Stratton Finance - Anyone used them?

[BDA074]

Hi all,

Looking at using Stratton Finance to finance my new car. Has anyone else used them and have any feedback?

Usually use dealer finance so this is new to me.

Thanks in advance

[Pedro]

Stratton Finance is a broker and Carsales has recently bought a 50.1% controlling interest in it ... http://www.themotorreport.com.au/592...-profitability

[DougM]

I have used them 3 times. Great service...

They were the only ones that provided a package that didn't lump the interest(total amount owing) from day one of the loan.

For example:- You borrow $40k + $10k interest.....

From day one, all the other loans would have you owing $50k!!

Stratton finance added the interest across the term of the loan...

Before I used Stratton, I bought a used XR8 for $18k and used the dealer's finance. The car was written off in an accident 1 month later and I ended up still owing around $23k !!!!!

Yes there is loan insurance, but why pay even more if you don't have to..

Check it out....It's worth while.

[SumoDog68]

Originally Posted by DougM

I have used them 3 times. Great service...

They were the only ones that provided a package that didn't lump the interest(total amount owing) from day one of the loan.

For example:- You borrow $40k + $10k interest.....

From day one, all the other loans would have you owing $50k!!

Stratton finance added the interest across the term of the loan...

Before I used Stratton, I bought a used XR8 for $18k and used the dealer's finance. The car was written off in an accident 1 month later and I ended up still owing around $23k !!!!!

Yes there is loan insurance, but why pay even more if you don't have to..

Check it out....It's worth while.

Does not 40k + 10k interest mean you owe 50k ?

[xxx000]

Originally Posted by SumoDog68

Does not 40k + 10k interest mean you owe 50k ?

yes if you have the loan over the whole term but not from day 1

read his post carefully and you'll see that's what he's saying

[BDA074]

Originally Posted by DougM

I have used them 3 times. Great service...

They were the only ones that provided a package that didn't lump the interest(total amount owing) from day one of the loan.

For example:- You borrow $40k + $10k interest.....

From day one, all the other loans would have you owing $50k!!

Stratton finance added the interest across the term of the loan...

Before I used Stratton, I bought a used XR8 for $18k and used the dealer's finance. The car was written off in an accident 1 month later and I ended up still owing around $23k !!!!!


Yes there is loan insurance, but why pay even more if you don't have to..

Check it out....It's worth while.

Thanks for the info, were their interest rates competitive?

[Spammy]

Originally Posted by DougM

I have used them 3 times. Great service...

They were the only ones that provided a package that didn't lump the interest(total amount owing) from day one of the loan.

For example:- You borrow $40k + $10k interest.....

From day one, all the other loans would have you owing $50k!!

Stratton finance added the interest across the term of the loan...



Check it out....It's worth while.

Normal loans do not add interest on day one, if they did you would be paying interest on interest.

[bbbero]

try carloans.com.au, Im in the process of a new car purchase with them, they sourced the car at a awesome price and the interest rate they have offered me is 4.7%, best rate I could find!!

[BDA074]

Originally Posted by bbbero

try carloans.com.au, Im in the process of a new car purchase with them, they sourced the car at a awesome price and the interest rate they have offered me is 4.7%, best rate I could find!!

Thanks for the heads up! That's a good rate, will check them out too...

[SPArKy_Dave]

We ordered a new Ranger XLT work vehicle today - through Stratton.

They were $1,000 cheaper than the best deal we could find at a dealer.
And the car gets delivered to us.

[DougM]

Originally Posted by BDA074

Thanks for the info, were their interest rates competitive?

They were also the most competitive rates.

[DougM]

Originally Posted by Spammy

Normal loans do not add interest on day one, if they did you would be paying interest on interest.

I had three quotes for my current car and stratton gave me a spreadsheet comparing the amount owing on the different loans from the first month to the last. I even questioned the dealer finance and they admitted that stratton were correct.

[BDA074]

Stratton have been pretty good so far, better than the dealer, that's for sure on service and price...

[Batmobile]

Originally Posted by BDA074

Stratton have been pretty good so far, better than the dealer, that's for sure on service and price...

In the main , if I am unhappy with a promised service , I generally reply by walking away . However, given my recent dealings with Stratton and in particular a certain representative , I thought it was important I share my experience .
Towards the end of June, I secured a Ford Ranger XLT for my son... The dealership stated they would provide the finance and replied with 6.5% , after stating they could deliver better than 5%. .I asked that they revisit the provider and see whether they could sharpen the pencil and at least come to high 5%'s.. The dealership finance manager clearly stated 'if you can do better than 6.5% , I will be happy to receive a cheque'.
So...this isn't about the dealership finance manager - I leave that for another day , if required .
So, end of June I called Stratton's ,they stated on receipt of the application, they would have no
problems in delivering a rate better than 6.5% , with no fee, and no early exist penalty, I asked
what that rate was and with who , no reply . The Stratton representative stated , all fees are paid
to them by the provider once approved and we would not need to pay them .
I explained I needed the funding approved by 9 July, as the vehicle waiting to be fitted with
accessories by ARB ...
The week prior to delivery , I asked for contracts , and noted that the rate was 5.99% and we
were being asked to pay $375 to the provider and a further $350 to Statton's .
I called the representative , whom when off his nut and stated all matter of things . I stated in
short , I had verbal confirmation that we would not be paying for his service and in fact he would
be paid by the provider , further , 5.99% wasn't anywhere the figure he had quoted 3.75- 4.99%
Agreed 5.99% was better than 6.5% .
The representative stated , he would obtain a better rate than 5.99% and would address the
commission payable to them.
So , we proceeded again .. We confirmed that the vehicle was now ready to be picked up, and an
appointment was made with Ford to pick up the car today .
Mon , I called the Stratton representative and confirmed we needed the funds paid to the dealer
by Friday , so as allowing Ford to release the vehicle on Sat.
Was advised , we would have the contract by Tuesday , and funds paid to the dealer Wednesday
No contracts , Tuesday and Wednesday . Thursday after doing my nanna on the phone we
received the contracts , 5.49% and still a fee of $375 payable to the provider and $350
commission payable to Stratton's.
At this 12hr , I couldn't afford to tell him what I felt , so , having taken the contract home,
having it signed at the local Police Station , to confirm identification , I returned the contracts
Friday morning at 9am as requested , with all doc and insurance confirmations .
I asked for a reply for correctness and confirmation that as promised the funds were paid to Ford
by 12.
At 11am, I called and was advised , they had made an error with one of the doc they provided on
the Thursday , and stated , they could not proceed , without the correction
I would love to tell the representative what I felt , I had enough of this representative ..
After repeated assurance , that he would personally insure that the provider would accelerate their administration of the contract and have the funds paid to Ford by 3pm , I calmed down and agreed once again to proceed.
Well , after Ford calling all morning confirming that they still didn't have the funds, and with my
son eager to pick up the vehicle today , having arranged with work to have the day off , I set about getting the correction completed and returned to Stratton's. (my head was telling me not too-but I had come this far now , and I felt it was now too late to turn around and start with someone else - I couldn't make the Saturday deadline if I had )
I was advised , on following up, the doc were now in order, and I would have confirmation of the
funds paid to Ford by 3pm.
I called at 2.30, 3.30 and at 4pm and still no confirmation.
I was then advised , as long as Ford get the transfer by 6pm Friday , I will be in a position to
pick up the car Saturday .
At 6.30pm I was still on the phone to Stratton's, as I still had no confirmation.
Ford called this morning at 8.30am confirming they did not have the funds and the car couldn't be released .
Agree, Stratton's , will provide you a better rate , but , as far as I am concerned , other than a
better rate , they also will deliver , untruth's , broken promises , and have no ability to
understand the importance of meeting customer's needs. It would appear , from my experience ,
they are only concerned in getting your signature for their commission, and once they have that ,
everything else is a distant second in terms of importance .
During this painful episode , i wish I just accepted that 6.5% at the dealer .

[nuthin' fancy]

Originally Posted by Batmobile

after doing my nanna on the phone

That's a bit harsh.

Interest rates, scminterest rates, you need to compare monthly repayments with monthly repayments so you can really see what is being loaded into your loan.

[olfella]

Originally Posted by nuthin' fancy

That's a bit harsh.

Interest rates, scminterest rates, you need to compare monthly repayments with monthly repayments so you can really see what is being loaded into your loan.

There was an article in todays Tele comparing a loan with zero interest rate and one with (I cant remember but say 5%). and the devil was in the detail with the zero rate costing more over the five year period than the other, so you really need to be aware of whats what before you sign.

[Smoke Pursuit]

Originally Posted by Batmobile

In the main , if I am unhappy with a promised service , I generally reply by walking away . However, given my recent dealings with Stratton and in particular a certain representative , I thought it was important I share my experience .
Towards the end of June, I secured a Ford Ranger XLT for my son... The dealership stated they would provide the finance and replied with 6.5% , after stating they could deliver better than 5%. .I asked that they revisit the provider and see whether they could sharpen the pencil and at least come to high 5%'s.. The dealership finance manager clearly stated 'if you can do better than 6.5% , I will be happy to receive a cheque'.
So...this isn't about the dealership finance manager - I leave that for another day , if required .
So, end of June I called Stratton's ,they stated on receipt of the application, they would have no
problems in delivering a rate better than 6.5% , with no fee, and no early exist penalty, I asked
what that rate was and with who , no reply . The Stratton representative stated , all fees are paid
to them by the provider once approved and we would not need to pay them .
I explained I needed the funding approved by 9 July, as the vehicle waiting to be fitted with
accessories by ARB ...
The week prior to delivery , I asked for contracts , and noted that the rate was 5.99% and we
were being asked to pay $375 to the provider and a further $350 to Statton's .
I called the representative , whom when off his nut and stated all matter of things . I stated in
short , I had verbal confirmation that we would not be paying for his service and in fact he would
be paid by the provider , further , 5.99% wasn't anywhere the figure he had quoted 3.75- 4.99%
Agreed 5.99% was better than 6.5% .
The representative stated , he would obtain a better rate than 5.99% and would address the
commission payable to them.
So , we proceeded again .. We confirmed that the vehicle was now ready to be picked up, and an
appointment was made with Ford to pick up the car today .
Mon , I called the Stratton representative and confirmed we needed the funds paid to the dealer
by Friday , so as allowing Ford to release the vehicle on Sat.
Was advised , we would have the contract by Tuesday , and funds paid to the dealer Wednesday
No contracts , Tuesday and Wednesday . Thursday after doing my nanna on the phone we
received the contracts , 5.49% and still a fee of $375 payable to the provider and $350
commission payable to Stratton's.
At this 12hr , I couldn't afford to tell him what I felt , so , having taken the contract home,
having it signed at the local Police Station , to confirm identification , I returned the contracts
Friday morning at 9am as requested , with all doc and insurance confirmations .
I asked for a reply for correctness and confirmation that as promised the funds were paid to Ford
by 12.
At 11am, I called and was advised , they had made an error with one of the doc they provided on
the Thursday , and stated , they could not proceed , without the correction
I would love to tell the representative what I felt , I had enough of this representative ..
After repeated assurance , that he would personally insure that the provider would accelerate their administration of the contract and have the funds paid to Ford by 3pm , I calmed down and agreed once again to proceed.
Well , after Ford calling all morning confirming that they still didn't have the funds, and with my
son eager to pick up the vehicle today , having arranged with work to have the day off , I set about getting the correction completed and returned to Stratton's. (my head was telling me not too-but I had come this far now , and I felt it was now too late to turn around and start with someone else - I couldn't make the Saturday deadline if I had )
I was advised , on following up, the doc were now in order, and I would have confirmation of the
funds paid to Ford by 3pm.
I called at 2.30, 3.30 and at 4pm and still no confirmation.
I was then advised , as long as Ford get the transfer by 6pm Friday , I will be in a position to
pick up the car Saturday .
At 6.30pm I was still on the phone to Stratton's, as I still had no confirmation.
Ford called this morning at 8.30am confirming they did not have the funds and the car couldn't be released .
Agree, Stratton's , will provide you a better rate , but , as far as I am concerned , other than a
better rate , they also will deliver , untruth's , broken promises , and have no ability to
understand the importance of meeting customer's needs. It would appear , from my experience ,
they are only concerned in getting your signature for their commission, and once they have that ,
everything else is a distant second in terms of importance .
During this painful episode , i wish I just accepted that 6.5% at the dealer .

Ain't that the truth... Pay a few dollars more and get some decent service on time.

[Batmobile]

Originally Posted by olfella

There was an article in todays Tele comparing a loan with zero interest rate and one with (I cant remember but say 5%). and the devil was in the detail with the zero rate costing more over the five year period than the other, so you really need to be aware of whats what before you sign.

Agree - that is why it is so upsetting , when you ask the questions clearly , and they respond quite matter of fact , that you become outraged , when you find that they 've not told you the truth , and then on revisiting the same question , they back pedal in a hurry ,scambling for a pausible answer , without looking like a liar.
It's not good enough - I say