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  1. #1

    Join Date
    Mar 2004
    Location
    Geelong, AU
    Posts
    7,406

    Default Motor Finance Wizard

    G'day,

    As some of ya'll know, I'm looking at buying a family car before October this year...

    Four months ago I wrote to the Motor Finance Wizard, who advertises regularly here in Brisbane (and has 2 yards located within 10 minutes of my home) offering "Interest Free Loans", and admittedly quite bluntly asked them - What is the catch???

    Hi Cosmic,

    Thank you for your enquiry, we do offer interest free finance and there is no catch to it, precisely NO adminstration fee, NO establishment fee, NO monthly on going fee of any sort and if you choose to repay your loan early you will NOT be penalised in any way, in simple terms if you borrow $5,000.00 you will repay exactly $5,000.00 nothing more, hope this helps and if you require further information and or wish to apply for a loan feel free to call our centre on 1300 227 562 and have a great day

    Best regards
    That was the reply...

    Tonight on Today Tonight, they did a story on the MFW... and revealed the truth... they over-charge you on the price of their cars... by many thousands of dollars... the best example they had was of a 99 Daewoo which they sold to a disabled lady for $17k, yet it only retailed new for $14k!

    I'm thankful to my father-in-law for offering us a family loan... But even then - of all the car yards we've been to in the past few months, I think I could only name 1 that didn't try to over-sell us... ie We say we ONLY have $8,000 to spend... The dealer then takes us around and has us to sit in lovely cars... only to tell us - Oh, well, it's only $11,990...

    God, that's a whole new thread starting there... I'll let that one go. But just for those who don't realise... If you buy from MFW, be aware that you are paying interest, just not how you expect.
    From Macintosh Classic to Mac Book Pro... Dark Castle to Halo... Newton to iPad...

  2. #2

    Join Date
    Dec 2005
    Location
    Sydney, Australia
    Posts
    1,168

    Default

    God I hate the Motor Finance Wizard ads... They just repeatedly shout for 1 minute "MOTOR FINANCE WIZARD SAYS YES!"

    They're right up there with GE Finance on my "Scourge of the Earth" list.
    Mac Pro 2.66GHz, 8800GT, 8GB RAM / MacBook Air 1.8GHz, SSD / iPhone 3G 16GB / iPod nano 8GB / tv 40GB

  3. #3

    Join Date
    Feb 2005
    Location
    Innisfail, QLD
    Posts
    1,242

    Default

    People who go on tt on aca may as well pt a sign on their head saying "im stupid".
    Who does not do a bit of research before buying something as big a cost as a car.
    mfw should not be blamed for being good salespeople to stupid people.

  4. #4

    Join Date
    May 2007
    Location
    Melbourne
    Posts
    229

    Default

    I always ask myself this "does it look/sound too good to be true?"

    Especially when it comes to Used Car Salespeople. Almost as good as Real Estate agents!
          

  5. #5

    Join Date
    Jan 2004
    Location
    Sydney
    Posts
    5,960

    Default

    People never seem to consider the consequences of actions.. and it gets them in trouble.

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