What finance and leasing products do Motor Finance Wizard offer?

Motor Finance Wizard offers a range of motor vehicle finance solutions – our in-house lease product as well as third party finance.

What do you mean by third party finance?

In addition to offering our own in-house lease product (refer to section ‘leasing a vehicle with Motor Finance Wizard’), Motor Finance Wizard has access to a range of motor vehicle finance providers (external to Motor Finance Wizard) that offer competitive car loan products.

Through our robust application process we identify which finance solution best suits your financial circumstances. If a third party finance product is determined most appropriate for your situation, Motor Finance Wizard will facilitate the process of obtaining the finance for you.

Regardless of the finance product identified as most suitable for you, once you are approved for the finance we then identify a suite of vehicles that both meet your motor vehicle needs and compliment your financial circumstances.

What is your interest rate?

Interest and payments vary depending on the product and service identified as best suiting your needs.

Making an application is the best way to find out which product is the most suitable for you.

How do I apply for finance?

Contact us on 1800 CAR LOAN to make an application today.

Alternatively, visit www.mfw.com.au and complete our online application form. A Motor Finance Wizard customer service representative will contact you within 48 hours of submitting your application, to confirm your application and discuss your motor vehicle and finance needs in more detail.

How is my application for motor vehicle finance assessed?

Customers are assessed based on what they can comfortably afford and whether the products and services are suitable for their needs.

Can I use my current vehicle as a trade-in?

If you are looking to enter into a new finance or lease agreement and you already own a car, yes, you can trade-in your pre-owned vehicle.

What sort of vehicle can I get?

The type of vehicle depends on your individual needs and what you can comfortably afford. The more money that you contribute to your initial payment however can improve the range of vehicles from which you can choose.

How long will it take to assess my application?

Whilst we work as quickly as possible to assess your application, assessment times vary depending on the information provided by each applicant.

To minimise the time it takes to assess your application, please provide us with all of the documents outlined in the checklist sent to you after you submit your application.

Why do I need a copy of my landlord’s bill?

If you are a boarder, we require your landlord to write a letter confirming that you board at that address. Your landlord’s utility bill supports their letter and established proof of residency.

Will my employer and/or landlord be contacted?

As part of our application approvals process we need to verify information about you, such as your employment and residency. We recommend you let your employer and landlord know that they may receive a call from us.

But I applied for finance, not a lease?

Motor Finance Wizard offers a range of motor vehicle finance solutions – our in-house lease product as well as third party finance. Customers are assessed based on what they can comfortably afford and whether the products and services are suitable for their needs.

Based on your financial circumstances, you have been approved for Motor Finance Wizard’s consumer lease product.

What is Motor Finance Wizard’s consumer lease product?

Motor Finance Wizard’s consumer lease allows you to lease the motor vehicle over a period of time (usually 60 months) whereby you make regular rental payments until the term of the contract finishes.
At the full term of the lease you can:

1. hand the vehicle back to the dealership
2. exercise your right to an extended term, which gives you complete use of the vehicle for a further 10 years for only $10
3. make an offer to purchase the vehicle or
4. upgrade to another consumer lease.

How much will I pay?

You pay weekly rental payments as shown in the schedule of your lease agreement. The weekly rental payment amount depends on your individual circumstances and the vehicle being leased.

Are there any initial, upfront costs?

A one-off upfront, initial payment is required from all Motor Finance Wizard customers. This covers, but is not limited to:

• application fee
• documentation fee
• customer care
• roadworthy certificate
• vehicle encumbrance search
• pre-delivery check
• motor vehicle detailing
• payment alert device fitment.

Do I own the vehicle?

No, you do not own the vehicle. Our consumer lease allows you to lease the motor vehicle over a period of time (usually 60 months) whereby you make regular rental payments until the term of the contract finishes.

At the full term of the lease you can:

1. hand the vehicle back to the dealership
2. exercise your right to an extended term, which gives you complete use of the vehicle for a further 10 years for only $10
3. make an offer to purchase the vehicle or
4. upgrade to another consumer lease.

Am I limited to where I can take the vehicle?

You can take the vehicle with you wherever you go. As part of the terms of your contract you just need to keep us updated on the vehicle’s current location, as well as keep up your regular payments.

Can I sell or trade the vehicle during the term of the lease?

No, you cannot sell or trade a vehicle that has a registered interest to a third party.

At the full term of the lease you can make an offer to purchase the vehicle. Acceptance of the offer to purchase the vehicle will be at the sole discretion of Kwik Finance Pty Ltd, the credit collections division of Motor Finance Wizard.

If your offer to purchase the vehicle is accepted by Motor Finance Wizard, only then would you be able to sell it or trade it.

Can I buy the vehicle?

At the full term of the lease you can make an offer to purchase the vehicle. Acceptance of the offer to purchase the vehicle will be at the sole discretion of Kwik Finance Pty Ltd, the credit collections division of Motor Finance Wizard.

Can I end the lease early?

Our consumer lease allows you to lease the motor vehicle over a period of time (usually 60 months) whereby you make regular rental payments until the term of the contract finishes. You can however make advance payments of any amount at any time to shorten the term of the lease.

What if I want to get out of the lease agreement? Do I have to pay any penalty fees?

You may be able to terminate the lease early however you may be required to pay a finalisation amount.

The finalisation amount means the amount payable by you to us if the lease comes to an end earlier than upon the expiry of the lease term. The lease contains calculations for how the finalisation amount is worked out.

It is important to understand that the finalisation amount is dependent on the total of your remaining rental payments, the circumstances in which the vehicle is returned to us and the wholesale value of the vehicle.

In summary:

• if you return the vehicle to us and the wholesale value of the vehicle is greater than your total remaining rental payments plus 13 weeks rental payments, then you don’t pay any finalisation amount. But you will have to pay for recovery and other fees under the lease if we have to repossess the vehicle from you; or
• if you return the vehicle to us and the wholesale value of the vehicle is less than your total remaining rental payments plus 13 weeks rental payments, then you pay the lesser of 13 weeks rental payments or the balance of rental payments. But you will also have to pay for recovery and other fees under the lease if we have to repossess the vehicle from you.

What happens if I sign the lease with someone else, and our relationship ceases before the term of the contract finishes?

If two parties sign the consumer lease agreement, they are both contractually bound to the lease until the term of the contract finishes. If the two parties split up, they are both liable for any missed payments on the lease, as well as any action that would follow.

Can I have more than one lease at a time?

We do not recommend that you have more than one lease at a time.

If you think your financial circumstances allow you to take out a second lease, while still making the original payments on the first lease, you are welcome to make an application.

Your second application will be assessed based on what you can comfortably afford and whether the products and services are suitable for your needs.

Does the vehicle come insured?

No. It is a condition of the consumer lease that you insure the vehicle.

If the vehicle is not insured, you would be breaching the terms of the contract and would be liable for all costs and repairs should anything happen to the vehicle.

Where do I go to make my payments?

Your payments will be direct debited from your bank account.

We can also deduct your payments from your salary. Contact our credit collections division (Kwik Finance Pty Ltd) on 1300 851 119 for more information about this payment option.

Can I make advance payments?

You can make advance payments, of any amount, at any time. Advance payments or catch-up payments on arrears can be made via direct internet transfer, Bpay, credit card or into Motor Finance Wizard’s account at any Commonwealth Bank branch.

What if my financial circumstances change?

We understand that life does not always go according to plan and financial circumstances can change.

Motor Finance Wizard offers a financial hardship program specifically for customers who fall on hard times, and as a result who are finding it difficult to meet their financial obligations under their lease.

If your financial circumstances change because you have fallen on hard times, contact our friendly credit collections division (Kwik Finance Pty Ltd) staff on 1300 851 119. Our staff are here to assist you with your concerns and ensure your payment plan suits your circumstances.

If the car is repossessed from me, can I ever get it back?

Repossessions occur when a customer fails to make payments for an extended term. You can redeem the vehicle by contacting our credit collections division (Kwik Finance Pty Ltd) and organising payment for the outstanding arrears, plus payment of any fees incurred from the repossession.

What happens if I cannot afford to pay arrears and/or default fees?

If your financial circumstances change and you cannot afford to pay arrears and/or default fees, contact our friendly credit collections division (Kwik Finance Pty Ltd) staff on 1300 851 119. Our staff are here to assist you with your concerns and ensure your payment plan suits your circumstances.

What if my contact details change?

If your contact details change, please contact our credit collections division (Kwik Finance Pty Ltd) on 1300 851 119 and provide us with your new contact information. Failure to do so is deemed a breach of contract.

Does the vehicle come with warranty?

All Motor Finance Wizard consumer leases include a comprehensive warranty valid for the full term of the lease.

Key benefits of the warranty include:

• national network of licensed repairers
• unlimited warranty claims
• 24/7 national roadside assistance for the first 12 months of the lease.

What is covered under the warranty?

Contact 1300 305 988 for information about what is covered under the warranty. As a general rule Motor Finance Wizard’s warranty does not cover wear and tear and/or cosmetic damage.

Who pays for the vehicle’s registration?

All Motor Finance Wizard vehicles are registered. Once the registration expires and as a condition of the contract, you are required to maintain the vehicle’s registration at your own expense.

Who pays for the daily running costs of the vehicle?

As the lessee you are liable for all day-to-day expenses (ie., fuel, registration, insurance, servicing tyre replacement, battery, light bulbs, cleaning and all other general wear and tear expenses).

How do I keep my warranty valid?

All you need to do is keep your payments up to date and ensure you service the vehicle in accordance with the service schedule outlined in the warranty and service booklet provided in your customer care pack.

Is servicing the vehicle important?

Keeping the car serviced regularly not only keeps it running smoothly, but also ensures that the warranty maintains its validity. In order for the warranty to remain valid you need to service the vehicle in accordance with the service schedule, outlined in the warranty and service booklet provided in your customer care pack.

Who pays the services costs on the car?

As the lessee you are liable for all day-to-day expenses (ie., fuel, registration, insurance, servicing, tyre replacement, battery, light bulbs, cleaning and all other general wear and tear expenses).

What do I do if the vehicle is having mechanical problems? Do I take the vehicle back to the dealership that I leased it from?

If ignored, a small issue today could turn into something serious tomorrow. Contact MFW Warranty on 1300 305 988 as soon as you become aware of any mechanical problems. There is no need to return the vehicle to the dealership unless advised to do so by MFW Warranty.

Can I take the vehicle to a local mechanic to be fixed?

You can take the vehicle to a local mechanic however the mechanic will have to agree to our payment terms and provide a reasonable quote for the repairs in line with industry standard pricing.

What do I do if the vehicle is written-off in an accident?

Contact MFW Warranty on 1300 305 988 as soon as possible and provide the details of the accident, including the date and time the accident occurred, who was involved, whose fault the accident was, and if the police were involved.

Once you provide this information you will still need to continue with your weekly payments until the insurance claim is filed and full payment is made by the insurance company to cover the cost to repair the vehicle.

If you have any concerns about the length of time your car is off the road, please discuss this with our warranty staff as soon as possible.

Are there any initial, upfront costs?

A one-off upfront, non-refundable payment is required from all Motor Finance Wizard customers. This covers but is not limited to covering:

• administration fees (including document preparation)
• initial registration and roadworthy certificate
• encumbrance search and loading fee
• comprehensive pre-delivery check fee and
• valet fee.

Who do I contact if I have a problem with my loan?

You will need to discuss this with the lender directly, as we only assist you with obtaining finance for the vehicle.

Who do I contact if I have a problem with the vehicle?

Motor Finance Wizard is committed to assisting you with any questions and/or concerns you may have about our products and services.

Contact MFW Customer Care on 1300 657 327.

Do I need to insure the vehicle if I’m purchasing it / going through a third party finance provider?

Evidence of comprehensive insurance cover is required prior to settlement. Your loan and/or the purchase of your vehicle will not settle without insurance.

Does the vehicle come with warranty?

That will depend on where you purchase your vehicle from. You should make enquiries with the seller.

All vehicles provided by Affordable Car Centre come with a limited warranty from Premium Warranties Australia Pty Ltd at no extra cost. You are able to upgrade the warranty for an additional cost if you choose. Affordable Car Centre sales representatives can assist you with further enquiries.

Who do I contact if I have an enquiry, suggestion and/or complaint?

Motor Finance Wizard is committed to assisting you with any questions and/or concerns you may have about our products and services.

Our customers are the most important part of our business and we strive to satisfy our customers’ motor vehicle and finance needs.

If you have any questions, suggestions and/or concerns about our products or services, contact MFW Customer Care on 1300 657 327.