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This Mandate to Act (“Mandate”) confirms that Car Loans has been exclusively and irrevocably appointed by the Borrower for the sole purpose of providing its services on a reasonable efforts basis to obtain approval for a finance facility as detailed in the above Schedule on reasonable terms and conditions. The Borrower acknowledges that the finance facility terms contained in the Schedule merely summarise what the Borrower has requested and is not what is necessarily commercially available in the marketplace. Car Loans makes no representation, guarantee or warranty that the finance facility offer procured will match the Borrower’s requested terms.
The Borrower and Guarantor authorise Car Loans to give to and receive from potential lenders and their associated entities, advisers or agents any such information about the Security Property, the Borrower, the Guarantor or any other party related to this transaction as is considered necessary or prudent by Car Loans or the lender in their absolute discretion.
Car Loans will assess the Borrower’s information and prepare a submission on the Borrower’s behalf to any potential lender and will use all reasonable efforts to procure approval of the finance facility sought. The Borrower acknowledges that the valuation fees, the lender’s establishment fees and any other lender fee or third party fee is payable by the Borrower, or Guarantor in connection with the envisaged finance facility transaction and are unascertainable at the time of signing this document.
The Borrower and Guarantor acknowledge that:
The intentions of the parties are confined to this document and the Indicative Proposal Letter;
The Borrower and Guarantor are jointly and severally liable for any fees incurred by, or payable to Car Loans in relation to this finance facility transaction;
The Car Loans Facilitation Fee described is a fee for the procurement of a finance facility offer and is irrevocably payable to Car Loans;
The Processing Fee is non-refundable in all circumstances and is payable to Car Loans upon execution of this document;
The Processing Fee is payment solely for the retention of Car Loans services rendered and that such services are offered by Car Loans on a “reasonable efforts” basis;
The Car Loans Facilitation Fee is due and payable to Car Loans upon presentation of the finance facility letter of offer, and that the Car Loans Facilitation Fee remains due and payable by the Borrower and Guarantor should the Borrower, or Guarantor decide not to proceed for whatever reason after the finance facility letter of offer has been obtained; and
g) The Borrower and Guarantor irrevocably grant to Car Loans a charge over the Security Property listed below as security for the fees payable to, or incurred by Car Loans pursuant to this Mandate. The Borrower and Guarantor further consent to Car Loans lodging a caveat over the Security Property in support of its charge and consequential interest in the land. The Borrower acknowledges that Car Loans may in its absolute discretion maintain its caveat until payment of Car Loans fees and disbursements incurred have been paid in full.
Benefits to be received by us: We and other intermediaries may earn a financial or other benefit from a person or persons other than you. This financial or other benefit will be an upfront payment of between nil and 12.55% of the net amount financed. The remuneration is subject to amount sought, term / residual balloon values, work detail involved, and nature of goods. The Car Loans facilitation fee is 3% of the amount financed plus GST.
You engage the broker (above named) to arrange the loan described above on your behalf.
You understand that we are acting as an independent contractor assisting you to locate a loan. You have been advised to obtain legal and financial advice regarding the suitability of any loan. |
*Terms, fees and conditions apply. To approved applicants only. Not available on all loan products. Rates are guide only and assume clear credit.