Here at RCKFS we care about our clients, yes we are a business but we put our clients before making commission, we will spend whatever time necessary to assist our clients find the perfect asset, we will advise you when we feel that the any potential purchase could be a risk due to many reasons that we pick up in our pre-purchase inspections on both our clients behalf and the lenders to ensure the asset that is being financed is of acceptable quality i.e not a previous repairable write off, the kilometres are legitimate, there is no money owed against the asset and if there is we will organise to pay this out prior to our client acquiring the asset.
That’s the difficult part done and dusted, sourcing the perfect asset can take weeks or months and in some occasions years. Now it’s time to finalise the finance approval and work out what lenders is best suited to your requirements, we have already organised pre-approval at the very start of our dealings with one another however things may change depending on the asset you finally decide to purchase, the year, make model and kms will determine what lender will offer you the best deal so we may have to change lenders or resubmit with the current lender so they can review your application. We always try and limit the number of lenders we approach on your behalf as multiple enquiries can affect your credit history and when sourcing a new asset we try and keep within the lenders guidelines that we have the initial approval with however we have seen on many occasions where our client is shopping for their new asset and find something that is totally different to what they initially wanted and hence we may have to change lenders to ensure that we get the best finance package available. This is where using a finance broker puts you in a much better position than the banks, we have seen on many occasions where clients are verbally approved through theirbank, they go and source a suitable asset and come back to finalise the approval and the bank turns them away due to the asset not fitting withintheir lending guidelines, the normal excuses are “it’stoo old, it’s a private sale, it’s an American import” ad the list continues.
As a part of sourcing the perfect finance package we determine if our client is at any risk due to any unforeseen circumstances and advise our clients of this and offer them advice around what insurance products are available to them to reduce this risk. Most finance companies have access to the same products and in some occasions can offer the products at a discounted rate to their clients but choose not to, this increases their commission and that is another RCKFS point of difference, we ALWAYS offer our insurance products at a discounted premium to our clients, we’re not greedy and feel that the fee’s we charge for our services is more than sufficient enough to keep our doors open, we would prefer to keep our clients well protected an not at risk over financial gain.
The following instances are an example of how we put our clients 1st! Pictured you will see the black Ford ute, the Blue HSV ute and the Black Ford sedan, all 3 vehicles were purchased by one of our most loyal clients and has been with us from the beginning. 1st was the black Ford XR6 and the transaction went as expected, purchased from a private seller in Brisbane, after a couple of years and a few modifications, he wanted something faster so decided to upgrade to the black Ford turbo sedan purchased from a private seller on the Sunshine Coast. This vehicle had many engine modifications and was a very high powered vehicle, due to all of the mod’s the purchase price was nearly $9000 over the market value of a standard identical vehicle. We advised our client of his insurance options and advised him of shortfall insurance also known as GAP insurance which covers the GAP if the vehicle was a total loss or stolen and the difference between the amount paid out by the insurance company and the amount required to pay out the loan. In addition to protecting the GAP, this also meant that our client could save money on his annual comprehensive insurance as he could insure the vehicle for a market value versus an agreed value policy saving him hundreds each year of insurance. Our client opted to take out GAP insurance and also market value comprehensive insurance through Suncorp.
After only having the vehicle for about 2 weeks the client was unfortunately involved in an accident and the vehicle was written off, Suncorp insurance paid out their market value which at the time was approx $9,000less than the amount borrowed, the client then claimed against the GAP insurance which paid the entire GAP and then paidthe client his extras payment which covers any out of pocket costs to get into a new vehicle i.e insurance excess, rego & delivery costs for new vehicle etc. As you can imagine, our client was very happy that he opted for these insurances otherwise he would have had to pay the GAP out of his own pocket. From herethe client was looking for a replacement vehicle for a while and came across a Chrysler 300c from a dealer in Brisbane, our client worked away in the mines and had no way of inspecting the vehicle himself so a representative from RCKFS inspected on his behalf and reported back to the client his findings after which our client decided not to proceed with that purchase due to some undisclosed wear and tear and services were not completed within the required time.
Approximately 1 year later the client finally found a suitable vehicle, the blue HSV ute, this was purchased from a dealer within our network which helped our client save thousands on the sale price, over this time our client had a considerable amount of deposit to contribute toward the purchase meaning he didn’t have to borrow the full purchase price, we organised pre-approval as normal and the client asked about the GAP cover, we advised the client of the facts and emphasised that he had a considerable amount of deposit which would reduce the risk of their being a GAP if the vehicle was a once again a total loss, we had to make the client decide for himself but he understood this and opted not to include the GAP cover as the risk was reduced by him contributing a deposit, just another instance where RCKFS put their client before commissions.
Now we get to the white Jeep SRT8, this client was referred to us by the owner of the HSV and was his brother in law and this was a dream car for RCKFS which we sourced for him from a private seller all the way in Moranbah QLD. The normal process took place and we offered the products to our client and being in the mines where job security isn’t the best, our client opted for loan protection insurance which costed him about $8 extra per week on his loan repayments. After 14 months, unfortunately our client was made redundant and he contacted RCKFS to say the vehicle was for sale as he couldn’t justify having such an expensive vehicle and no income, fortunate enough for him he purchased the loan protection insurance also known as WALKAWAY and this gave him the option to receive 3 months’ worth of loan repayments made on his behalf or he could hand the vehicle back to us and WALKAWAY from the loan and any shortfall from the sale of the vehicle would be paid by the insurer and reduce any financial risk for our client. He opted to hand the vehicle back where it was auctioned off for approximately $15,000 less than what he owed to the lender, the insurer paid the difference to complete the loan and our client walked away from the vehicle and the loan.
As you can appreciate these few cases are just a small example of how we put our clients 1st and make sure they are adequately protected if anything unforeseen should occur, we ensure they get the best finance package available and do our best to ensure the quality of asset they are purchasing, our motto is and always will be “Clients before Commissions”