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Journeys : Dec Jan 2010
Do you own, or are you considering buying a Proton Jumbuck? In the latest round of ANCAP crash testing, the Jumbuck scored one star, the worst test result in a number of years. While the picture shows the severity of the crash, it is when the technical infor mation is presented that you get a full picture of the risk. The ANCAP report states: "The passenger compartment was severely defor med in the offset crash test. The driver's door lost str uctural integrity during the crash. The legs on the driver- Buyer beware Beyond comparison Make sure you understand all the details of your car loan before you sign on the dotted line. Of the hundreds of Tasmanians who have taken out car loans in recent years, it's fair to say most were draw n to a particular loan or lender in part, by the attractive interest rate. But the interest rate quoted to the customer would, by law, have been accompanied by a comparison rate, which is higher than the quoted rate as it is meant to reflect the tr ue cost of finance. A comparison rate takes into account the amount of the loan, the term, repayment frequency, the interest rate and all fees and charges (except government charges such as stamp duty), fees that may or may not be charged (such as early termination fees) and fees not ascertainable at the time the comparison rate is provided. So the comparison rate is a better tool to use when comparing loans. Unfortunately the comparison rate does not reflect the full picture. A financier can have a lot of other fees, and it's not until someone understands all the potential costs of a loan that they can make a true comparison. The table shows the various fees that can be applied to a car loan, and whether they are included in the comparison rate. R ACT Finance says the only way you can really determine which loan is best for you is to do your homework before you take out the finance contract. Ask what the actual regular repayment will be and what other fees may apply, such as payment method fees. Consumers confused about the details of any loan they are considering are welcome to ring R ACT Finance on 13 27 22 for help in understanding the rates. side crash dummy had to be dismantled to remove them -- they were trapped by the vehicle defor mation." And this was in a simulated crash at only 64 km/h! What does this mean for the occupants of a Jumbuck? They have a 50% greater risk of death or serious injury compared to a five- star vehicle. This is an older-technology vehicle with minimal safety equipment and the result clearly indicates this and is consistent with results ANCAP was getting 10 to 15 years ago. Proton has advised that the Jumbuck is coming to the end of its life, but these vehicles are still for sale new and there are plenty in the used car market. We do however welcome the announcement that Proton is bringing a new-model Jumbuck on the market with enhanced safety features. Fee Description Included in comparison rate Credit search fee For obtaining credit report Yes Application fee payment for setting up the loan Yes Account (service) fee Charged each Month Yes Origination fee Similar to brokerage fee No REVS fee Register of Encumbered Vehicles search certificate (for used car loans) No Stamp Duty Ta x on tran sfer of vehicle (calculated on vehicle's value) No Early Termination fee Applied by some lenders if you wish to pay contract out early No Extra repayment fee Charged for payments made on top of standard payments No Redraw fee For making a withdrawal of money paid in advance No Rate lock fee Charged to lock in a fixed rate until you sign the contract No Dishonour fee When a payment from another in stitution is dishonoured No Reminder fee Charged for each communication (letter, phone call) issued to by financier No Payment variation fee Applied if you need to change your personal details No Payment method fees Bpay, cheque and in-person payments can attract fees No Compare the damage caused by a 64 km/h offset impact in a one-star vehicle (the Proton Jumbuck) and the Holden Commodore, which has a five-star ANCAP rating December 09 / January 10 33
October November 2009
Feb March 2010