GE Money, anyone dealt with them?

GXL078 · 15-12-2006, 09:25 AM

I am in the process of selling a car and the buyer wants to get finance through GE Money.

GE Money wants me to fax them a copy of the rego papers, MY license and my bank account details (so they can do a direct deposit??) And a credit reference check ON ME!

All this sounds a little suss to me. Is this normal? Should I be worried?

Also the guy had some hyphenated name on his license but gave us an abbreviated version and when we queried the lady who was supposed to be from GE Money (about his name)she said "that's none of your business" WTF?????

Now my wife who works in a bank asked her if she had 100 points of ID from the buyer and she said NO, but she wants all MY DETAILS. I'm not playing.

EA2BA · 15-12-2006, 09:38 AM

Tell em to go get stuffed, DO NOT give GE jack crap, tell the guy to organise with GE and a Bank to get a Bank Cheque for you, or no deal.

ALSO ring GE direct with a reference number they have to tell you that and confirm its all legit if you do want to go through with it, this guy could be a con artist and you would just give your 100points and bacnk account away waiting to be cleared out.

Sorry i trust no-one, it's my way or get stuffed these days.

BJ · 15-12-2006, 09:44 AM

Yep have to agree with you there Jason, they are nothing but arsewholes that lot. Give them nothing.

Sledgehammer · 15-12-2006, 09:50 AM

Quote:

Originally Posted by xcgxl

I am in the process of selling a car and the buyer wants to get finance through GE Money.

GE Money wants me to fax them a copy of the rego papers, MY license and my bank account details (so they can do a direct deposit??) And a credit reference check ON ME!

All this sounds a little suss to me. Is this normal? Should I be worried?

Also the guy had some hyphenated name on his license but gave us an abbreviated version and when we queried the lady who was supposed to be from GE Money (about his name)she said "that's none of your business" WTF?????

Now my wife who works in a bank asked her if she had 100 points of ID from the buyer and she said NO, but she wants all MY DETAILS. I'm not playing.

Sounds like you are doing a private sale, if so this is normal. I have dealt with GE and they are fine for car finance on a business level.

Privacy Act restricts what they can tell you which explains their comments.

You do not need to obtain 100 points ID for a loan account.

As the buyer (or the buyers funder), I would also be concerned and make necessary checks that you actually owned the vehicle, did not have finance on it etc, this is all they are doing here.

GXL078 · 15-12-2006, 09:55 AM

Is a REVS check not good enough?
Even a bank cheque can be forged.
I don't know what to do, I want the car GONE.

LTDHO · 15-12-2006, 09:56 AM

GE need to know nothing about you. It sounds you are going guarentor (sp)

GXL078 · 15-12-2006, 09:59 AM

Quote:

Originally Posted by EA2BA

Tell em to go get stuffed, DO NOT give GE jack crap, tell the guy to organise with GE and a Bank to get a Bank Cheque for you, or no deal.

ALSO ring GE direct with a reference number they have to tell you that and confirm its all legit if you do want to go through with it, this guy could be a con artist and you would just give your 100points and bacnk account away waiting to be cleared out.

Sorry i trust no-one, it's my way or get stuffed these days.

That's what I thought, They are LEBS. Even the GE lady.

Scott · 15-12-2006, 10:01 AM

The financier will need your Name, Address, Details of the Car, Copy of your licence and rego papers and probably a 3rd party inspection. If they want to do a credit check on you tell them to stick it. Why would they?? Are they expecting you to pay them for something????

I won't comment on my opinions of GE Money.

EA2BA · 15-12-2006, 10:08 AM

You want the car gone, SO despite the hassle this will cause you, tell them you are willing to assist GE, BUT do it at a GE office with all parties present, then that way you can have some security and knowledge its all above board.

4.9 EF Futura · 15-12-2006, 10:08 AM

Quote:

Originally Posted by Sledgehammer

You do not need to obtain 100 points ID for a loan account.

Actually i think under anti money laundering and anti terrorism legislation, a Bank will need 100 points to create any account. Im not sure if this legislation applies to non regulated lenders like GE.

Fair enough they want details of the car... but if they're hitting the credit bureau with a credit check... i wouldnt be too keen.

At the end of the day, it's the BUYER's problem. I dont see why you - as the seller - would be willing to jump through hoops.

I'd tell em to shove it. If GE wont play ball - tell the buyer to go to a REAL lender, rob a bank, whatever. There should be no onus on you beyond providing evidence that the car actually does exist and that no other financial institution has a registered interest over the car.

GXL078 · 15-12-2006, 10:13 AM

Quote:

Originally Posted by GTP006

I won't comment on my opinions of GE Money.

PLEASE DO!

GXL078 · 15-12-2006, 10:19 AM

Quote:

Originally Posted by EA2BA

You want the car gone, SO despite the hassle this will cause you, tell them you are willing to assist GE, BUT do it at a GE office with all parties present, then that way you can have some security and knowledge its all above board.

We are in the process of organising this, we are just trying to speak to supervisor there who won't answer the phone.

Sledgehammer · 15-12-2006, 10:40 AM

Quote:

Originally Posted by 4.9 EF Futura

Actually i think under anti money laundering and anti terrorism legislation, a Bank will need 100 points to create any account. Im not sure if this legislation applies to non regulated lenders like GE.

Fair enough they want details of the car... but if they're hitting the credit bureau with a credit check... i wouldnt be too keen.

At the end of the day, it's the BUYER's problem. I dont see why you - as the seller - would be willing to jump through hoops.

I'd tell em to shove it. If GE wont play ball - tell the buyer to go to a REAL lender, rob a bank, whatever. There should be no onus on you beyond providing evidence that the car actually does exist and that no other financial institution has a registered interest over the car.

Sorry, creditor account only apply, no ID required for loan accounts.

for ref:

"account" means (except in Part VIA) any facility or arrangement by which a cash dealer does any of the following:

(a) accepts deposits of currency;

(b) allows withdrawals of currency;

(c) pays cheques or payment orders drawn on the cash dealer by, or collects cheques or payment orders on behalf of, a person other than the cash dealer;

and includes any facility or arrangement for a safety deposit box or for any other form of safe deposit, but does not include an arrangement for a loan that sets out the amounts and times of advances and repayments, being amounts and times from which the borrower and lender may not depart during the term of the loan.

FINANCIAL TRANSACTION REPORTS ACT 1988

This account being a car loan does not apply.

You will find a bank will ID all their clients as they force a creditor account to be opened.

brenx · 15-12-2006, 10:46 AM

As the seller you have to provide GE nothing. It's the buyers responsibility to asked whether you have any finance on the car and if so transfer any funds to the lender during purchase to pay out the lender you used.

All the buyer needs to do is ring your local road authorities to determine the car isn't stolen etc etc.

4.9 EF Futura · 15-12-2006, 10:49 AM

Quote:

Originally Posted by Sledgehammer

You will find a bank will ID all their clients as they force a creditor account to be opened.

Ah, of course!! Yeah all of my dealings are with authorised deposit takers... who 100 point every customer that walks in their door

5.0failane · 15-12-2006, 12:18 PM

I wouldn't give GE anything but the required rego details to prove the car is yours. Anything else they want from you is purely for their own interests and is not required for u to sell the car. As for bank detail, I dont see a real problem with this as it is only for them to deposite the money, but if your weiry demand a cheque or havem them deposite the money to the borrower and he can give it to you. I have borrowed from GE to buy a car and had no dramas (at the time) they put the money in my account and I bought the car with cash, just needed rego papers and insurance details.

Scott · 15-12-2006, 01:06 PM

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.

AC · 15-12-2006, 01:12 PM

You'd be better off going to the MOB for a loan... :rolleyes:

Scott · 15-12-2006, 01:19 PM

Quote:

Originally Posted by 2ndOwner

You'd be better off going to the MOB for a loan... :rolleyes:

You're right - atleast their terms are clear.

Focussed · 15-12-2006, 02:25 PM

Why do they need to do a credit check on you, the vendor!
When you give them your details, be prepared to be bombarded with junk mail about their lending products!

4.9 EF Futura · 15-12-2006, 02:34 PM

Quote:

Originally Posted by 2ndOwner

You'd be better off going to the MOB for a loan... :rolleyes:

Hahaha, no pesky paperwork.... BYO kneecaps.

S3SR · 15-12-2006, 02:55 PM

GE are crooks, they should be shot especially for their ads....OMFG

anyways what does your credit history have anything to do with giving you money for something you sold??? all they have to do is deposit the money not give you a loan, id tell them off, then ask the accc or fair trading and see whats the go, then abuse them if you get the green light to...

otherwise tell the guy to get the loan, get the money and give it to you dont do business with GE if you dont have to

xdc351 · 15-12-2006, 03:49 PM

Agree with the general sentiment here. GE are the scum of the earth and they have no right to ask for any more information than to confirm that the car exists and that its not under finance, and they don't need to do a credit check on you for that.

Do NOT trust them, do not give them any more details than the above. Like the mob they will no doubt threaten you and errode your right to privacy.

Stand firm no matter what!

xr8man83 · 15-12-2006, 04:49 PM

G.E money is different to G.E credit still both is not good G.E credit is the worst though

Lukeyson · 15-12-2006, 04:55 PM

Quote:

Originally Posted by xcgxl

GE Money wants me to fax them a copy of the rego papers, MY license and my bank account details (so they can do a direct deposit??) And a credit reference check ON ME!

Im guessing here, but I would think the rego papers would be to see if you own the car, so they can use it for security on the loan ?

Bank account details to check your savings history ?

And shouldnt they order the report on your credit rating, not you get it ?

GE suck IMO, and the GE Money genie is a DICK !

:

xdc351 · 15-12-2006, 05:01 PM

Quote:

Originally Posted by XR8fella

Im guessing here, but I would think the rego papers would be to see if you own the car, so they can use it for security on the loan ?

Bank account details to check your savings history ?

And shouldnt they order the report on your credit rating, not you get it ?

GE suck IMO, and the GE Money genie is a DICK !

:

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

FTGAutosalvage · 15-12-2006, 05:12 PM

GE money have always been good to deal with , i have dealt with them and without any hassels.
as for them doing a credit check on you .they would need to send forms for you to sign before this could happen. i dont think this is the case, they will need to do a check to ensure you own the car and that it is free from finance and now they even check to see if it was a repaired write off. and isnt a stat write off. this protects them in case of a default.
believe it or not unregistered stat write of cars have been sold to people who had no idea they were stat write offs. when they go back to the seller they are gone and left with a worthless car!!

these small hassels you are having are the same "hassels " that every car salesperson goes through with every financed car sale. just deal with it and be happy that your car is being sold.

RSgerry · 15-12-2006, 05:14 PM

Quote:

Originally Posted by LTDHO

GE need to know nothing about you. It sounds you are going guarentor (sp)

GE do not need to know anything about the seller. A REVS check will determine if anything is outstanding. As for guarantor, that is not the case. There is a whole world of new paperwork that opens up with guarantors and GE would need to provide contracts and other guarantor documents to xcgxl. My guess is that they will take your details and have some Indian call him at 6.30pm every night for the rest of his life offering him some fabulous deal on finance.

As others have said, GE are absolute cowboys. I bought a car that was financed through them and they are completely useless. They dont need your details, tell them to stick it.

AC · 15-12-2006, 05:22 PM

Quote:

Originally Posted by xcgxl

I am in the process of selling a car and the buyer wants to get finance through GE Money.

GE Money wants me to fax them a copy of the rego papers, MY license and my bank account details (so they can do a direct deposit??) And a credit reference check ON ME!

All this sounds a little suss to me. Is this normal? Should I be worried?

GE dont need any of your personal details.

You being the seller, all you should have to give them is the Rego and VIN numbers.
Then they can verify any monies owed on the car if any through REVS, as any normal Joe would before buying a car...

Tell GE to go stick it in thier pipe n smoke it!!!

FTGAutosalvage · 15-12-2006, 05:39 PM

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.