GE finance are idiots

[tim2x]

I used to work at GE...and their skip trace dept used to use the electoral role for tracing people...mind you this was legal??? at the time (about 4-5 years ago)... Seriously...it is so easy to get credit from ge...they sometime are so stupid to deal with...they don't know wether to scratch their watch or wind their a**.

[Yellow_Festiva]

Commonwealth / Woolies hate me im sure. Ive set up my account for direct debit so on the 55th day they pay back the full amount oweing.

If its over 10 bucks and they take card than its on the card, doing this amasses massive amounts of "points" that have paid for my digital camera, petrol and groceries to the tune of a few hundred dollars each year.

But this needs discipline, if you dont have the cash to buy normally than you just dont buy. People often see me buying EVERYTHING on my card thinking that i cant manage my cash or im broke. little do they know the joke is on them lol!

Milk the bastards for all their worth.

[Neeek]

We bought a HUGE stove and a big TV on finance through GE about 14 months ago. Bought on 12 months interest free credit, because... well, it was a good idea and would cost us nothing in interest. Fine by me.

Sneaky sods sent us the bill for the first month and it's like $100 or something. Given that HUGE stove + BIG tv x 12 does not = $1,200, I rang them up and asked them why they sent me such a small bill. Their reply was that the $100 was the minimum amount to be paid. I asked what would happen if we didn't clear the balance in the alotted interest-free period, and they said that the balance would defer to their standard interest rates of x% - can't remember what it was exactly, but it was north of 20%. I laughed.

So we calculated how much we had to pay every month, paid if off over the 12 month period and job done. They're offered us a stupid amount of money on a credit account, which we have of course declined after reading all the fine print.

They're a bit sneaky, that GE mob. You can see that someone who gets a nice low monthly payment request might think "oooh, I only have to pay this much..!" and they pay their minimum amount for a year and then suddenly realise that the balance (which would be significant) is now owing at 20%+ APR. Which of course makes GE happy campers and leaves our poor customer with his head in his hands.

I've seen those sob-stories on Today Tonight as well about people who fell for it and are now massively in debt because of it. You know, they now owe $20k because they bought a washing machine in 1996 and couldn't pay it off... which does make them kind of stupid, but it doesn't paint GE in a very good light either... It's by no means a scam and it clearly makes them rich. But it does nothing for their reputation...

[trif]

I worked at Freedom years ago, and i would get customers on a good income that got declined when applying for AGC, yet student who worked casually got approved.

and let me tell ya something for nuthin, GE's goal is to buy as many aussie business as possible. Last year thet bought Custom Fleet, and they fought to get it and paid top dollar.

They're absolute pricks!

[blueoval]

I have a GE loan I got back in August to pay for my TV. 12 months interest free. I calculate paying it off within 9months. Those mongrels are gonna hate me.

[GXL078]

Originally Posted by Yellow_Festiva

Commonwealth / Woolies hate me im sure. Ive set up my account for direct debit so on the 55th day they pay back the full amount oweing.

If its over 10 bucks and they take card than its on the card, doing this amasses massive amounts of "points" that have paid for my digital camera, petrol and groceries to the tune of a few hundred dollars each year.

But this needs discipline, if you dont have the cash to buy normally than you just dont buy. People often see me buying EVERYTHING on my card thinking that i cant manage my cash or im broke. little do they know the joke is on them lol!

Milk the bastards for all their worth.

LoL, My wife does the same thing. We got a shedload of points from IVF Australia.

[4.9 EF Futura]

Originally Posted by blueoval

I have a GE loan I got back in August to pay for my TV. 12 months interest free. I calculate paying it off within 9months. Those mongrels are gonna hate me.

Win-win, shav!!

They'll be receiving money from the retailer where you bought the TV... which I assume would be someone like Harvey Norman...

I worked at Freedom years ago, and i would get customers on a good income that got declined when applying for AGC, yet student who worked casually got approved.

Lol, the intricacies of computer model "scorecard" lending decisions...


Yellow-festiva... ive got a similar "system" where i put EVERYTHING on Visa (no transaction fees) and then clear the balance before the end of the interest free period. I have my salary paid into... basically... an online only account which costs a few bucks/month.

Save myself 20 to 30 dollars a month on transaction fees (i make lots of small POS transactions). Same theory as a Visa-debit... but they werent around when i started managing accounts like this.

Dunno if i get any loyalty points (throw statements in the bin before reading them lol), if i do there's gonna be a LOT sitting there.

I've seen those sob-stories on Today Tonight as well about people who fell for it and are now massively in debt because of it. You know, they now owe $20k because they bought a washing machine in 1996 and couldn't pay it off... which does make them kind of stupid, but it doesn't paint GE in a very good light either... It's by no means a scam and it clearly makes them rich. But it does nothing for their reputation...

Raises a few interesting topics.

As you point out, there's significant reputational risk involved.... altho GE are already considered a "lender of last resort" or for someone who just has to have that TV/fridge/whatever TODAY.

There's the potential for them to go broke by sending all of their customers broke... but that's not a BIG problem (compared to a bank - if it goes broke then depositors may lose money). And being part of the biggest company in the world... deep pockets and lots of capital there to support losses.

Also the uniform consumer credit code which basically says you cant lend money to someone who cant afford to repay it... but the UCCC isnt difficult to get around....

And financial services reform (product disclosure statements, financial services licences etc) which is supposed to allow a consumer to make an informed decision... but there is a school of thought (which i subscribe to) that says if you legislate to the point where someone is given 500 pages of disclosure documentation... are they really going to read it??? Are they going to be as informed/more informed/less informed than if the disclosure were more "reasonable" ???

IMO it just really highlights the importance of being a DILLIGENT consumer. Dont read every sentence of the PDS if you dont want to... but at least make sure you understand what you're getting yourself into.

[gozza]

Originally Posted by BF XR8

Unfortunately it is not illegal if you have the money you can get details from the Electoral Commision - name,age,occupation,and address so companies can target a certain type of person - the courts do it for jury duty all the time it is all public viewable information you can just lob up to the electoral commission and view the roll at will and it is nearly impossible to have your name suppressed on the electoral roll as well here for instance is the application for the ecq
application damn scarey if you ask me

i didn't want to enrol of the electoral list becuase of this...but my gf went and did it without my knowledge...now i have to vote

[GXL078]

Originally Posted by trif

I worked at Freedom years ago, and i would get customers on a good income that got declined when applying for AGC, yet student who worked casually got approved.

and let me tell ya something for nuthin, GE's goal is to buy as many aussie business as possible. Last year thet bought Custom Fleet, and they fought to get it and paid top dollar.

They're absolute pricks!

What about Macquarie Bank. Look what they own. They just bought THAMES water. I call them the ANTICHRIST!!!

[4.9 EF Futura]

Originally Posted by xcgxl

What about Macquarie Bank. Look what they own. They just bought THAMES water. I call them the ANTICHRIST!!!

Hahaha, yeah but a company doesnt get a nickname like "the millionaire factory" by being friendly and timid.

Something like $4 million a day thrown into the Macquarie coffers by Sydney motorists alone!!! Then the airport... and the regional radio networks...

NSW govt might as well sell the whole bloody state to Mac Bank....

[arm79]

Originally Posted by Neeek

We bought a HUGE stove and a big TV on finance through GE about 14 months ago. Bought on 12 months interest free credit, because... well, it was a good idea and would cost us nothing in interest. Fine by me.

Sneaky sods sent us the bill for the first month and it's like $100 or something. Given that HUGE stove + BIG tv x 12 does not = $1,200, I rang them up and asked them why they sent me such a small bill. Their reply was that the $100 was the minimum amount to be paid. I asked what would happen if we didn't clear the balance in the alotted interest-free period, and they said that the balance would defer to their standard interest rates of x% - can't remember what it was exactly, but it was north of 20%. I laughed.

So we calculated how much we had to pay every month, paid if off over the 12 month period and job done.

But they have a note on their statements that says "Paying the miniumum payment will not pay off the entire balance by the end of the interest free period" or something similar. Been there for over 2 years now.

Nothing sneaky about it, GE are giving you a credit card. The only difference is the retailer is paying the interest for you for the interest free period.

Don't see you complaining about your Visa card. The miniumum payment on that is no where near the amount required to pay off your charges in the 55 day interest free period. Why should GE structure it any different?

[xbcoupe302]

Originally Posted by gozza

i didn't want to enrol of the electoral list becuase of this...but my gf went and did it without my knowledge...now i have to vote

thats where u need to be a sleeper cell like me and not vote

[fmc351]

Originally Posted by 4.9 EF Futura

Win-win, shav!!

They'll be receiving money from the retailer where you bought the TV... which I assume would be someone like Harvey Norman...

too right. The "Good Guys" have sales that offer at a price, and then state less for cash. A $400 item, can be as low as $340 for cash. You pay the interest 'free' in the price of the item.

[JADED6]

^ 15 % is the standard good guys cash reduction price.
I always work out 17.5% and offer this before they tell me the cash price. They've always accepted it, only once was a salesmen hesitant as the item was reduced already.

[blueoval]

Originally Posted by fmc351

too right. The "Good Guys" have sales that offer at a price, and then state less for cash. A $400 item, can be as low as $340 for cash. You pay the interest 'free' in the price of the item.

I did beat the retailer down about $600 before telling him I wanted to do it interest free. I think they just wanted the sale. They couldnt beleive I done my shopping already and got a significant reduction for the tv I wanted. Pretty much took a large portion of profit from them. Then interest free on top. Im sure they didnt make a loss, but definitely not much gain either.

[GXL078]

Originally Posted by JADED6

^ 15 % is the standard good guys cash reduction price.
I always work out 17.5% and offer this before they tell me the cash price. They've always accepted it, only once was a salesmen hesitant as the item was reduced already.

really? I was quoted a losy TWO percent discount, that being the "credit card handling fee" if I were to pay for th eitem by credit card. That was for the last VCR I ever bought and have used twice.

[BAFalconXT]

I applied for a personal loan with GE about a year ago.

They offered me $5,000 at 35% interest!!!! : : :

That must be almost illegal!