GE Money Finance

[Karma]

Hey guys,

Looking at trading up my bike fairly soon and decided that I'll get a better deal if I buy and sell privately as opposed to going to a dealer. This means however that I've got to arrange my own finance :(

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

[Fat Tony]

One tip... don't borrow over a longer period than you think you're going to have the bike.

[xwhatsit]

One tip... don't borrow over a longer period than you think you're going to have the bike.

Lol, and we should trust a guy called `Fat Tony' with a mobster avatar on matters of money lending?

[Fat Tony]

Lol, and we should trust a guy called `Fat Tony' with a mobster avatar on matters of money lending?

Hmmmm... you have a point :innocent:

But yes, lol

[Hillbilly]

Hey guys,

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

I'm a Broker for GE Money, here in OZ, and thy're great to deal with. If you know you've got a clean credit history, then go to the bank as they'll be able to offer a better finance rate. If you've had a few "hiccups" then GE are the ones to see. If you've had a little more colourful history, PM me and I'll telll you who to see regarding non-conforming lenders.

NOTE: The "Finance Rate" is what's important, not the interest rate. That's because it's the real cost of the loan which takes into account fees etc. Also, what's quoted on websites etc are just "examples". You have to consider whether you'll need a deposit, and if so how much.

When dealing with AGC in NZ, now owned by GE, they required a 25% deposit on any car/bike/boat loans.

[MacD]

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.


Maybe I'm missing something but $200 * 12 * 5 = $12000

So you end up paying back 50% more than the initial loan amount.

Seriously, save for a larger deposit, borrow as little as possible, and pay it back as fast as possible.

Brought to you by my Scots ancestors ;)

[Edbear]

GE are always trying to get me to take out their loans but the Interest rates are among the highest anywhere. Lots of people want to give you money - for a fee...

Bank is always best. If the Bank turns you down, you should question whether you can really afford what you want.

Buying vehicles on tick is hard going as the vehicle usually depreciates at about the same rate as your payments, (assuming you keep it in good nick), and you always wind up paying around a third more than the cost of the vehicle in interest. It will be worth about what you owe, or a bit less, in otherwords so you'll never have actual equity in the bike, it's a lose/lose situation. A mate found out the hard way when he found he couldn't afford to keep the bike, his settlement figure was higher than the resale value and of course it wasn't as easy to sell it as he'd thought it would be. IN the end he's decided to keep it and refinance the balance. Of course it means he's paying even more in interest. So his $16k bike will end up costing him well over $20K and it's now worth about $11k.

I haven't upgraded my bike as I'm waiting until I have the cash to do so. It's a toy rather than a necessity. But then I'm an old fart, so over the keen enthusiasm of youth. Also got a lot of other financial doings that take priority.

Don't mean to rain on your parade, but you need to be realistic and decide to take the hit financially if it's really what you want. Just my 2c.

[jetboy]

i was with GE for a while, fuckin useless. now they put all thier calls straight to india first regardless of what you want so if you can put up with Apu then all good.
Used to work for a bank and they almost always offer lower interest and are more flexible should you miss a payment for whatever reason. My advice is to go to a bank first (or save up and dont get a loan at all)

[ManDownUnder]

Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks

(there's a pattern hidden in the above message, your mission, should you choose to accept it...)

[Laava]

If you have to borrow money from 'the mob' to buy a bike, how are you going to afford insurance, gear etc? Sounds like you should stick with what you got and save up . Not what you want to hear I know, but I have lost count of the number of people I know paying off bikes and cars that they no longer even have! Maybe Fat Tony is your best option here!:yes:

[Lias]

Someone tell me how to get a better loan rate from my bank :-) I have a hugearse personal loan from them and the interest is just about loan shark rates (18%!)

Any of the major banks do unsecured loans with low interest rates for people with uber good credit ratings lol?

[skelstar]

I went for a loan at GE as the bank wouldnt give me a loan on a motorbike as they consider it unsecured. Ridiculous.

When I rang GE they knew I was an exemplorary (sp) customer and said $xx of dollars per month which stood for prox 30% interest rate. I told them that was ludicrous (sp) so they came back with something VERY significantly better.

Pays to ask eh?

[bistard]

I am a Business Manager at a car yard & deal with most of the Finance companies,on a daily basis,If you PM me the figures I will work out some figures for you,to compare,
if you gave any questions,PM me

[Fat Tony]

Maybe Fat Tony is your best option here!:yes:

"Louie, get the money"

[placidfemme]

Hey guys,

Looking at trading up my bike fairly soon and decided that I'll get a better deal if I buy and sell privately as opposed to going to a dealer. This means however that I've got to arrange my own finance :(

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

Don't do it!!!!!!!!!!!!!!!

Seriously... go to a bank, get a loan and then with the cash in hand go buy a bike... there will always be good deals out there... GE has very high interest rates... Sam and I used them for about a year or two... and its just stupid crazy...

Just as an example... Sam and I borrowed $7000, and then reconsolodated (sp) our debts with BNZ bank and borrows nearly 3 times that amount and our payments to BNZ are LESS for THREE times the amount than what we were paying GE... also our giant loan from BNZ was unsecured... GE used both our bikes as security and then once the bike is paid off it take ages to get those lazy fuckers to release your bike as security... After Sam and I paid our GE loan in full it took them months to release our bikes... stupid fuckers...

[cowpoos]

I use GE money for a TV hp......they fucking rip of wanker motherfuckers....

[Indiana_Jones]

Maybe I'm missing something but $200 * 12 * 5 = $12000

So you end up paying back 50% more than the initial loan amount.

Seriously, save for a larger deposit, borrow as little as possible, and pay it back as fast as possible.

Brought to you by my Scots ancestors ;)

i'm with MacD here.

Save as much as you can yourself, though it's hard and annoying and slow lol (I'm doing it myself atm, planning to start saving now so I have the beans for when I get my full), but in the long run you save alot more money.

Personally I don't like those 3rd party loan people. :scooter:

-Indy

[Karma]

That's all I needed to know, I won't be taking them up on any finance...

Cheers muchly.

[Disco Dan]

Don't do it!!!!!!!!!!!!!!!



I agree! stay away from GE Money expecially, they may give you money easily but in my experience the harder it is to get money the better off you will be!

Miss ONE payment with GE and they will be hounding you for the rest of the loan period. They are not nice people! I went to the bank and paid GE off, so much better!

Dont do it! ..stay away from the genie!!!!

[crazybigal]

how big is your loan?
dump it onto a low rate master card, i think some are under 9% now.


Someone tell me how to get a better loan rate from my bank :-) I have a hugearse personal loan from them and the interest is just about loan shark rates (18%!)

Any of the major banks do unsecured loans with low interest rates for people with uber good credit ratings lol?

[crazybigal]

yeah what disco dan said! they are fuckers if you miss a payment.
I had a loan with them over 3 years, i paid it off in 2 and never missed a payment, and if i did i was so far ahead on payments it didnt matter.
But i have heard of people having their cars repo after missing a months payments. bunch of dicks if you ask me!
if you take out an unsecured loan they will want like 23% intrest.
But you can screw them down.
I was given GE by no fault of my own, i took a loan out with AA finance for a car and then AA sold all their car loans to the GE! fuckers!
If you can put your bike on a credit card and then transfer to a low intrest credit card.
you could sign up with global plus, get say 7k credit, spend it on a bike, get your airpoints, then transfer to a low rate mastercard that has like 9% intrest.

[dawnrazor]

just finished a 18 month GE loan recently for the car, their rate was lower then the bank and I never had a problem with them...but I'm sure they are bastards and glorified money sharks

[Indiana_Jones]

just finished a 18 month GE loan recently for the car, their rate was lower then the bank and I never had a problem with them...but I'm sure they are bastards and glorified money sharks

If you make your payments you're gonna be fine, but they're waiting with their pants down, tool lubed, for you to trip up, then when you're down..


BAM!

ANAL RAPE!

:D

-Indy

[vifferman]

Here's my experience. We had several items bought on advertised "interest free" terms which turned out to be GE. We're either very stupid or GE are bastidz, as they (a) never informed us what was going to happen when the interest-free period ended (or it was buried in very, very fine print in the documents - and who reads those?) (b) the interest rate on the borrowed money was terrible. If we'd only known in advance what it was going to be like, we would've paid off as much as possible during the interest-free period, instead of just the minimum, as we're now having to pay heaps to try and get the interest down.
It looked very much like the plan is:

Get you signed up for finance by offering a no deposit, interest-free, no payments till some time waaay off in the future.
Hide the details of what happens after that.
Charge like a wounded bull once the interest-free period ends.Secondly, even though I could've paid in full or financed elsewhere, I used the finance offered to me by the bike shop for the $3k outstanding, as when we looked at how much interest we'd pay in total, it amounted to such a trifling amount over the year (less than $30, if I recall), that it would've been stupid not to. This was through MTF Securities. Everything was spelled out up front (not hidden, like with GE), including interest rate, true finance rate, total interest paid, etc., and the interest rate was competitive and reasonable. Also (as well), signing up was less painful than doing it through the bank, which we've done in the past for a few cars and one bike.

[Disco Dan]

not hidden, like with GE

The shear fact that they even make 'fine print' shows them as dodgy to begin with. To almost hide what happens after the interest free period is just below the belt.

Ive learnt my lesson, (well techinically im still paying for it) and bought my bike cash. When I want to upgrade, CASH again. I would much rather save up and get interest on my own money than go to the loan sharks.

[Swoop]

It is scary.
The amount of "lending institutions" that are appearing. You see their adverts on TV and hear them on the radio.

They have SO much excess cash that they HAVE to give it to you!!!
"Pay it back whenever it suits..."

Also, they prey on certain sectors of our society.


Totally disgusting really.


I'll just get my coat and nip down to the bank manager to visit my testicles...

[placidfemme]

It is scary.
The amount of "lending institutions" that are appearing. You see their adverts on TV and hear them on the radio.

They have SO much excess cash that they HAVE to give it to you!!!
"Pay it back whenever it suits..."

Also, they prey on certain sectors of our society.


Totally disgusting really.


Thats right... at my current job we deal with a lot of islanders... mostly tongans... and the amount of debt through finance companies it absoltuley shocking. Some clients of our have debts with an average of 5 different finance companies... and most of them did the deals over the phone and didn't even have to go into the finance companys office to sign the doc's or have things explained to them... One client was so far in debt that they had NO spare money left over weekly... to the point where they paid one debt this week and then missed it next week so they could afford to pay another one... and so forth... stealing from peter to pay paul as my mother used to say... We looked at the loan doc's that one particular finance company sent them... and the clients honestly stated all debts they had, and the finance company could see there was no way these people should be approved another loan... and yet they still approved it.

*will never ever buy anything again through HP or a finance company*

[Squiggles]

i looked at getting a loan from them a few months back for a gsxr i couldnt quite afford... would've made the money to pay the whole loan off after a few more months but after thinking long and hard about it it just wasnt going to be worth it, being binded to them and paying the interest.... waited a few more months and bought a different gsxr... with the cash i had earnt.

there will always be another bike :yes:

[ManDownUnder]

As a general guiding thought - the Credit Contracts Act is going to apply to all such loans/transactions. It clearly states a figure called "Total Cost of Credit" needs to be given to you.

That figure is how much extra you have to pay beyond the amount you are borrowing (booking fees + admin fees + application fees +insurance +interest + anything else they think of).

Take a look at the cost of payments (ask - can you afford them?)
Take a look at the Total Cost of Credit. Is this as low as it can be?

THEN act. Credit is a very handy thing if you can use it. It's a danger if you get it and you can't manage it.

[iwilde]

Save up and pay cash. Way better bargining power! If you can't save the money up then get a second job as these bastards love nothing better to over extend your finances.

[pete376403]

We've financed stuff through GE - big TV/DVD R etc from Hardly Normals. There was a 15 or 16 month interest free / no repayments period. The print that explained the "prevailing rate of interest would apply after the interest free period expires" was not THAT small. We made sure that we paid the loan off in the interest free period (divide the loan amount by the number of I/F months, theres your monthly payment), and got the free use of their money for that time. No bank could match that. Maybe GE are sharks but you can use their deals and come out ahead

[jrandom]

Bank loan, bank loan, bank loan.

ANZ and KiwiBank (who've just started offering unsecured personal loans) are your best bets for not getting blown off. I know what I'm talking about here. Talk to those two first. Get your arse into a branch and speak to a real person.

[Oscar]

Hey guys,

Looking at trading up my bike fairly soon and decided that I'll get a better deal if I buy and sell privately as opposed to going to a dealer. This means however that I've got to arrange my own finance :(

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?


You say "roughly" $200 a month for five years.
If the payment was exactly $200 a month, then your finance rate is 17.27%pa.

I'm sure you could do better than that...

[Karma]

Bank loan, bank loan, bank loan.

ANZ and KiwiBank (who've just started offering unsecured personal loans) are your best bets for not getting blown off. I know what I'm talking about here. Talk to those two first. Get your arse into a branch and speak to a real person.


Well hopefully the bank should play ball... I'm in a situation that I suppose many people get into when doing private business, I've got to sell the old bike, but wanted to get a new bike at the same time. Well I still owe finance on the old one, and the bank isn't willing to lend me more cash whilst I still owe on the last one, even though I've told them that the money for the new one is so I can sell the old one.

Anyways... long story short, the 4r will probably be up for sale fairly soon, then I'll be bikeless for a week or two maybe over christmas, then onto my new bike :D

[Colapop]

Not gonna read the whole thread and I assume it's been said but.... GE Money, Easy Cash Loans, Quick Money.... are all animals - If you want to give your money away give it to me. If the bank won't give you money - you aren't in a position to upgrade. If the bank are bending over backwards to give you money, you're making enough to save enough to buy your upgrade bike outright.

[Laava]

So....to sum up, finance companies are not there to help YOU! They never miss out, they are assured of getting their money through insurance, repo etc.:angry:

[TLDV8]

What do i get in the mail today ?...... GE junk mail addressed to me.

What a crock.

Fine print.
$275 establishment fee..minimum loan $2000..which sounds like 13.75% interest straight off the bat.......pay it off long term and it sounds like 63.75% interest on a poxy $2000.
Did i not read somewhere New Zealander's are so in hock on their credit cards that it is / was averaging around $14000 (might have been $26000) for every man,woman and child.

Where did GE get my name and address from.


Your contact details were obtained from the Land Transport New Zealand database of car registrations which is publicly available information

[JimO]

What in in the mail today ?...... GE junk mailed adddress to me.


Where did GE get my name and address from.

i gave it to them.....na it was that other guy.........finance is great BUT you have to be able to handle it. NEVER get behind

[crazybigal]

yeah but they still want 300 bucks just to do the paperwork! thats crazy when you only want a few grand!. use a credit card.


Bank loan, bank loan, bank loan.

ANZ and KiwiBank (who've just started offering unsecured personal loans) are your best bets for not getting blown off. I know what I'm talking about here. Talk to those two first. Get your arse into a branch and speak to a real person.

[jrandom]

yeah but they still want 300 bucks just to do the paperwork! thats crazy when you only want a few grand!. use a credit card.

Credit card? Nuh-uh.

Quite apart from the fact that a 4% difference in interest rates will save you much more than difference in application fees over the term of a bank loan, it's a lot easier for most people to get a $10K bank loan than a credit card with a $10K limit.

[Indiana_Jones]

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"Give me some more money, you bastard."

:D

-Indy

[Mom]

We made sure that we paid the loan off in the interest free period (divide the loan amount by the number of I/F months, theres your monthly payment), and got the free use of their money for that time. No bank could match that. Maybe GE are sharks but you can use their deals and come out ahead

Yeah and another thing to add to this........GE are a last port of call for some who have a poor credit history, they charge shocking rates of interest, but they give the money at the interest rate they determine to cover that risk.......Allowing people to regain their credit history!!!.....personally I would never go there for money, I am fortunate that I have other alternatives.....

[Finn]

Yeah and another thing to add to this........GE are a last port of call for some who have a poor credit history, they charge shocking rates of interest, but they give the money at the interest rate they determine to cover that risk.......Allowing people to regain their credit history!!!.....personally I would never go there for money, I am fortunate that I have other alternatives.....

Crap. GE's scoring engine is tougher than most. There are several large consumer finance companies that are more relaxed on risk than them.

Let's face it, they have a product that lots of people want. The sell a shit load of it so they must be doing something right. If you don't like paying high interest rates, then stop buying shit and try saving for a change.

[Toaster]

Finance companies are very expensive and charge huge margins. Try UDC, it's part of the ANZ National Bank group of companies. I'd recommend trying ya own bank and see if they will swing you a fair and reasonable interest rate........ or, wait and save for it if you can.

[Toaster]

... I almost sound like that mouse on the 'get sorted' ad............. How about setting up a 'get slotted' website.

[Toaster]

I use the undrawn portion of my flexi-mortgage if I ever spend anything. That way ya get things at ya mortgage rate rather than being screwed over by a finance co interest rate. If ya need more info, I am happy to help.

[Hitcher]

If you can't afford it, don't buy it.