GE Money Finance

[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.

-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!

-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:

1. Get you signed up for finance by offering a no deposit, interest-free, no payments till some time waaay off in the future.
2. Hide the details of what happens after that.
3. 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

[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.