. Will I pay less interest if I pay out my contract early?
Yes. The interest you can be charged depends on the actual time money is owing. However, you may have to pay an early termination charge (if your contract permits your credit provider to charge one) and other fees.

7. Can my contract be changed by my credit provider?
Yes, but only if your contract says so.

8. Will I be told in advance if my credit provider is going to make a change in the contract?
That depends on the type of change. For example -
  • you get at least same day notice for a change to an annual percentage rate. That notice may be a written notice to you or a notice published in a newspaper.
  • you get 20 days advance written notice for -
  • a change in the way in which interest is calculated; or
  • a change in credit fees and charges; or
  • any other changes by your credit provider;
                            except where the change reduces what you have to pay or the change happens automatically under the contract.

9. Is there anything I can do if I think that my contract is unjust?
  • Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement.
  • If that is not successful, you may contact your credit provider's external dispute resolution scheme. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. Your credit provider's external dispute resolution provider is Credit Ombudsman Service Limited and can be contacted on  1800138422, OR WWW.COSL.COM.AU OR  Case Management Team C-/Credit Ombudsman Service PO Box A252 Sydney South NSW 1235
  • Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid.
  • You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC's website at http://www.asic.gov.au.
  • Insurance
10. Do I have to take out insurance?
Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over property covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not. If you take out insurance, the credit provider can not insist that you use any particular insurance company.

11. Will I get details of my insurance cover?
Yes, if you have taken out insurance over mortgaged property or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal.
Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance.

You can always ask the insurer for details of your insurance contract. If you ask in writing, your insurer must give you a statement containing all the provisions of the contract.

12. If the insurer does not accept my proposal, will I be told?
Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected.

13 In that case, what happens to the premiums?
Your credit provider must give you a refund or credit unless the insurance is to be arranged with another insurer.

14. What happens if my credit contract ends before any insurance contract over mortgaged property?
You can end the insurance contract and get a proportionate rebate of any premium from the insurer.
Mortgages

15. If my contract says I have to give a mortgage, what does this mean?
A mortgage means that you give your credit provider certain rights over any property you mortgage. If you default under your contract, you can lose that property and you might still owe money to the credit provider.

16. Should I get a copy of my mortgage?
Yes. It can be part of your credit contract or, if it is a separate document, you will be given a copy of the mortgage within 14 days after your mortgage is entered into.
However, you need not be given a copy if the credit provider has previously given you a copy of the mortgage document to keep.

17. Is there anything that I am not allowed to do with the property I have mortgaged?
The law says you can not assign or dispose of the property unless you have your credit provider's, or the court's, permission. You must also look after the property. Read the mortgage document as well. It will usually have other terms and conditions about what you can or can not do with the property.

18. What can I do if I find that I can not afford my repayments and there is a mortgage over property?
See the answers to questions 22 and 23.
Otherwise you may -
  • if the mortgaged property is goods - give the property back to your credit provider, together with a letter saying you want the credit provider to sell the property for you;
  • sell the property, but only if your credit provider gives permission first; OR
  • give the property to someone who may then take over the repayments, but only if your credit provider gives permission first.
                If your credit provider won't give permission, you can contact their external dispute resolution scheme for help.
                If you have a guarantor, talk to the guarantor who may be able to help you.
                You should understand that you may owe money to your credit provider even after the mortgaged property is sold.

19. Can my credit provider take or sell the mortgaged property?
Yes, if you have not carried out all of your obligations under your contract.

20. If my credit provider writes asking me where the mortgaged goods are, do I have to say where they are?
Yes. You have 7 days after receiving your credit provider's request to tell your credit provider. If you do not have the goods you must give your credit provider all the information you have so they can be traced.

21. When can my credit provider or its agent come into a residence to take possession of mortgaged goods?
Your credit provider can only do so if it has the court's approval or the written consent of the occupier which is given after the occupier is informed in writing of the relevant section in the National Credit Code.

General

22. What do I do if I can not make a repayment?
Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways -
  • to extend the term of your contract and reduce payments; or
  • to extend the term of your contract and delay payments for a set time; or
  • to delay payments for a set time.
23. What if my credit provider and I can not agree on a suitable arrangement?
If the credit provider refuses your request to change the repayments, you can ask the credit provider to review this decision if you think it is wrong.
If the credit provider still refuses your request you can complain to the external dispute resolution scheme that your credit provider belongs to. Further details about this scheme are set out below in question 25.

24. Can my credit provider take action against me?
Yes, if you are in default under your contract. But the law says that you can not be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact the credit provider's external dispute resolution scheme or ASIC, or get legal advice.

25. Do I have any other rights and obligations?
Yes. The law will give you other rights and obligations. You should also READ YOUR CONTRACT carefully.





IF YOU HAVE ANY COMPLAINTS ABOUT YOUR CREDIT CONTRACT, OR WANT MORE INFORMATION, CONTACT YOUR CREDIT PROVIDER. YOU MUST ATTEMPT TO RESOLVE YOUR COMPLAINT WITH YOUR CREDIT PROVIDER BEFORE CONTACTING YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION SCHEME. IF YOU HAVE A COMPLAINT WHICH REMAINS UNRESOLVED AFTER SPEAKING TO YOUR CREDIT PROVIDER YOU CAN CONTACT YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION SCHEME OR GET LEGAL ADVICE.

EXTERNAL DISPUTE RESOLUTION IS A FREE SERVICE ESTABLISHED TO PROVIDE YOU WITH AN INDEPENDENT MECHANISM TO RESOLVE SPECIFIC COMPLAINTS. YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION PROVIDER IS CREDIT INVESTMENTS OMBUSMAN (CIO) AND CAN BE CONTACTED AT 1800 138 422 OR WWW.COSL.COM.AU OR Case Management Team C-/ Credit Investements Ombudsman , PO BOX A252 Sydney South NSW 1235.

PLEASE KEEP THIS INFORMATION STATEMENT. YOU MAY WANT SOME INFORMATION FROM IT AT A LATER DATE.

Cars on Terms - Australian Credit Licence No. 391299




IMPORTANT - PLEASE NOTE THE FOLLOWING:

1. To claim a repair under the Statutory Warranty (PAMD Forms 38a-1 and 38a-2) the vehicle must be returned to Cars On Terms or our Nominated repairer at YOUR expense.  - We have access to reasonable tow operators, however you are responsible for their payment
        
2.
  The Statutory Warranty will not cover damage cause by client negligence. Ie  Damage through Overheating, lack of Oil etc.

3.
  Clients should check Water and Oil daily.

4.
  Clients should always monitor gauges. If the car is getting hot (ie above 2/3 mark)  stop driving the car and inform us immediately.

5.
  The distance traveled, for the purposes of the Statutory Warranty, will be judged to be the  kilometers on the Odometer when the vehicle arrives back at either Cars On Terms or our nominated repairer.

6.
Goods presented for repair may be replaced by refurbished goods of the same type rather than being repaired. Refurbished parts may be used to repair the goods.

Cars on Terrms
     1223 Logan Rd.
    Mount Gravatt 4120
           PH:(07)3349 4848
 Accounts:  0433 792 646

DDR Service Agreement

This DDR Service Agreement forms part of the terms and conditions of the DDR Authority and should be read in conjunction with the DDR Authority.

DDR's:
DDR's are a convenient payment mechanism and can be arranged for one off payments, ongoing payments, for fixed amounts or amounts that vary from time to time.

DDR will be processed is as per your DDr Authority and Item 3 - Repayments of your Finance Contract

Changing your DDR Authority
You will provide us with 14 days written notice if you  wish to change any of the details on which the basis of your DDR Authority is processed (For example if we/you wish to  change the day of processing, increase payment amount or change the Bank Account that it is taken from ).

We will provide you with 14 days written notice should we wish to change any of the details on which the basis of your DDR Authority is processed.

Stopping or Canceling your DDR
You may stop or cancel your DDR at any time by contacting your Financial Institution or by providing at least 14 days written notice to us at the abovementioned address.

DDR Dispute Resolution
If you wish to dispute any DDR transaction that we have processed you may contact us or your financial institution.

If we fail to resolve any dispute you raise with us and wish to make a formal claim you can contact the financial institution that holds your account and lodge with them a DDR Customer complaint form.

If you lodge a DDR Customer Claim form with your financial institution they will investigate whether the transaction was authorised by you.
    - If the transaction date was no earlier than 12 months from the date of your claim you should receive a response within 7 days from the date of your claim.
    - If the transaction date was made earlier than 12 months from the date of your claim you should receive a response within 30 days from the date of your claim.

Non Business Days
If your DDR falls due on a weekend or public holiday we will process it on the next working day.

Returned or Dishonoured DDR's
If your DDR is dishonoured or returned unpaid by your financial institution for any reason we reserve the right to charge you a $20 fee plus any associated fees levied by our financial institution.

Clear Funds
You should ensure that you have sufficient clear funds in your account to enable the DDR to be honoured by your financial institution.

Your Records
We will not disclose any details of your DDR to any person or corporation unless we are required to do so by law.

Your Account
You should be aware that some financial institutions may not allow DDR's to be processed to certain types of accounts.

You are responsible to check with your financial institution or recent statements to ensure correct details are provided on the DDR Authority.

Should you wish to make enquires about your DDR you can contact us in Writing or by telephone at the abovementioned address or phone number.

Click Here for Direct Debit Authority Form (will open PDF in a new page)
Australian Credit License:  391299
Support
Phone: 07 3349 4848               Email:        Sales@CarsOnTerms.com
Fax:     07 3349 0868               Address:    1223 Logan Rd Mount Gravatt

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