GE Money warning

[Boob Johnson]

I will just use this part of your post Boob (I did read the whole thing and understand totally what your are saying but)
And here is the but.....
Four years ago when I first contacted GE, I had no other option. I had no credit rating at all and if someone did a credit check on me at that time, there was something there that would make them say NO!
GE however, said YES....(I had previously had good credit with AVCO) and after talking them in their office, they could see/tell I was no risk to them. They said that to me. My account with them was always paid up three or four months ahead. I would hate to think how much money they have had out of me over the last four years but at the time, I had no choice. I do now however, I am squeaky clean with all 0's when it comes to a credit check, I have personally seen that. I hated the amount that I was paying but to me, yes it was worth it, I am where I am today because of it....really pissed at how it all ended up though.

Yeah I understand, if you have crossed a rocky road in the past you may need to show you that was a one off. I guess my point is if one MUST reclaim their good name credit wise it doesn't have to be a large loan, buy a low cost item (TV stereo etc) & pay it off in 1/2 the time type thing.

Good thinking there, but what happens if you cant get a credit card? How to build a credit rating then?

As above, buy a low cost item & pay that sucker off super fast. I actually did it by accident many moons ago, paid off a stereo in 1/4 of the time as the clown behind the desk ticked the weekly box instead of the "monthly" box & this clown (me) didn't notice, I was working at "Cin Cin on Quay" on the waterfront & was making way more in tips than wages so never touched my account, in 3 months I had paid off my stereo & also had nearly $5,000 cash in the bank lol. They sent me a letter asking if there was anything else I wanted to buy as I was now a preferred customer.

Completely agree, but how many can go out and pay for a brand new motorcycle...(which is what started this GE thing in the first place for me)
If if were a lesser item that I wanted, sure I would pay for it. Its what I do anyway...no way would I take out a loan to buy a TV or Washing Machine etc.
At the time, I didn't want a 2nd hand bike, I wanted my first bike to be a new one. We are not complaining about the 'Hows/Whys' of a GE Loan, We are complaining about the way it ended and the bullshit we had to go through to get any straight answers, not to mention their subtle way of calling me a Liar!.....

You completely agree yet contradict that, not having a go at ya Mark but you said you needed to mend your finance record, that didn't require such a massive loan, paying off a TV would of had the same effect. Not sure what rational is behind wanting to pay such a HUGE amount of money for not only something new but to finance that as well yet a TV, stereo is best to pay cash for??? Whats the difference? If you finance either you will pay for it 2 to 3 times over. You WANTED a new bike, hell who doesn't, my point on the traps of finance is ALL about wants & needs & being realistic about it. Sure you can go out and buy something new n fancy but if its not for cash you are only stealing from yourself.

[jrandom]

Not sure what rational is behind wanting to pay such a HUGE amount of money...

I'm sorry, did you just call $8K a HUGE amount of money?

[Boob Johnson]

I'm sorry, did you just call $8K a HUGE amount of money?

Yes I did, wasn't a typo

For the average punter that's a HUGE amount of money to waste, this thread is aimed at the average punter

I suppose you are going to tell me you wouldn't batter an eye lid to rolling up 15k n smokin it?

Edit: the 15k is made up of the original 8k plus interest & the loss of value over the loan period. 8k is roughly 1/4 of the average persons wage, let alone 15k!!!

[fireball]

I'm sorry, did you just call $8K a HUGE amount of money?

for someone like me id never see that amount anywhere near my bank account so thats considered a huge amount of money.....

after reading this thread i contacted my finance company to see how much i owed on Rawberry (she will be gone in 2 weeks! sold!) and i must say apart from the fact i had to call the dunedin head office as auckland couldnt help me (no surprises there) i was amazed at the awesome service i got, the lady on the phone told me all i needed to know in simpleton words, no fancy confuse the punter talk at all and then proceeded to ask me how my bike was going etc etc it was just cool no nasty surprises and she had awesome customer service skills.

my next bike will be financed through the same company as they have been really good, yay 2 thumbs up for MTF

[jonbuoy]

Good thinking there, but what happens if you cant get a credit card? How to build a credit rating then?

If you can't get one with even a low limit you'd have to be on very low income or already have a bad history?

[Nordy]

If you can't get one with even a low limit you'd have to be on very low income or already have a bad history?

which is exactly what moms post is saying, GE will happily finance those people at stupidly high interest rates!

[jrandom]

for someone like me id never see that amount anywhere near my bank account so thats considered a huge amount of money...

You probably won't say that in ten years time.

It's not about being rich. Goodness knows I'm not. It's just a matter of perspective on what's important, I guess.

[Nordy]

You probably won't say that in ten years time.

It's not about being rich. Goodness knows I'm not. It's just a matter of perspective on what's important, I guess.

I used to think 3k was HUGE and that I could never save that much cash

Now I dont, 20k sounds scary now but I bet it wont in years to come :P

God I sound old!

[Maha]

You completely agree yet contradict that, not having a go at ya Mark but you said you needed to mend your finance record, that didn't require such a massive loan, paying off a TV would of had the same effect. Not sure what rational is behind wanting to pay such a HUGE amount of money for not only something new but to finance that as well yet a TV, stereo is best to pay cash for??? Whats the difference? If you finance either you will pay for it 2 to 3 times over. You WANTED a new bike, hell who doesn't, my point on the traps of finance is ALL about wants & needs & being realistic about it. Sure you can go out and buy something new n fancy but if its not for cash you are only stealing from yourself.

That first bike I got was GN 250....Value $2995, not a massive amount of money (buy the time you pay it off through a load it is, granted) but I was willing to go down that track at the time. I have never complained about the amount I have 'donated' to GE over the last four years, my beef with them now is, when the time came that I could settle the loan, things went sour. Yes paying cash is now the only option.

[fireball]

You probably won't say that in ten years time.

It's not about being rich. Goodness knows I'm not. It's just a matter of perspective on what's important, I guess.

true.

i hate the concept of money work your whole life for it and then what?
you have flash things?

meh over rated

[Patch]

Lodge the theiving disrespecting assholes in the disputes tribunal. Phone the banking ombudsman. Notify the newspaper, Mr. Campbell, go hold them hostage etc

They have to prove their case, and ensure you have correctly understood what they are selling you.

Don't let this sit idle, if you feel/prove extortion (on their part) hound the wankers.

Get an unsecured personal loan from them, (put all your assets in a trust, company, other family's name first) then tell them to fuck off, they ain't getting a cent until they right abc123 account number.

[Sanx]

so mom you would keep away from harvy stupid/noel leeming etc cause there run by ge money .keep us all posted if you decide to take this any further.

My gf and I had a finance agreement with Noel Leeming with Pacific Retail Finance. When PRF were bought by GE, we paid off the loan in full (it was still in the interest free period) rather than deal with GE again.

I forgot too, under the privacy act your entitled to a copy of all the notes on your account in full! They have to provide this within 20 days.

Not exactly true. They have to respond to your request within 20 days, but the response can be telling you to go ask someone else or denying your request for a number of reasons, including protecting the privacy of their own staff. GE tried that a couple of times with me, so I told them to redact the personal information of their staff and send it through anyway...

my next bike will be financed through the same company as they have been really good, yay 2 thumbs up for MTF

I've dealt with MTF with two bikes. Never had the slightest problem with them, and they always dealt with me honourably and fairly.

[mister.koz]

thanks for the heads up as i am about to pay off my ge card so will cross all t's and dot all I's and record the fuckers
cheers

amen to that, following suit myself...

I used to work at a credit union, they are really good at looking after people because their intention is to grow members they are technically not-for-profit etc.

Long story short owing money sucks but owning credit union sucks allot less than GE who are quite possibly the worst finance company i have ever dealt with.

[ynot slow]

They are on trademe vehicles for sale as a finance company,says click here to get finance,might just do that,and see what happens,asking how do I pay early,penalties for doing so,statement or such required to deposit funds see what happens.

[wysper]

amen to that, following suit myself...

I used to work at a credit union, they are really good at looking after people because their intention is to grow members they are technically not-for-profit etc.

Long story short owing money sucks but owning credit union sucks allot less than GE who are quite possibly the worst finance company i have ever dealt with.

yeah I think i will be going with CU to fund part of my bike.
And to the folks that have used MTF, I can add that they were good to me when I wanted my bike back when I was a youngster
Always clear and I always knew EXACTLY how much I owed. That was back in the days they printed you out a book with a slip for each payment.

... god, I am old! But only chronologically