GE Money, anyone dealt with them?

[Lukeyson]

Originally Posted by xdc351

You do realise he's trying to *sell* the car and its the person trying to buy the car thats bringing GE into it?

ahhhh silly me :togo: :togo: for rushing through the original post !
my bad, ignore the first part of my post, retain the last part about GE sucking

[Duffman]

Iv worked there I know exactly what is like but I won't say anymore.

I sometimes see where they are coming from as they themselves get screwed all the time but then again they do target the lower risker end of the market. When I was there less then a year ago they never asked for that stuff from the seller at all. Ever

[Sledgehammer]

Originally Posted by FTGAutosalvage

people shouldnt be offering advise here if THEY DONT KNOW WHAT THEY ARE TALKING ABOUT. it could cause you to loose your sale.
if you are worried go down to GE and talk to them face to face.
of course they need your bank details they will transfer the money into your account. this is common practice nowadays.you deliver them the car once the cleared funds have been deposited into your account.

Yes well said, more people with opinions is not always a good thing.

On another note GE Money is the 5th largest lender in Australia currently and growing.

They could aquire all 4 major banks here and have change to boot....

[Sledgehammer]

On another note just for all those who are interested the 100 point check system has just (read right now) been removed for the following.

Hope you dont mind a long post but better that way.


The 100-point check is no more!
by Vicki Grey

The Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Act (the Act) became law on 12 December 2006.

This report focuses on the impact of the Act on the mortgage industry.

Executive summary

There is no immediate change for brokers, aggregators, or mortgage managers.

By December 2007, lenders (that is, all lenders and not just predominantly ADIs as at present) must adopt an AML/CTF Program, and a 'risk based' customer identification regime.

It is hoped that lenders will broadly adopt common customer identification regimes, and so, there may be little change for brokers, aggregators, and mortgage managers. Ernst and Young have been retained by the Mortgage Industry Association of Australia (MIAA) to develop a standard training package for intermediaries, which hopefully will provide one stop accreditation with lenders (like the MIAA UCCC Compliance Course).

Lenders and program/trust/securitisation managers who manage lending programs need to start developing their AML/CTF Program. Those affected should contact gadens lawyers now to register for supply of this program.

Further details

Most relevantly for the mortgage industry, the new Act requires all lenders to establish an AML/CTF program and comply with 'know your customer' procedures. The Act also heralds the end of the 100-point check system of customer identification which has been used in Australia since the introduction of the Financial Transactions Reports Act in 1988. Instead, the Act contemplates a 'risk based approach' to customer identification and on-going customer due diligence.

So what does this mean for the mortgage industry?

Firstly – don't panic! Although the Act has commenced, not all provisions take effect immediately. There is a staggered commencement of the provisions of the Act over the next 24 months. Although there are immediate record-keeping requirements on reporting entities, the major provisions affecting the mortgage industry do not start for at least six months.

Secondly – don't panic! Most details of what is required in order to comply with the Act are to be contained in the AML/CTF Rules. AUSTRAC is currently drafting revised rules and has indicated that the revised rules will be available no later than 31 March 2007.

Thirdly – don't panic! The government has indicated that following the commencement of each stage of the Act over the next 24 months there will be a 15 month prosecution fee period – provided the reporting entity is making reasonable attempts to comply with the Act. However, reporting entities which ignore the Act will not be able to rely on the moratorium on enforcement.

Who must comply with the Act?

Under the new Act, all financial institutions which provide a designated service are reporting entities. The Act prescribes some 54 designated financial services including:

(a) making a loan, where the loan is made in the course of carrying on a loans business; and

(b) in the capacity of lender for a loan (or assignee of a lender), allowing the borrower to conduct a transaction in relation to the loan, where the loan was made in the course of carrying on a loans business.

Therefore, all lenders, both those making unregulated commercial loans and those making loans regulated by the UCCC, are now reporting entities and must comply with the Act. Lenders (and in the mortgage trust/securitisation world, program managers) need to start working now to develop their AML/CTF Program.

If you are affected, contact Vicki Grey at gadens lawyers now on to register for our service. Mortgage brokers, aggregators, and managers do not 'make a loan' and as they are not "lenders", are not directly subject to the Act.

What obligations do lenders have under the Act?

As lenders are reporting entities providing a designated service, the Act requires lenders to:

(a) develop, maintain and comply with an AML/CTF program

(b) undertake customer identification (reporting entities may appoint 'agents' (ie brokers and aggregators) to assist with this)

(c) undertake on-going customer due diligence and keep records

(d) provide periodic reports to the regulator, AUSTRAC, including:

(i) reports on suspicious transactions

(ii) reports on threshold transactions; and

(iii) compliance reports.

When do the provisions of the Act have to be complied with?

1. Some provisions apply from 13 December 2006. These provisions include:

(a) record keeping, including the requirement to:

(i) keep any records made of information relating to the provision of a designated service to a customer for at least seven years after the making of the record; and

(ii) keep records of documents provided to the reporting entity by customers for at least seven years after the document was given to the reporting entity.

(b) provisions relating to secrecy, enforcement, administration and the role of AUSTRAC.

Lenders must ensure that they comply with these record-keeping obligations immediately.

There are also a number of other provisions which took effect which do not directly affect the mortgage industry.

2. Other provisions of the AML/CTF Act which affect lenders will commence in June 2007.

These provisions include the requirement that all reporting entities lodge a periodic compliance report with AUSTRAC detailing their compliance with the Act, the regulations and the AML/CTF Rules. The AML/CTF Rules will specify what the relevant reporting period is for the purposes of this section.

3. From December 2007 lenders must have in place::

(a) new procedures for the identification of customers; and

(b) an AML/CTF Program.

The reporting entity's AML/CTF Program must specify:

(a) the customer identification procedures adopted by the reporting entity; and

(b) the on-going due diligence to be undertaken by the reporting entity to identify, mitigate, and manage the risk of facilitation of money laundering or counter-terrorist financing.

At that time, the existing 100-point check customer identification will be replaced with a new 'risk-based approach to customer identification'. Some guidance, as to the minimum standards to be met, will be provided in the rules once they are released. We are yet to see how much change if any this will mean.

Clearly, the mortgage broking model will not work if each lender adopts a different 'risk based approach' to customer identification. It is imperative that an industry standard be drafted in consultation with lenders, mortgage managers, aggregators and brokers.

4. The final parts of the AML/CTF Act will commence in 24 months in December 2008. These provisions include:

(a) the requirement that reporting entities undertake on-going due diligence; and

(b) the requirement that reporting entities provide reports on the following to AUSTRAC:

(i) suspicious transactions; and

(ii) threshold transactions.

[GXL078]

Originally Posted by FTGAutosalvage

people shouldnt be offering advise here if THEY DONT KNOW WHAT THEY ARE TALKING ABOUT. it could cause you to loose your sale.
if you are worried go down to GE and talk to them face to face.
of course they need your bank details they will transfer the money into your account. this is common practice nowadays.you deliver them the car once the cleared funds have been deposited into your account.

Well the sale is gone, bye bye. The ***** had the audacity to call my wife this afternoon and get stuck into her for questioning why the name on his license was different to what he told us on the phone. He managed to choose a name that isn't even listed in the phone book "****". All he could say was that there was no need for us to know what his name is??? So then we called ********** at GE and got another mouthfull of bull from her "You don't need to know his name etc..." So I asked her why she needed absolutely every piece of info about me. He and she both sound like cousins and both had the same reaction, when the going gets tough, hang up. We are still leaving mesages on her supervisors voicemail.

I spoke to my dad and he said something like "GE are the worlds biggest company, you will get your money, do you really care what name the loan is in? "and I said YES, if he can't provide a genuine name I wont sell him the car.

I really HATE the way their type keep talking over you when you are in the middle of a sentence.

PS: anyone in the market for a mint leather pack SP23, LOL.

[atec77]

Originally Posted by GTP006

It does need to be remembered that the financier IS helping you to sell your car. Naturally, they do need assistance to ensure that the vehicle is a reasonable asset to secure their investment - hence the need for REVS, Rego and Inspection reports. they will neee your details not only to check ownership but to ensure the right person is being paid.

In fact Ge need only the basic information to be sure you are who you say you are and to be sure the car is unemcumbered , thay are helping the buyer out and I suggest you havily question anything more than the minimum , be very warry as they will try to leverage the sale for thier advantgae
Personally if the buyer cant get bank money I would run away rather than deal with Ge but it's your choice .

[Sledgehammer]

Sorry to hear you lost the sale.

Car finance companies take additional steps when they see a private sale situation.

Its common in the industry to sell vehicles above their true values to hide a no deposit situation (even in dealerships) and I would have thought it a simple request to provide rego and licence details in any case.

Car finance companies are always on the look out for anything like this, not saying that this is applicable here though, just some info.

GE should not have been in contact with you for any reason (other than for vehicle and seller details) or to discuss anything about the buyer at all (name etc) due to the privacy act.

[GXL078]

He lost the sale for himself due to the way he sopke to my wife on the phone. The fool could barely drive, reckons he hadnt driven a manual for "years". He would have damaged the car soon enough. Too good for HIM.
Buyer: "why don't you trust me is it because I'm middle eastern?"

[OLDFORDNUT]

good on you despite what some have said, you are selling a car,not spare parts for a rocket launcher,
how dare they ring and abuse your wife.
i would take all your information about what went on to fair trading office .

[GT]

I was reading this thread when GE Money phoned me - I am a Business Manager in a Car dealership. They were horrified to hear some of the comments. I have emailed them the thread so they can take it all on board.

Cheers
GT

[ls f6]

For the many experts who said GE have no need to complete a credit check on the seller...

A REVS search will show if the vehicle offered as security for GE's loan is unencumbered.

A REVS search WON'T show if the seller is bankrupt. A credit bureau check will. Accept a vehicle as security from a bankrupt (who has no legal right to sell the asset when there are creditors waiting cap in hand for their payout), and GE now have an unsecured loan.

Written consent for the bureau check is not required, verbal consent by the seller is sufficient to comply with the Privacy Act. However, most credit providers choose to cover their **** by insisting on written consent.

Does the vehicle seller have the right to refuse a credit check?
Yes.

Does GE have the right to refuse funding if a private seller won't submit to a credit check, and thus prove they are legally entitled to sell the vehicle which is being offered as security for the buyer's loan?
Yes.

It is the seller's choice.

[GXL078]

I told them to **** off because they kept stressing "you don't need to know my/his name" and they were getting wound up about it. I don't need anyone suggesting that I am a bankrupt. I am not being part of their little stand over game.

[richardxr8]

You definitely need to know his name, address and license number.
Otherwise, how would you have filled out the Sellers part of the rego ticket ?
Or would you rather that you kept getting sent tickets for this individuals traffic offences.....
You did the right thing - if you associate or have anything to do with **** - you'll end up smelling like ****. (Just ask *******....)

[BOSS 540]

Originally Posted by xcgxl

I told them to **** off because they kept stressing "you don't need to know my/his name" and they were getting wound up about it. I don't need anyone suggesting that I am a bankrupt. I am not being part of their little stand over game.

The buyer sounded like a real tool anyway, as for GE Ive never dealt with them but IMO Id think their interest rate would be high. For some people its buy now, worry about the cost or consequences later.

[GXL078]

Originally Posted by richardxr8

You definitely need to know his name, address and license number.
Otherwise, how would you have filled out the Sellers part of the rego ticket ?
Or would you rather that you kept getting sent tickets for this individuals traffic offences.....
You did the right thing - if you associate or have anything to do with **** - you'll end up smelling like ****. (Just ask ********....)

That's it. I had a look at his license when he drove the car and he had one of those Al-Hyphenated names, but I didnt bother writing it down and I didnt want to take a deposit from him in case his finance fell trough, I just couldnt be bothered taking a deposit. I thought I will get his details when I know he is serious. Over the phone he says his surname is *******. The only *****s I could find are builders in Perth. We called GE, GE called him and my wife got the abusive phone call, and that was it I called both of them back and they ended up hanging up on me. I will not deal with them again, they dig their own grave as far as Im concerned. No wonder nobody tusts them. One sold us another car with a cracked chassis and played dumb about it. I am ****ed off that I didnt look harder but we managed to get it fixed.
I sold my last car to a nice Aussie guy from Bathurst, no hassles.I think its time to move out of Sydney, I am sick of all the pricks here, but then I have to sell my house to one of them.

[Laminge]

Originally Posted by xcgxl

That's it. I had a look at his license when he drove the car and he had one of those Al-Hyphenated names, but I didnt bother writing it down and I didnt want to take a deposit from him in case his finance fell trough, I just couldnt be bothered taking a deposit. I thought I will get his details when I know he is serious. Over the phone he says his surname is ****. The only ******s I could find are builders in Perth. We called GE, GE called him and my wife got the abusive phone call, and that was it I called both of them back and they ended up hanging up on me. I will not deal with them again, they dig their own grave as far as Im concerned. No wonder nobody tusts them. One sold us another car with a cracked chassis and played dumb about it. I am ****ed off that I didnt look harder but we managed to get it fixed.
I sold my last car to a nice Aussie guy from Bathurst, no hassles.I think its time to move out of Sydney, I am sick of all the pricks here, but then I have to sell my house to one of them.

I cannot believe what I am reading here, by your own account your a facilitator in our education system, yet you seem unable to coherently express yourself without swearing or being a racist.