Costs of Borrowing
Turners Finance takes its duty under the Responsible Lending Code seriously. Below you will find our Costs of Borrowing information for finance for cars and light vehicles. This is also available in all our branches, free of charge.
Information about interest rates
Turners Finance source’s interest rates that are fixed for the term of the loan and range from 9.95%pa to 17.5% pa. The Interest rate which will apply to your loan will depend on a number of factors including:
-
financial and other information you provide
-
information provided from credit bureaus and other third parties
-
your credit history with Turners Finance if you have been a recent customer
Default interest
Default Interest is calculated at 10% above the Annual Interest rate disclosed to you in your loan contract. It is charged on the unpaid daily default balance from the time that you fall into default until you are no longer in default and calculated by multiplying the unpaid default balance at the end of the day by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account along with your weekly/fortnightly or monthly instalment.
Information about charging interest
Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365. Interest is charged to your account as per your instalment weekly/fortnightly or monthly.
Information about credit and default fees
| Credit Fees | ||
| Fee | Amount | |
| Establishment fee | Added to the loan balance on establishment (varies based on the loan originator) | $450.00 |
| Account maintenance fee | Payable with each loan instalment | $2.50 |
| Early settlement repayment | Payable if you repay your loan in full before the final payment is due | $15.00 |
| Loss on full prepayment | Payable if you repay your loan in full before the final payment is due and the Creditor has suffered a loss due to a change in market rates since your loan was made | |
| Default Fees | ||
| Repossession warning fee | Fee is charged to a loan account when a repossession warning notice is issued .This is generally 9 days after a breach of terms(eg an overdue instalment) | Up to $20.00 |
| Repossession fee | On issue of a repossession notice | Up to $50.00 |
| Recovery costs | The actual cost of repossessing the item that was offered as security. This might include repossession agent fees, repair bills, legal fees and storage costs | |
| Other Fees | ||
| Direct Debit dishonour fee - $10 | ||
| Insurance letter fee - $15 | ||
| Direct Debit modification fee - $10 | ||
| Reminder letter fee - $10 | ||
| Phone call fee $3 | ||
Please refer to the terms and conditions of the loan for a full list and description of the Fees and charges that may apply.
This information is current from 12 October 2019 and applies to all consumer contracts with Turners Finance.
Turners Finance is an agent of Oxford Finance and loan applications are referred to and managed by Oxford Finance limited.
View this information as a PDF here
If you can't find the information you are looking for, call 0800 TURNERS (0800 887 637) or email us at contact@turners.co.nz and we'll be happy to help.