Other fees

Here is example of a Motor Vehicle finance contract:

SALE AND PURCHASE OF MOTOR VEHICLE, CREDIT AGREEMENT AND TAX INVOICE WITH TERMS OF TRADE AND DISCLOSURE STATEMENT

 Company Name & Address

CREDIT CONTRACT
and
DISCLOSURE STATEMENT

 GST Number: 

Client Name & Address

Loan Number

 Effective date of Statement

Account Name 

Account Type

BETA FINANCE LIMITED ("THE LENDER") 

SALE AND PURCHASE OF MOTOR VEHICLE, CREDIT AGREEMENT AND TAX INVOICE

("AGREEMENT")

Includes and incorporates the following attachments:

1.    Terms of Trade of Beta Finance Limited ("Terms") attached to this Agreement; and

2.    As credit will be provided to the Customer by the Lender, this Agreement will attach and include a Disclosure Statement as required by the Credit Contracts and Consumer Finance Act 2003 ("CCCFA")

FULL NAME AND ADDRESS OF LENDER. This is the person or company providing you the credit.

You may send notices to the lender by:

·      Writing to the lender at its postal address; or

Sending an email to the address specified (if any).

Name:

Physical Address: 

Postal Address: 

Fax: 

Email:

 1.    MOTOR VEHICLE CONTRACTED FOR:

Description: Make/Model

Registration No.

Odometer Reading

Total Price (GST inclusive)

 Date:

Term:

 Less deposit (if any):                              $

Total Amount remaining to be paid:     $    

TOTAL INVOICE AMOUNT (inclusive of GST):                                                                           $

FULL NAME AND ADDRESS OF CUSTOMERS. This is the person responsible for making payments to the lender.

 3.    SALE AND PURCHASE OF MOTOR VEHICLE AGREEMENT

3.1  The Lender sells a variety of Vehicles to customers by way of direct sales and additionally provides credit for purchase of those Vehicles to customers to save customers the inconvenience of trying to locate providers of comparable products that will provide them with credit.

3.2  Where you are obtaining credit from us for your purchase of Vehicle you have a right to cancel the credit contract within 5 working days of receiving the Disclosure Statement which is attached to this Agreement.

3.3  By completing this Agreement, you (the "Customer"), provide us (the Lender) with the information we need to contact you, take instructions from you and otherwise provide you with the Vehicle specified in this purchase agreement on credit terms.  The completion of this Agreement also enables us to take any required security in respect of a Vehicle we provide on credit terms.

3.4  We may agree to vary our Agreement in special circumstances, but nothing will vary this Agreement unless it is writing and signed by you and an authorised signatory of the Lender.

3.5  By signing this Agreement, you agree that you have been advised of your rights of cancellation by our salesperson before signing this Agreement and:

       (a) You acknowledge that you have inspected the Vehicle and have received this Agreement which also constitutes a tax invoice relating to the Vehicle being purchased;

       (b) Have read and understand our Terms of Trade (attached);

       (c) You agree that it is a condition of this Agreement that you must purchase a Warranty for the Vehicle from the Lender's chosen Warranty provider; and

(d) If the Lender is providing credit to you to purchase Vehicle, you agree you have received, read and understood a Disclosure Statement which sets out all of the terms of any credit we have provided to you for the purchase of those Vehicle, and is given in accordance with the CCCFA.

4.    CUSTOMER CONFIRMATIONS

(Tick the box that applies):

I confirm I have carefully considered the Vehicle offered by the Lender and its credit terms and they meet my requirements and objectives:

¨ Yes

¨ No

I confirm to the Lender that having carefully considered my own income and present expenditure and the information set out in the Disclosure Statement that I can afford the products ordered on the terms offered by the Lender without suffering any financial hardship and do not require any further financial information or assistance from a third party to assist me assess my ability to pay for the products as set out in this Agreement:

¨ Yes

¨ No

*If you answer no to either of these questions or are uncertain (in which case you should answer NO), we cannot provide you with credit.  You may wish to contact a budgeting adviser or financial adviser to assist you if you are uncertain of your financial situation.

5.    PRIVACY ACKNOWLEDGEMENT

5.1  By signing this Agreement, the Customer acknowledges that the Lender is collecting and may hold this information with the Customer's consent to enable it to fulfil its obligations to the Customer and that in terms of the Privacy Act 1993, the Customer may access and request correction of any information held about the Customer by the Lender.  The Customer acknowledges and agrees that the Lender is authorised to make approaches to any credit reporting agency to obtain a report about the creditworthiness of the Customer and may engage in the exchange of information with a credit reporting agency or with other such parties as are necessary to give effect to this Agreement and to the ongoing relationship between the parties. The Customer acknowledges that the information referred to in the previous paragraph may include information about the creditworthiness, credit standing, credit history, credit capacity, and credit providers of the Customer.

Signed by the Customer or for and on behalf of the Customer by the Customer or his/her/its

duly authorised signatory/signatories:

Customer's Full Name:

Officer Full Name:

Signature:

Signature:

Date:

 6.               GUARANTEE

 6.1    By signing the Guarantee, each Guarantor acknowledges that:

 (a)   The Guarantee is a principal obligation and not a surety and we need not take proceedings against any Borrower or any other Guarantor before taking proceedings against any Guarantor to enforce this guarantee;   (b)   There is no obligation imposed on us to keep any Guarantor informed as to the performance or non-performance of the Borrower from time to time;

 (c)    The Guarantor will pay all of the obligations of the Customer owing to the Lender and will comply with all of the Customer's other obligations set out in the Agreement as if the Guarantor were the Borrower and, for this purpose, all references to the Borrower or to the Guarantor in this Agreement shall be construed as applying to the Guarantor for the purposes of this Guarantee;

 (d)   No giving of time by us, whole or partial release of any person from all or part of their obligations, waiver of our rights or any granting of time or other indulgence by us, nor any variation of any agreement, security interest or arrangement we have with the Borrower or any other person whether with or without the Guarantor's consent, nor any error or act other act or omission by us whatsoever will release the Guarantor from liability to us under this Agreement and any related security interest.

Signed by the Guarantor or for and on behalf of the Guarantor by its duly authorised signatory/signatories:

Guarantor:

Officer's Full Name:

Signature:

Signature:

Date:

BETA FINANCE LIMITED ("THE LENDER")

TERMS OF TRADE ("TERMS")

 1.     NATURE AND SCOPE OF TERMS OF TRADE 1.1    These Terms together with together with our Sale and Purchase of Vehicle, Credit Agreement and Tax Invoice and any Disclosure Statement (where we provide credit for the purchase of the Vehicle) form a contract that applies between the Lender and the Customer in respect of any supply of a Vehicle and any related credit provided to the Customer by the Lender. 1.2    The Customer acknowledges that all purchases of Vehicles on terms that provide for the provision of credit from the Lender constitutes an acknowledgment by the Customer that the contract between the Customer and the Lender shall be governed by these Terms and terms set out in any related Disclosure Statement. Where there is any conflict between these Terms and a Disclosure Statement, the Disclosure Statement will prevail. 1.3    The Lender and the Customer may agree in writing on special terms and conditions that either vary or are additional to these Terms or the Lender may enter into separate agreements with the Customer with different Terms, otherwise these Terms will apply to all transactions between the Lender and the Customer. 2.     SALE AND PURCHASE AGREEMENTS FOR MOTOR VEHICLE 2.1    The Lender may require the Customer to pay a deposit in respect of any purchase of a Vehicle, which shall be credited towards the purchase price of those Vehicle and shall otherwise be utilised as set out in these Terms.        2.2    Once a purchase has been made, the Customer by giving notice to the Lender, may cancel a purchase, and all related credit, within 5 working days from the later date of the date:         (a) the Customer has received a copy of the Sale and Purchase of Vehicle and Credit Agreement; or         (b)  any relevant Disclosure Statement has been provided to the Customer.

If the Customer cancels the Agreement, the Customer must allow the Lender to repossess the Vehicle from the Customer's premises at the address specified by the Customer at the time of the order at any reasonable time requested by the Lender or (at the Lender's election) shall return the Vehicle in the manner specified by the Lender and at the Lender's expense.  The Customer must take reasonable care of the Vehicle from the time the Customer takes possession of them until the end of 10 working days from the date of the Customer has provided notice of cancellation or, in the event that the Customer has not allowed the Lender to repossess the Vehicle, the Customer must take reasonable care of the Vehicle until such time as the Vehicle is returned to the Lender.

2.3   If the Customer cancels the purchase of the Vehicle and the related credit in accordance with clause 2.2, there shall be no cost to the Customer, but the Customer shall be liable for any loss or damage to the Vehicle prior to it being given back to the Lender.2.4        The Customer may not cancel after the time set out in clause 2.2 unless the Customer obtains the Lender's prior written consent to such cancellation which may be withheld at the Lender's sole discretion. 

2.4   The Customer may not cancel after the time set out in clause 2.2 unless the Customer obtains the Lender's prior written consent to such cancellation which may be withheld at the Lender's sole discretion.  

2.5   Should the Lender allow the Customer to cancel a purchase after the Customer's rights to cancellation have expired in terms of clause 2.2 (which may be subject to the Lender's inspection of the Vehicle to ensure it is in good resalable order), at the Lender's option, either the Customer shall return the Vehicle to the Lender at the Customer's expense or the Customer shall allow the Lender to repossess any Vehicle delivered to the Customer.

 2.6   In the event of cancellation under clause 2.4 and the Lender shall be entitled to (chargeable at its sole discretion) a late cancellation fee of 10% of the full purchase price of the Vehicle, being an estimate of the Lender's costs incurred in administrative work related to the cancellation, including uplifting, cleaning, mechanically reviewing, and reselling (if possible) the relevant Vehicle together with any amount reasonably required to fully repair or replace the damaged Vehicle.  The Customer agrees that the Lender shall be entitled to deduct any such funds from any deposit paid by the Customer or utilising the direct debit provided by the Customer.  Following any such deductions, the Lender shall refund the Customer with any balance funds held in respect of the Vehicle (such as any surplus balance of deposit paid).

 2.7   The Lender reserves the right to cancel a purchase for a Vehicle, between the date of the Customer's purchase order (if in advance of delivery) and the date of delivery but such cancellation shall be subject to the Lender's rights under clause 3.3 and the Lender refunding the Customer with any deposit or other amounts paid by the Customer that are in excess any part of the order so cancelled or amount owing to the Lender (where clause 3.3 applies). 

2.8   The Customer must keep the Lender updated with immediate notice of any changes to the contact information listed on the front page. 

3.     PRICE AND PAYMENT 

3.1   The price payable by the Customer for Vehicle shall be the price agreed to between the Lender and the Customer at the time the order is made or in the absence of such agreement the price notified to the Customer by the Lender on the date the Vehicle is delivered.  The onus is on the Customer to confirm prices prior to each delivery of Vehicle.  

3.2   The Lender will deliver to the Customer an invoice for the price of the Vehicle and any other incidental charges relating to the sale of Vehicle. 

3.3   In the event that the Customer has multiple individual orders and related credit accounts with the Lender then the Customer agrees that if the Customer is in default under any such account or late or short in respect of any payment the Lender may elect (at its sole discretion) which account to which any payments received from the Customer shall be applied. 

3.4    Payment of each invoice or (if credit is provided by the Lender) repayment of any credit provided to the Customer by the Lender shall be made by the Customer in the lawful currency of New Zealand and: (a)    Into such bank account as the Lender notifies the Customer; (b)    In cleared funds, free of any deduction or withholding, and with no right of set-off for on or account of any taxes or other duties, currency controls or any other matter and no payment shall be deemed to be made until made in accordance with these requirements; (c)    At the time set out in the Disclosure Statement; (d)    By way of direct debit or automatic payment; and, (e)    The Customer agrees that these Terms are an authority to direct debit or form an automatic payment authority if the Lender so requires and shall upon request by the Lender sign any further bank authorities or documents that may be required to enable the Customer's account to be direct debited or automatically deducted from the Customer's account to pay amounts owing to the Lender.  The Customer agrees that it shall notify the Lender prior to withdrawing any direct debit authority.

3.5    The Lender will not be required to provide the Vehicle to the Customer until any deposit required by the Lender or any other amount due to the Lender is paid.  As credit is being provided by the Lender for the purchase of Vehicle, then the Customer agrees to pay any interest, fees or amounts as appears in the Disclosure Statement that relate to late payment or default and a requirement to pay all such amounts form part of these Terms.

3.6   The Lender may accept the trade-in of the Customer's existing vehicle and allow the value of that vehicle (as determined in the Lender's sole discretion) as part payment towards the price of the Vehicle which the Customer agrees shall become the unencumbered and exclusive property of the Lender, and if the Agreement is cancelled there shall be no obligation upon the Lender to return the Customer's existing vehicle to the Customer, who shall instead be entitled to refund of an amount equal to the value of that vehicle as agreed on at the time of trade-in.       Without limiting this clause or any other clause in this Agreement, but subject to all statutory requirements, the Customer’s payment obligation to the Lender in accordance with these Terms or in respect of any Disclosure Statement is unconditional, and the Customer’s failure to pay any part of an invoice on its due date shall be an automatic default of these payment terms and the Lender shall not be required to give the Customer any prior notice of default.

3.7    Unless otherwise set out on its invoice, the Lender's prices are quoted inclusive of GST and the Lender's prices do not include any credit charges or fees that may be payable in terms of a Disclosure Statement. The Customer shall pay all fees or charges associated with any credit when due or shall be deemed to be in default of these Terms.

3.8    Without prejudice to any other remedies which the Lender might have: (a)    In the event of failure by the Customer to pay for Vehicle in accordance with these Terms; or (b)    If the Customer otherwise fails to otherwise comply with these Terms;

the Lender shall be entitled to cancel a purchase for the sale of Vehicle. Upon such cancellation and without prejudice to any other remedies which the Lender might have, all credit in favour of the Customer will cease and all amounts owing to the Lender by the Customer will become immediately due and payable to the Lender.  In accordance with all applicable legislation, the Lender may also take possession of the Vehicle, use any disability device installed by the Lender to disable the Vehicle in accordance with the Disclosure Statement and otherwise exercise in relation to the Vehicle any of its rights whether those rights are as owner/security interest holder and/or unpaid seller or otherwise and whether those rights are conferred by these Terms, common law, contract, statute or in any other way.

3.9   In accepting any payments from the Customer, the Lender will not be bound by any conditions or qualifications or other terms which the Customer may have attached to those payments.  If the Lender accepts part payment of amounts owing by a Customer, all such amounts will first be applied to any interest, fees or costs owing to the Lender under these terms and then second to amounts outstanding in respect of Vehicle, being applied to such amounts in the order in which they were due and payable.

3.10  The Customer may repay all amounts owed to the Lender in full in one lump sum at any time prior to the term set out in the Disclosure Statement, but in such case the Customer must pay all amounts owed to the Lender together with all interest (including default interest) and all of the Lender's fees and charges payable in respect of the Agreement , including any amounts payable to the Lender to release any security interests, and any fee for early repayment as set out in the Disclosure Statement.

4.     GST 4.1    The Lender's prices referred to in these Terms and in any quotation which may have formed the basis of a purchase are inclusive of GST (unless expressly stated otherwise).  The Customer shall pay GST on the Vehicle as invoiced by the Lender on the payment terms on that invoice and, if rendered on the same date or on the same invoice as the Vehicle supplied, at the same time as payment for the Vehicle to which the GST relates.

5.        CARE OF VEHICLE

5.1     Customer shall keep the Vehicle in its own possession and in good working order and abide by the Lender's policies set from time to time which include:

(a) When not in actual use, the Vehicle must be kept properly garaged and thoroughly protected from the weather at the premises stated on the front page;

(b)  The Customer shall ensure that at all times the Vehicle is registered and has a current Warrant of Fitness;

(c) The Customer shall not cause or permit the Vehicle to be taken out of New Zealand without the written consent of the Lender;

(d) The Customer shall not attempt to sell or pledge, mortgage, charge or hire out or otherwise deal with the Vehicle without the prior written consent of the Lender.

(e) The Customer shall use its best endeavours to treat the Vehicle with appropriate care and shall not allow the Vehicle to be used in the following manner: (i) In contravention of any law, bylaw or breach of the New Zealand road code; (ii)  By any driver with a 'Learner' licence; (iii) By any unlicensed or disqualified driver; or (iv) For business use including as a taxi or public conveyance (without the prior written consent of the Lender);

(f) In advance of delivery of the Vehicle to the Customer, arrange for the Vehicle to be insured in the name of the Lender against loss by fire, accident, theft and other such perils as stipulated by the Lender to its full insurable value and shall keep the Vehicle insured against such loss for entirety of the Term (at its cost) and shall provide evidence of such insurance on demand to the Lender as requested from time to time;

(g) The Customer will permit the Lender, and its authorised agents who hold a vehicle recovery authorisation as defined in the Credit Contracts and Consumer Finance Regulations 2004 at all reasonable times (but no more than once every six months to enter such premises or any other place wherein the Vehicle may be to inspect the Vehicle, provided they comply with the terms of said vehicle recovery authorisation;

(h) Shall give the Lender immediate notice of any loss or damage to the Vehicle and of any want of repair and not undergo repairs to the Vehicle or allow a third party provider to undertake such repairs without the prior written consent of the Lender, such consent not to be unreasonably withheld and may be subject to conditions (including that the repairer must provide key information of the repair to the Lender). 

(i) If the Customer attaches or substitutes any parts, equipment, accessories or additions to the Vehicle, such items shall become the property of the Lender and shall be subject to all the provisions of the Contract affecting the Vehicle and the Customer shall not remove or dispose of any part or equipment of the goods or to make any alteration thereto without the prior written consent of the Lender.

(j) If the Vehicle or any part is removed, seized or taken out of the possession of the Customer, the Customer shall give notice to the Lender within twenty-four hours of such removal, seizing or taking and any details requested by the Lender related to such removal, seizure or taking.

6.     DELIVERY OF VEHICLE AND RISK

6.1    Delivery of Vehicle is deemed to be made when the Customer or the Customer's agent is given possession of the Vehicle at the Lender's premises.

6.2    On delivery of the Vehicle:

(a) The Vehicle is at the Customer's sole risk; and

(b)    Insurance is the Customer's responsibility, as outlined in clause 5.1(f).

6.3    When delivery is to be completed at a time other than the time that the Vehicle is purchased, any quotations of delivery times agreed by the Lender are made in good faith but are estimates and not commitments and no delay in delivery will entitle the Customer to refuse to accept delivery or cancel its order or otherwise entitle the Customer to any damages whatsoever.

6.4    Risk shall pass back from the Customer to the Lender only if the Lender repossesses the Vehicle.

7.     RETENTION OF TITLE 7.1    Notwithstanding any other provision of these Terms, title in the Vehicle does not pass from the Lender until: (a)    the Lender has received full payment in cleared funds for the Vehicle (together with an amount for GST, any accrued interest and any other amounts due in respect of the Vehicle); or (b)    The Customer has fully repaid any credit provided to the Customer by the Lender. 7.2    Until title passes from the Lender: (a)    Ownership of the Vehicle remains with the Lender; (b)    The Customer holds the Vehicle as Bailee for the Lender; and (c)    The Customer must not part with possession of the Vehicle for any reason.   7.3   If the Customer fails to pay any amount of the Customer's total indebtedness to the Lender under these Terms or any Disclosure Statement when it is due to the Lender or is otherwise in breach of these Terms then the Lender and/or any of the Lender's Personnel may, without prejudice to any of the Lender's other rights and remedies, repossess and/or re-sell the Lender Vehicle that have been delivered to the Customer and the Customer agrees that it will allow the Lender to enter upon the Customer's premises for that purpose provided the Lender complies with all relevant legislation in respect of the repossession.

8.     SECURITY - PERSONAL PROPERTY SECURITIES ACT 1999 ("PPSA")

8.1    Upon assenting to these Terms in writing, the Customer acknowledges and agrees that: (a)    these Terms constitute a security agreement for the purposes of the PPSA; and (b)    a security interest is taken in the Vehicle and any future Vehicles that will be supplied in the future by the Lender to the Customer.

8.2   The Customer undertakes to:

(a) sign any further documents and/or provide any further information (such information to be complete, accurate and up-to-date in all respects) which the Lender may reasonably require to register a financing statement or financing change statement on the Personal Property Securities Register;

(b) indemnify, and upon demand reimburse, the Lender for all expenses incurred in registering a financing statement or financing change statement on the Personal Property Securities Register or releasing the Vehicle charged thereby; and

(c) not register a financing change statement or a change demand without the prior written consent of the Lender;

8.3    The Customer agrees to waive its rights under section 116 (to receive statement of account), and sections 120(2) and 121 (to receive notice of any proposal to retain the goods and object to any proposal).

8.4 The Customer agrees they will have no rights under sections 114(1)(a) (to receive a notice of sale) and 133 (reinstating the agreement) of the PPSA.

8.5 Unless otherwise agreed to in writing by the Lender, the Customer waives its right to receive a verification statement in accordance with section 148 of the PPSA.

8.6    The Customer shall unconditionally ratify any actions taken by the Lender under clauses 8.1 to 8.5.

9.     LIMITATION OF WARRANTY/LIABILITY

9.1    The Customer further agrees that the conditions, warranties and guarantees set out in Part 3 of the Contract and Commercial Law Act 2017 or implied by the common law will not apply and are expressly excluded from these Terms to the maximum extent permitted by law.

9.2    Except as otherwise warranted by the Lender, the Customer acknowledges that it must rely upon its own judgment as to the nature, quality and condition of the Vehicle supplied by the Lender and as to their sufficiency for any use or purpose and the Customer acknowledges that the Lender is under no duty to ascertain the suitability of the Vehicle for any purpose whatsoever and that no such representation has been made by the Lender.

9.3    Except for any express written warranty in these Terms and subject to all of the Customer's rights and remedied under the Consumer Guarantees Act 1993, or otherwise provided in writing to the Customer, the Lender provides no other warranty, expressed or implied, including any implied warranty of merchantability or fitness for purpose or otherwise and any warranties expressed or implied by law or statute, in respect of Vehicle whether in respect of quality, fitness for intended purposes or otherwise, are excluded to the extent that such law or statutes permits exclusion.

9.4    Subject to the Consumer Guarantees Act 1993 and to the maximum extent allowed by law, the Customer acknowledges and agrees that in no event will the Lender or its officers, principals, employees, contractors or agents have any liability to the Customer arising out of or connection with these Terms or the use or performance of any Vehicle and without limiting the foregoing, the parties agree that the Lender shall not in any case whatsoever be liable for: (a)    Any special, incidental, indirect, punitive or consequential Damages; loss of profit, revenue, goodwill, use or the costs of procuring substitute Vehicle; (b)    Damages, in the aggregate, exceeding the value actually received by the Lender from the Customer under these Terms for the Vehicle that are subject to the claim; (c)    No claim or action shall be brought more than six months after the Customer became aware, or reasonably out to be aware of the circumstances giving rise to the action.

10.   CONSUMER GUARANTEES ACT 1993 AND FAIR TRADING ACT 1986

10.1  If the Customer is acquiring the Vehicle for the purposes of a trade or business or for commercial or investment purposes and has the Lender's consent to purchase the Vehicle for these purposes, the Customer acknowledges that the provisions of the Consumer Guarantees Act 1993 do not apply to the supply of the Vehicle by the Lender to the Customer. The Customer agrees that it has purchased the Vehicle based on its own judgement and it does not rely on any representation made by the Lender in respect of any aspect of the goods supplied and accordingly the parties agree to contract out of sections 9, 12A, 13 and 14(1) (as applicable) of the Fair Trading Act 1986.

10.2  Notwithstanding any other provision in these terms, where the goods are supplied for personal, domestic or household use by the Customer, these Terms shall be read as subject to the Consumer Guarantees Act 1993 and clause 10.1 does not apply.

11. INDEMNITY

11.1  The Customer indemnifies the Lender from and against all liabilities, expenses, losses, damages and costs (including legal costs on a full indemnity basis whether incurred by or awarded against a party) including those associated with any third party claim, and whether arising under contract, tort (including negligence) or otherwise shall the Lender or its directors, principals, employees, contractors or agents sustains or incurs (directly or indirectly) arising out of or resulting from:

(a)    Any breach of these Terms by the Customer;

(b) Any contravention of applicable laws or regulations by the Customer, including export and import control laws;

(c) Any claim by any third party arising from any act or omission of the Customer in connection with these Conditions (whether negligent or not), including:

(i) Connected to or arising out of the Customer’s breach of clause 5; or

(ii)  Any misrepresentations, warranty or agreement, express or implied made by the Customer with respect to the Lender, or any third party supplier or manufacturer of the goods supplied by the Lender;

(d) Without limiting the foregoing, any negligent, wilful, reckless or unlawful act or omission of, or any intentional misconduct by the Customer in connection with these Conditions; or

(e) Any claim by the Customer, to the extent that such claim is beyond the scope of the Lender's liability to the Customer under these Conditions.

12. DISPUTE RESOLUTION

12.1  Either party may give the other party notice of any dispute arising in respect of, or in connection with, these Terms ("Dispute").  The Customer also has access to a free dispute resolution scheme in respect of any matter relating to the provision of credit to the Customer by the Lender as is set out in any relevant Disclosure Statement.

12.2  In the event of a notice being given pursuant to clause 12.1 above, then the parties must:

(a) Meet at least once in a genuine effort to resolve the Dispute;

(b) If no resolution of the Dispute has occurred within ten (10) Business Days from the date of the giving of the notice in accordance with clause 12.1 above, then either party may pursue their remedies as they see fit.

12.3  Nothing in this clause shall prevent a party making application to a court for an injunction or other urgent interlocutory relief.

13.    COSTS

13.1  In addition to our standard fees and charges and depending on the type of loan you take with us, we may incur other charges in respect of taking security interests, releasing those interests or enforcing these Terms.  You must pay to us upon demand, our legal costs (as between solicitor and client) for:

(a) The arranging and preparation and registration of any security interest taken in conjunction with these Terms, including the registration of any financing statement, caveat or mortgage as well as any variation or discharge or transfer of any security interests or relating to the protection of any of our security interests taken in respect of these Terms (including the investigation of any claim relating to the land which might affect that interest or our search costs on the PPSR);

(b) All our costs arising from or relating to any default under these Terms or the enforcement or exercise or attempted enforcement or exercise of any of our rights, remedies and powers under these Terms and this includes (without limiting our more general rights):

(i) The giving or attempted giving of any notice under the Property Law Act 2007 (or any replacement or substituted Act);

(ii) The inspection and valuation of the land;

(iii) Any legal costs we incur in agreeing with you to vary, compromise or otherwise alter these Terms.

14.    ELECTRONIC MESSAGES

14.1  All persons signing these Terms agree that we may send you emails in respect of this Loan or any other products, loans, offers or other commercial updates (including third party information) we consider are or may be of benefit or of interest to you. You may unsubscribe from receiving such email correspondence by utilising the "unsubscribe" function in the first or any subsequent email sent as authorised by this clause.

15. NOTICE

15.1  You agree that any demand or notice required or authorised to be served on you under or in relation to this contract may be signed by the lender or by the lender's agent.

(a) Any notice we serve on you may be served: (i)     by delivering it to you personally; or (ii)    by posting it by registered letter addressed to you at your place of residence or place of business last known to the lender; or (iii)    by sending it to you to any facsimile ("fax") or email address you have provided to us under this agreement.

(b) A demand or notice: (i) posted by registered letter is deemed served at the time when the registered letter would in the ordinary course of postal delivery have been delivered; (ii) faxed is deemed received when we receive a fax confirmation from our fax machine showing that the demand has been sent; or (iii) emailed is deemed to be received by you within one working day of sending, provided we have received no error, server or service provider messages that indicate that the email may not have been received by you; (iv) is deemed to be received when you actually receive it, notwithstanding the mode of service.

(c) any service effected in accordance with this clause 15 will be valid and effectual notwithstanding that you do not receive the demand or notice no matter what the reason for non-receipt and notwithstanding any other matter or event whatsoever;

(d) the modes of service provided by this clause do not limit any other sufficient and lawful modes of service and are subject to any mandatory provisions in any statute;

16. GENERAL

16.1 To be effective, any waiver of any or all of the terms and conditions in any agreement the Customer has with the Lender must be in writing.

16.2 The Customer may not assign all or any of its rights or obligations under these Terms.

16.3 The Lender is not bound, unless otherwise stated in these terms, by any error or omission on any invoice, order form or other document or statement issued by the Lender.

16.4 Where the Lender has rights and remedies at law or otherwise in addition to the rights set out in these Terms, those rights and remedies will continue to apply.

16.5 Failure by the Lender to enforce any of the terms and conditions shall not be deemed to be a waiver of any of the rights or obligations the Lender has under these Terms.

16.6 If any of these Terms or part thereof are held to be invalid, illegal, unenforceable or void for any reason or reasons, all of the remaining Terms (or part thereof) shall remain in full force and effect.

16.7 These Terms are governed by the law of New Zealand and, subject to clause 11, each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New Zealand.

17.   DEFINITIONS AND INTERPRETATION

17.1 In interpreting these Terms:   

"Business Day" means any day not being a Saturday or Sunday or statutory holiday in Auckland, New Zealand.         "Damages" means all liabilities, expenses, losses, damages and costs (including legal costs on a full indemnity basis) whether incurred by or awarded against a party) including those associated with any third party claim, and whether arising under contract, tort (including negligence) or otherwise.

"Disclosure Statement" means any disclosure statement provided by the Lender to the Customer in respect of the provision of any credit to the Customer of more than $100.00 in accordance with the Credit Contracts and Consumer Finance Act 2003. "GST" means Goods and Services Tax payable in accordance with the Goods and Services Tax Act 1985.

                                                                                                                                                                                                                   Statement Date:    /     /

BETA FINANCE LIMITED                     

20 Great South Road, Otahuhu     Phone (09) 270 6542              Email finance.betaloan@gmail.com

DISCLOSURE STATEMENT FOR CONSUMER CREDIT CONTRACTS (this disclosure goes with your Motor Vehicle Agreement)

Initial disclosure statement under section 17 of Credit Contracts and Consumer Finance Act 2003 for consumer credit contracts other than revolving credit contracts

IMPORTANT ― This document sets out key information about your consumer credit contract ("Agreement") which incorporates Beta Finance Limited's Terms of Trade ("Terms").  You should read the Agreement thoroughly.  If you do not understand anything in this document, you should seek independent advice.  You should keep this disclosure statement and a copy of your Agreement in a safe place.

The law gives you a limited right to cancel the Agreement (see below for further details).  Note that strict time limits apply.

FULL NAME AND ADDRESS OF LENDER. This is the person providing you the credit (also known as the Creditor).

You may send notices to the lender by:

·      Writing to the lender at its postal address; or

Sending an email to the address specified (if any).

Name:

Beta Finance Limited

Physical Address:

20 Great South Road, Otahuhu, Auckland

Postal Address:

PO Box 230141, Botany, Auckland 2163

Email:

finance.betaloan@gmail.com

CREDIT DETAILS

INITIAL UNPAID BALANCE This is the amount you owe at the date of this statement (including any fees charged by the Lender).

OpeningBalance made up of:

OpeningTransactions

Other charges are made up of:

PPSR Fee: $19.60

Documentation Fee:$125.00

 Compliance Fee: $80.00

 Verification Fee: $40.40

 Administration Fee: $30.00

 Subsequent advance(s)
There are no subsequent advances. . If you require extra credit, you should contact the Lender to offer you another loan on separate terms.

 Total advances
This is the total amount of all advances made or to be made to you under this Agreement.

 TotalAdvances

 PAYMENTS. You are required to make each payment in the amount specified and at the time specified.

Payments

 Total amount of payments

 TotalPayments

Method of Payment: In accordance with clause 3.4 of the Terms, payment is to be made by automatic payment or by direct debit as agreed, to XXX

PaymentMethod

INTEREST

Annual interest rate:

InterestRateAnnual

Total interest charges
This is the total amount of the interest charges payable under the contract.

InterestRatePeriod

TotalInterest

Method of charging interest

InterestMethod

Interest free period

InterestFreePeriod

CREDIT FEES AND CHARGES

The following credit fee(s) and charge(s) (which are not included in the initial unpaid balance) are, or may become, payable under, or in connection with, the Agreement.

Late Cancellation Fee (see clause 2.6 of the Terms) of [10%] of the purchase price of the Vehicle, being: $ _________

$350.00 fee for installation and of Disabling Device, if required. $6.90 monthly GPS monitoring fee, if applicable.

CONTINUING DISCLOSURE.

The Lender may be required to provide you with regular statements. The statements will give you information about your account.

Statements will be provided StatementCycle.

WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS

Security interest(s)

This is secured credit.  If you fail to meet your commitments under the Agreement, the Lender may be entitled to repossess and sell this property. 

Description of security interest(s):

Property which is (or will be) subject to a security interest is the Vehicle as defined in your Credit Agreement as more accurately described as follows:

Make:

 Model:

 Year first registered:

Registration Number:

 Colour:

 The security interest is a first ranking security over the Vehicle provided to you by the Lender and secures the purchase price of the Vehicle. 

If you are in default of the Agreement and the Lender repossesses the Vehicle from you, then the Vehicle will be sold to meet your indebtedness to the Lender and, if insufficient funds are realised from the sale of the Vehicle to meet your account in full, you may continue to be indebted to the Lender for the balance.

In accordance with the terms of the Agreement, you will be in breach of the Agreement if you give to a person other than the Lender a security interest in the Vehicle (without the prior written consent of the Lender). In such case the Lender would be entitled to exercise its rights under the Agreement, including repossessing the Vehicle when the Lender's security is at risk.

 Default interest charges and default fees

In the event of a default in payment and while the default continues you must pay the default interest charges.

Default interest is charged from the time you fail to make a due payment until the arrears are paid being DefaultInterest per annum calculated daily is payable on the amount outstanding on the date the Agreement is cancelled by the Lender.

In the event of a breach of the Agreement or on the enforcement of the Agreement, the default fees specified below are payable.  Your Agreement allows the Lender to vary these fees and charges.

Default fees:

DefaultFees in respect of each payment not paid on the due date, payable at the sole and absolute discretion of the Lender, in respect of any missed payment which is chargeable at the sole and absolute discretion of the Lender.

$30.00 if you cancel your direct debit authority without prior notice to us.

$20.00 for first reminder letter and for each subsequent reminder letter.

$75.00 visit fee

$250.00 Repossession Fee if the Vehicle is in the Auckland Council region and is required to be repossessed in accordance with the Agreement. If the Vehicle is outside the Auckland Council region, the Lender is entitled to reasonably increase the Repossession Fee to take into account additional charges incurred at its expense in repossessing the Vehicle, depending on where the Vehicle is geographically located.

All of the Lender's costs and expenses reasonably incurred and the recovery in respect of repossession of the Vehicle on cancellation of the Agreement (in addition to the Repossession Fee) and recovery of amounts owing by you (including debt collection agency or the Lender's l costs) are also payable by you on a full indemnity basis.

If the Lender agrees to a late cancellation by you of the Sale and Purchase of Vehicle and Credit agreement and the credit agreement to which this relates, the Lender will be entitled to charge a cancellation fee equal to 10% of the purchase price of the related goods together with any cost incurred by us to repair or replace damaged goods that are returned to us. 

 FULL PREPAYMENT

If you pay the unpaid balance in full before the final payment is due (full prepayment), you may be required to pay a fee or charge to compensate the creditor for any loss resulting from the full prepayment. The creditor may have suffered a loss if the creditor’s current interest rate is lower than the interest rate applying to your original consumer credit contract. You may also have to pay the creditor’s administrative costs relating to the full prepayment.

The amount you may have to pay to compensate the creditor for the loss is calculated using the formula prescribed in regulation 9 or regulation 11 of the Credit Contracts and Consumer Finance Regulations 2004.

Prepayment fees: FullPrepaymentFees

Administration Fee: $100.00 which is a reasonable estimate of Lender's cost in administering such early prepayment.

 OTHER SPECIAL CONDITIONS

Disabling Device

In accordance with clause 3.8 of the Terms, you acknowledge that the Lender reserves the right to install, at your cost, a disabling device in the Vehicle. The device allows the Lender to track and disable the Vehicle. In the case of theft, you can contact the Lender during 8am to 5pm and we will liaise with the authorities to recover the Vehicle. There may be a fee to cover the costs of installing said disabling device, which is outlined above.

You must not tamper with the disabling device, nor attempt to remove it from the Vehicle. If you do so, you will be responsible for meeting the reasonable costs of replacing such device.

You must immediately let the Lender know if the Vehicle is stolen, crashed, impounded or otherwise.

Disabling

If you have such a device installed and you have missed a loan payment and have not entered into an arrangement with us to rectify the arrears prior to any reminder letter being issued, we will notify you by a reminder letter. If there is no response or contact from you to come to an arrangement to pay the overdue amount within 7 days from the date of the first reminder letter, then we will disable your Vehicle.

If you have come to an arrangement and you miss the first payment as per your arrangement we will disable your Vehicle.

We will re-enable the Vehicle once you pay the arrears or if you enter into an arrangement with us to pay the arrears.  You must inform us immediately if you change your mobile number.

Emergency

In a emergency the borrower has the ability to request an override of the disabling of the device, and allow the Vehicle to be started for a period of 24 hours, or more if allowed by the Lender. This emergency override is limited to three times over the life of the loan. To enable the emergency override you must contact the Lender on 021 535 583, including after-hours.

 RIGHT TO CANCEL

You are entitled to cancel the consumer credit contract by giving notice to the Lender.

Time limits for cancellation

*You must give notice that you intend to cancel the Agreement within 5 working days of the statement date on the front of this document.

Saturdays, Sundays, and national public holidays are not counted as working days.

How to cancel

To cancel, you must give the Lender written notice that you intend to cancel the Agreement by––

·     giving notice to the Lender or an employee or agent of the Lender; or

·     posting the notice to the Lender or an agent of the Lender; or

·     emailing the notice to the Lender’s email address; or

You must also –

(a) return to the Lender any advance and any other property received by you under the Agreement (but you cannot do this if you have taken possession of any goods or if you have bought any property at an auction or if the Agreement is for the sale of services that have been performed); or

(b) pay the cash price of the property or services within 15 working days of the day you give notice.

What you may have to pay if you cancel

If you cancel the Agreement and return the Vehicle within 5 working days, the Lender will refund you any deposit paid, but can charge you the costs of repairing any property you return if the property was damaged while it was in your possession. The Lender shall deduct any such repair costs from any deposit paid by you and shall refund you the balance of the deposit.

 WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP

If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the Lender for a hardship variation. 

To apply for a hardship variation, you need to:

(a)  make an application in writing; and

(b)  explain your reason(s) for the application; and

(c)  request one of the following:

·     an extension of the term of the Agreement (which will reduce the amount of each payment due under the Agreement); or

·     a postponement of the dates on which payments are due under the Agreement (specify the period for which you want this to apply); or

·     both of the above; and

(d)  give the application to the Lender.

Do this as soon as possible. If you leave it for too long, the Lender may not have to consider your application.

DISPUTE RESOLUTION

The Lender is a member of a dispute resolution scheme known as Financial Services Complaints Limited.

It is free to make a complaint to this independent dispute resolution scheme.  This scheme can help you to resolve any disagreements you have with the Lender.

Contact details of dispute resolution scheme:

Phone: 0800 347 257

Website: www.fscl.org.nz

Business address: Level 4, Sybase House, 101 Lambton Quay, Wellington 6011.

 REGISTRATION ON FINANCIAL SERVICE PROVIDER REGISTER

Lender registration name: Beta Finance Limited Registration number: FSP 169265

By signing this agreement, you, the Customer agree that you have received, read and understood the Sale and Purchase of Motor Vehicle and Credit Agreement containing Beta Finance Limited's terms as well as this Disclosure Statement: