PRIVACY DISCLOSURE STATEMENT & CONSENT
Who is Vroom
Drive On Finance Pty Limited t/a Vroom Finance
ABN: 77 608 377 859
Building F, Level 4, Suite 2,
1 Homebush Bay Drive,
Rhodes, NSW, 2138
We collect information about you for the purposes you agree to in this Privacy Disclosure Statement and Consent. When you sign below, you agree we can, consistent with Australia's privacy and credit reporting laws, collect, use and exchange credit and personal information about you for those purposes.
Your Information — Collection and Credit Reporting Body (CRB)
When we collect information from you in the credit application process, we use that information in a number of ways to assess your credit application and to source a suitable credit provider or lessor and/ or insurance provider.
Disclose your identification information to a CRB and in some cases obtain a credit report;
Use any information the CRB provides in that report to assist us to preliminarily assess your consumer credit or guarantor application;
Disclose your personal information to an insurer or insurers to source any insurances you wish to obtain; and
Disclose your credit information to a credit provider or credit providers to apply for finance on your behalf.
The information we obtain from you is used, subject to compliance with Australia''''s privacy and credit reporting laws, only for the purposes listed in this Consent and is not disclosed to any other person except with your permission or as permitted, or required, by law.
As part of providing our services to you, we may undertake tasks for a credit provider which is reasonably necessary to manage the application process. When doing so, we are acting as agent for the credit provider, with the same privacy law requirements applying to both of us.
We may submit your application to one or more credit providers. Those credit providers and their website addresses are set out in the Schedule 1 at the end of this document.
A credit provider, to whom we submit an application, may disclose information about you to, and collect information about you from, from one or more CRBs.
For each CRB the website details will include the following specific information:
That the CRB may include information the credit provider discloses about you to other credit providers to assess your credit worthiness;
That, if you become overdue in making consumer credit payments or you commit a serious credit infringement, the credit provider may disclose that information to a CRB;
How you can obtain the credit provider''''s and/or CRB''''s policies about managing your credit information;
Your right to access and/or correct information held about you and to complain about conduct that may breach the privacy and credit reporting laws;
Your right to request a CRB not to undertake pre- screening for purposes of direct marketing by a credit provider; and
Your right to request a CRB not to release information about you if you believe you are a victim of fraud
This detail will also be included by the credit provider who approves your application in the privacy disclosure statement and consent document it will provide to you.
Each credit provider website includes information on how to contact the credit provider and how to obtain a copy of its privacy documents in a form that suits you (e.g. hardcopy or email).
You have the right to ask:
Us to provide you with all the information we hold about you;
Us to correct the information we hold if it is incorrect;
The CRB not to use your information for direct marketing assessment purposes, including pre- screening; and
The CRB to provide you with a copy of the information it holds about you.
Disclosure and Consent
By signing below, you agree we may:
Act on your behalf and attempt to verify your income by:
Receive and use this data to assist you with finance.
Provide you with an alternative option if your income can't be verified via these means
Use your personal and credit information:
To assess your consumer or commercial credit and/or guarantee application and/or to assess a credit application by a company of which you are a director;
To source any finances you required;
To source any insurances you require; and
As the law authorises or requires
Disclose to, and obtain from, any prospective credit provider or insurer, information about you that is reasonably necessary to obtain the finance and insurances you require;
Check your information with the document issuer or official record holder for the purpose of confirming your identity;
Obtain from, and disclose to, any third party, information about you, the applicant(s) or guarantor(s) that is reasonably necessary to assist you to obtain the finance and insurances required;
Provide your information, including your credit report(s), to one or more of the credit providers specified in Schedule 1 so they can assess your application, or the application of a company of which you are a director, or your suitability as a guarantor;
Provide credit information about you to a guarantor, or prospective guarantor;
Provide you, or the company of which you are a director, with offers or information of other goods or services we, or any of our associated entities, may be able to provide to you or the company, unless you tell us not to;
Disclose your personal and credit information to the extent permitted by law to other organisations that provide us with services, such as contractors, agents, printers, mail houses, lawyers, document custodians, securitisers and computer systems consultants or providers, so they can perform those services for us. This includes service providers located overseas. It is not practical to list every country in which recipients will be located, however it is likely to include, Germany, New Zealand, United Kingdom, Malaysia Philippines, India, Singapore, Japan & United States of America; and
Disclose your personal information to any other organisation that may wish to acquire, or has acquired, an interest in our business or any rights under your contract with us, or the contract with us of a company of which you are a director.
You also agree and consent to, as appropriate:
A CRB disclosing consumer credit information to one or more credit providers specified in the Schedule 1 below for the purpose of assessing your application for consumer or commercial credit or your guarantor application, and/or assessing a credit application by a company of which you are a director;
When you are a prospective guarantor, a credit provider using that information to assess your suitability as a guarantor;
A credit provider disclosing to another credit provider, to your agent, such as us as your broker, or to a servicer, for a particular purpose, information it holds about you.
Extended Effectiveness For Commercial Credit
Your agreement and consent to the disclosures and consents in this document will be effective for a period of 12 months, but only in relation to commercial credit. Your agreement to this ceases when you either withdraw it by contacting us using our details above or 12 months after you sign below, whichever first occurs. This will allow us to continue to provide our services to you without the need to ask you to sign a new privacy statement and consent each time you require commercial credit within a 12 month period. The extended effectiveness does not apply in relation to consumer credit.
Where the applicant, or guarantor, is a company of which you are a director, you consent to the use of your information, in addition to the company''''s information, in each of the ways listed above.
Effectiveness For Consumer Credit
This authorisation ceases when we undertake a task on behalf of the credit provider.
By signing the below you also authorise us to make a request on your behalf to obtain credit reporting information about your consumer and commercial credit worthiness from a CRB. That information will assist us in providing our services to you.
Schedule 1 - Credit Providers
A.C.N 161 130 696 Pty Ltd t/as Axsess Today
Affordable Car Loans
Australian Motor and Marine Finance
AutoPay (Money Me Pty Ltd)
Automotive Financial Services Pty Ltd
BOQ Equipment Finance Limited
Branded Financial Services
Business and Capital Pty Ltd t/as Kikka Capital
Capital Finance Australia Limited
Commonwealth Bank of Australia
Firstmac Asset Funding (Commercial) Pty Ltd
Flexi Commercial Pty Ltd
Get Capital Pty Limited
Greenlight Auto Finance
Group & General Finance
Grow Equipment Finance Pty Ltd
Grow Finance Pty Ltd
Latitude Financial Services Limited
Liberty Financial Pty Ltd
Lumi Financial Management Pty Limited
Macquarie Leasing Pty Ltd
Metro Finance Pty Ltd
Morris Finance Ltd
Moula Money Pty Ltd
National Australia Bank Limited
Oneteam Capital Pty Ltd T/as Quest Finance Technologies
Pepper Asset Finance Pty Ltd
R.A.C.V. Finance Pty Ltd
Ratesetter Australia Pty Ltd
RedZed Lending Solutions Pty Ltd
Spotcap Australia Pty Ltd
St George Finance Limited
TL Rentals Pty Ltd
Thorn Equipment Finance Pty Ltd
United Loan Solutions Pty Ltd t/as Loan U
Volkswagen Financial Services
Westpac Banking Corporation
Wingate Consumer Finance Pty Ltd t/as Now Finance
CREDIT GUIDE AND PRIVACY FORM
Credit Assistance Provider
Drive On Finance Pty Limited t/a Vroom Finance
ABN: 77 608 377 859,
Building F, Level 4, Suite 2, 1 Homebush Bay Drive, Rhodes, NSW, 2138
P: 1300 617 362
About this Credit Guide:
This Credit Guide sets out important information to help you decide whether to accept our assistance in obtaining a credit contract or consumer lease
This Credit Guide will tell you:
Who we are & how to contact us;
Engagement & Conditions;
Fees & Commissions;
Referrers & Referral Fees;
Our Responsible Lending obligations;
Credit Providers we conduct consumer credit business with; and
What to do if you have a complaint.
We are required to provide this Credit Guide to you as soon as practicable after it becomes apparent we are likely to provide credit assistance to you.
We provide “Credit Assistance” when we:
Suggest or assist you to apply for a particular credit contract with a particular credit provider; or
Suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
Suggest you remain in a particular credit contract with a particular credit provider.
Engagement and Conditions:
You (the customer) engage us (the broker) to arrange a loan on your behalf. You acknowledge that we act as an independent contractor to assist you to obtain and negotiate a loan, and that we have advised you to obtain your own independent legal and financial advice regarding the suitability of any loan.
Fees Payable by You:
We sometimes charge a fee for our services. More details about any fees payable will be detailed in a “Quote” we will give you before a finance application is lodged. No commission is payable by you to us, this is paid by the credit provider.
How we and our Authorised Credit Representative are paid:
We are paid commissions by Credit Providers for introducing customers. The Credit Providers we deal with will usually pay a commission based on:
the size of the loan; and
the particular loan product you have selected.
We only receive a commission if your loan is settled and is paid to us either directly by the lender, or paid to us by our aggregator. We may receive the following commissions after we provide credit assistance and your loan has settled.
Type of Commission:
Commission/Brokerage. (Paid shortly after settlement) ranges from 0% to 4% depending on type of finance sought.
Volume Bonus ranges 0% to 2.5% depending on aggregate of volume introduced to a Credit Provider over a monthly period. The amount of this additional commission cannot be determined at the time of loan settlement.
Method of Calculation is based on Net amount financed plus GST.
If you would like a detailed estimate of how much commission we would be paid by a particular credit provider, we will provide this to you.
Referrers and Referral fees:
In some cases, your business may have been referred to us by non- regulated third parties such as accountants, financial planners, motor resellers etc. Where this is the case, we may pay a referral fee to these parties. If we do pay a fee to these parties, then
They should already have told you about this; and
We will either disclose the fee or a reasonable estimate in our Proposal Disclosure Document.
Alternatively, if you want to know, you can ask about the fee and we will tell you how much was paid and how it was worked out.
What we will need from you:
When we provide you with credit assistance, we must only recommend credit products that are not unsuitable for you. To be able to determine which loan products are not unsuitable, we are required to complete a Preliminary Assessment. When we make this preliminary assessment, we determine:
your requirements and objectives – that is, what kind of loan do you want, and for what purpose;
your financial and relevant personal situation; and
your ability to repay the loan that you are considering
In assessing these factors, we are also required to take reasonable steps to verify some of the information you provide us.
This verification may include:
asking you for copies of documents that demonstrate your financial situation – in some cases we may also need to sight original documents; and
contacting third parties to assist in verifying the information that you provide.
Obtaining a copy of your Preliminary Assessment:
If we haven’t already provided it to you, you may request a copy of our Preliminary Assessment, and we must give you a copy of it:
at any time during the first 2 of years of conduction the assessment, within 7 business days; or
between 2 years and 7 years after it was conducted we must provide it within 21 business days.
There is no charge for requesting or receiving a copy of the Preliminary Assessment
It is important to us that the new credit commitment remains affordable to you but understand those situations can change. In the event that you find yourself in financial difficulty we ask that you let us know so we can assist you in contacting the credit provider to discuss alternate options.
Our “Consumer” Credit Providers include:
We source credit products from a range of banks, lenders and other credit providers. However, at present, we write a greater percentage of loans with the following banks, lenders and other credit providers. These Lenders do not necessarily represent all the lenders who offer credit of the nature you seek.Refer to Schedule 1 - Credit Providers in the Privacy Document.
A complaint is defined in AS/NZS 10002:2014 and ratified by ASIC as “an expression of dissatisfaction made to or about an organisation, related to its products, services, staff, or the handling of a compliant, where a response or resolution is explicitly or implicitly expected or legally required.” To provide continued excellent customer service, we highly value customer-friendly and efficient complaint handling by all Representatives.
Our Internal Process
To ensure we continue to provide excellent customer services AND to comply with ASIC’s RG271: Internal Dispute Resolution, we have an internal dispute resolution process which must be followed by all staff and Authorised Credit Representatives. Our process, as per RG271, deals with potential complaints made by all ‘retail customers’ which as minimum is defined as consumers, primary producers and small business with less than 100 employees at time of act resulting in complaint. I.e. it is not only applicable to regulated credit assistance. All actions in dealing with complaints must be handled honesty, fairly and lawfully. We, as a business, approach complaints and the process of resolving them in a positive manner; seeing this as an opportunity to enhance our offering to customers. Any hostile, rude or dishonest approach to resolving complaints will not be tolerated. Our internal procedure is referred to in our Credit Guide and our documented internal process must be provided to any client who requests a copy.
All complaints must be handled in a customer-friendly manner and with an intent to resolve where possible. Any oral complaint not able to be resolved by the receiving team member must be referred to our Complaints Officer and/or Complaints Officer/Responsible Manager as soon as practically possible. The complainant’s name and contact details must be collected and passed on as part of this referral. If it is deemed inappropriate for the Complaints Officer/Complaints Officer/Responsible Manager to handle the complaint directly (i.e. conflict is with him or her and not likely to be efficiently resolved), then this process should instead apply to a nominated senior team member as a substitute.
Once advised, the Complaints Officer/Complaints Officer/Responsible Manager will deal with the complainant over the phone within a maximum timeframe of 24 hours.
The Complaints Officer/Complaints Officer/Responsible Manager will provide the complainant their name, role in business and contact details.
The complainant will be given the opportunity to explain the situation from their perspective and why they are dissatisfied.
If the Complaints Officer/Responsible Manager is not able to resolve the complaint over the phone, they should politely suggest that the complainant put the complaint in writing via email, post, or facsimile.
All updates and outcomes should be promptly (within 48 hours max.) documented within the Complaints Register by the Complaints Officer/Responsible Manager.
All complaints must be handled in a customer-friendly manner and with an intent to resolve where possible. All written complaints must be referred to the Complaints Officer/Responsible Manager immediately. If it is deemed inappropriate for the Complaints Officer/Responsible Manager to handle the complaint directly (i.e. conflict is with him or her and not likely to be efficiently resolved), then this process should instead apply to a nominated senior team member as a substitute.
The Complaints Officer/Responsible Manager will immediately record these details into the Complaints Register:
Name of complainant.
Description of complaint.
Actions taken to try and resolve.
Status or outcome, date resolved and whether there is EDR or PI insurer involvement.
Once registered and within 24 hours since the complaint was initially received, the Complaints Officer/Responsible Manager will send a written acknowledgement to the complainant, using the same medium that complaint was received or in a manner requested by complainant. The acknowledgement to complainant will include:
Confirmation of receipt.
Name, role, and contact details of the Complaints Officer/Responsible Manager.
Confirmation that an investigation of the complaint has begun with the intent of resolving within no longer than 30 days.
The details of our external dispute resolution contact details and our membership number; explaining that whilst we would like to resolve internally, they do have the right to contact the EDR service directly should they prefer.
The Complaints Officer/Responsible Manager should consider the complaint within 7 days from receipt and seek to address directly with the complainant with an intent to resolve asap.
All updates and outcomes should be documented within the Complaints Register, by the Complaints Officer/Responsible Manager, and where possible, the complainant should acknowledge resolution.
If the complaint cannot be resolved within 30 calendar days via our internal processes, the Complaints Officer/Responsible Manager must advise the complainant in writing that they should deal directly with our external dispute resolution scheme. This should also be noted in the complaint register.
This response, again within a maximum of 30 days from date of complaint being received, must be in writing and using the same medium that complaint was received or in a manner requested by complainant. The acknowledgement to complainant will include:
The outcome of the internal complaint investigation, including steps and decisions taken.
Explanation of decision made, measured against complaint made and investigation taken.
The complainant’s right to contact AFCA, including our membership number and AFCA’s contact details, should they not be fully satisfied with the outcome of IDR.
If a complaint has been resolved to the complainant’s full satisfaction within the 5th business day of receipt and the complainant has not explicitly requested a written response, one is not necessary. In all other circumstances, a written response as per above applies.
The Complaints Officer/Responsible Manager must act fairly and should offer compensation if deemed reasonable. Only s/he can offer compensation. All outcomes must be recorded in our Complaints Register.
Monitoring & Reporting
The Complaints Officer/Responsible Manager should review the Complaints Register from time-to-time and at least half-yearly. If common issues are occurring, address via training or updated processes. In the same interval, results of the review should be reported to Senior Management including Board Members where applicable. All personal information relating to complaints must be kept private and confidential. The Internal Dispute Resolution process should be reviewed annually as part of our ACL renewal process and updated if necessary.
All staff and authorised credit representatives must be made aware of this policy and applicable process. This training will be conducted as part of onboarding all new representatives and then as needed. Any staff/ACRs directly involved in the complaint handling process must have more detailed and regular training, including awareness of the regulatory requirements and knowledge of AFCA’s processes.
External Dispute Resolution
We are a member of AFCA, membership number 73147. The Complaints Officer/Responsible Manager is responsible for keeping the membership up-to-date and for any required liaison with AFCA and ASIC, including advice of any new Credit Representative details within 15 business days, any change in the details of or a revocation of the appointment of a Credit Representative within 10 business days (including when a Credit Representative changes their EDR scheme membership) and of any change to our External Dispute Resolution membership within 10 days of occurring (or within 3 business days if our membership ceases). If external legal assistance is required, this should be arranged by the Complaints Officer/Responsible Manager.
Authorised Credit Representatives
All Authorised Credit Representatives and their actions fall within the responsibility of us, the licensee. They must follow all aspects of this policy and our internal processes. Regardless, by regulatory requirements, they must arrange and maintain separate membership of an ASIC-approved External Dispute Resolution scheme. Details, including changes, must be advised to our Complaints Officer/Responsible Manager who will keep up-todate records in the Representative Register.
All ACLs must have a publicly available and readily accessible complaints policy. This policy must include:
How a customer may lodge a complaint internally with the firm.
The options available to assist complainants who may need additional assistance in lodging a complaint.
The key internal steps undertaken to deal with complaints received including IDR steps, response timeframes and AFCA details where a compliant cannot be resolved.
The complaints policy and our membership of AFCA must be detailed in our Credit Guide and if applicable, on our website in an accessible location.
Drive On Finance Pty Limited details are:
Attention: Compliance and Complaints Handling Officer
Phone: 1300 031 264
Mail: Building F, Level 4, Suite 2, 1 Homebush Bay Drive, Rhodes, NSW, 2138
We hope that you will be satisfied with how we deal with your complaint.However, if your concerns remain unresolved, or you have not heard from us within 30 days, then you can have your complaint heard by an independent party. The complaint can be lodged with the Australian Financial Complaints Authority(AFCA):
Phone: 1800 931 678 (freecall)
Mail: Australian Financial Complaints Authority, GPOBox3, Melbourne VIC 3001
Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.
This Credit Quote provides information about the fees and charges you agree to pay for our services as a finance broker. We are required to provide this Quote before we provide any credit assistance to you. We provide “credit assistance” when we:
suggest or assist you to apply for a particular credit contract with a particular credit provider; or
suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
suggest you remain in a particular credit contract with a particular credit provider.
Scope of Credit Services:
You have requested that we provide you with the credit assistance and other services described below. The maximum amounts that are payable by you to us in relation to these services are as follows:
We will do our best to arrange the most appropriate finance to meet your needs.
If we successfully obtain the finance you require, the maximum fee or charges for provision of Credit Assistance is typically $990 but can be up to 4% of the loan amount. This fee is included in the loan amount and is not payable if the finance application does not proceed to settlement.
All amounts are inclusive of the Goods and Services Tax (GST) where applicable. The maximum amount you may pay to us for our credit assistance and other services detailed is a once only fee.
By agreeing to the Vroom Terms and Conditions, you agree to the terms set out in this quote and to pay the fees as detailed above After agreeing, we will email you a copy to keep.