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As part of the CCCFA (Credit Contract and Consumer Finance Amendments Regulations 2015) all responsible lenders are now required to publish certain information to help people make a more informed decision when deciding to use finance.
To view a copy of the standard responsible lending guidelines, CLICK HERE
To understand the role you play in responsible lending, CLICK HERE to view the Financial Services Federation responsible borrowing guidelines.
When Enterprise Motor Group arrange a loan for you with Community Financial Services it will fall within an interest rate range of 9.95% and 22.95%.
To view a copy of our standard agreement including all terms and conditions, CLICK HERE to view our disclosure statement.
The rate charged will depend on your financial circumstances taking into account;
• How much you want to borrow
• The term of your loan
• Your income
• Your other financial commitments
• Your credit history
To understand the rate that will apply to you, please call your closest Enterprise Branch - you can find their contact details in the Branches tab of our menu.
The following is a description of the standard fees that may be charged in relation to a finance agreement.
These only apply if you miss any of your regular payments
Should you fail to make a payment on time (and while your default continues) you must pay default interest and the default fees specified below. Default interest is charged on any amount overdue from the time you fail to make a payment when due until the overdue amount is paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Interest is charged to your account at the end of each month. Annual default interest rate is the rate shown on your agreement plus 5% pa.
A payment reminder fee of $5 is charged every time we write to you to remind you of a missed payment.
A late payment fee of $25 is charged each time a payment is not received by the regular due date
A prepossession fee of $25 is charged once you have missed multiple payments and we writes to you to notify your of our intention to repossess your vehicle.
A repossession fee of $100 is charged as a result of your vehicle being repossessed
IMPORTANT NOTE: We understand that sometimes in life things can happen that will result in you missing a regular loan payment. To help avoid being charged default fees we recommend that our customers contact CFS on 0800 88 2000 as soon as they are unable to make a payment.
As part of setting up the loan, an establishment fee of $350 is charged and included in the initial unpaid balance.
Included in your regular weekly payment and the balance payable is a $5 monthly administration fee. These amounts are not included in the initial unpaid balance, but are included in the regular payment listed on the front of the agreement.
If you pay your unpaid balance in full before the final payment is due (full prepayment) you may be required to pay a fee or charge to compensate us for any loss resulting from the full prepayment. We may have suffered a loss if your current interest rate is lower than the interest rate applying to this credit agreement or if we cannot immediately re-lend this prepayment. You will also have to pay a fee of $125 to cover our administration costs relating to the full prepayment.
An amount to compensate us for the loss we incur on the full prepayment is calculated according to the following formula.
[a x (b - c)] x __d__
a = The principal sum outstanding at the prepayment date
b = annual interest rate under your agreement
c = Westpac 90 bank bill rate current at the date of prepayment
d = The lessor of: the number of days between the prepayment date and the date of the final payment under the agreement; or 90 days.
Important note: We understand that sometimes in life things can happen that will result in your missing a regular loan payment. To help you avoid being charged default fees, we recommend that you contact the team on 0800 88 2000 as soon as a repayment issue arises.
These only apply if you miss any of your regular payments.
Should you fail to make a payment on time (and while your default continues) you must pay default interest and the default fees specified below. Default interest is charged on any amount overdue from the time you fail to make a payment when due until the overdue amount is paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a Daily Default Interest Rate. The Daily Default Interest Rate is calculated by dividing the Annual Default Interest Rate by 365. Interest is charged to your account at the end of each month. The Annual Default Interest Rate is the rate shown on your agreement plus 5.00% per annum.
A Payment Reminder Fee of $5 is charged every time we write to you to remind you of a missed payment.
A Late Payment Fee of $25 is charged each time a payment is not received by the regular due date.
A Prepossession Fee of $25 is charged once you have missed multiple payments and we write to you to notify you of our intention to repossess your vehicle. A Repossession Fee of $100 is charged as a result of your vehicle being repossessed.
As a part of the vehicle sale process and ongoing vehicle maintenance, Enterprise Motor Group may search the NZTA MotoChek Website.
When searching MotoChek we will be looking for confirmation of your name and address along with vehicle identification and security details, associated with your trade-in vehicle.
This information will be used to verify your name and address, along with verifying vehicle ownership, security, registration, VIN, warrant of fitness and licence plate details when there is need to do so in conjunction with your purchase.
The relevant gazette notice under which Enterprise Motor Group is authorised to access this information can be found at: https://gazette.govt.nz/notice/id/2017-au5432
You are entitled to notify the registrar that you do not wish to have your name(s) or address(es) details made available under an authorisation, however doing so may impact our ability to verify you, your vehicle or ownership status.
Your right to relief on the grounds of unforeseen hardship
We are committed to supporting your financial wellbeing. If you have a CFS loan and you are unable to keep up with your financial requirements with CFS, we recommend that you contact the CFS team on 0800 88 2000 or CLICK HERE to go directly to the CFS Disclosure Information webpage for further contact information. A member of the team will be in touch to hear more about your situation and see how they can help.