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Merchant Finance & Investment Company Limited
Fees & Charges
Effective: 01 June 2003
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| Fee Description |
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| Loans - HIRE PURCHASE AGREEMENTS |
Amount |
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| Interest Rates (maximum) |
27.53% (16% flat) |
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| Registration Search Fees |
$100 |
Vehicle searches for pre-registered vehicles
at various statutory & financial bodies.
Noting of interest with LTA
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| LTA Fees |
$30 |
| Paid to LTA. For noting Merchant Finance's interest of new & pre-registered vehicles financed. |
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| Company Search Fee |
$20 |
| Paid to Companies office to search registration details for limited liability companies. |
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| Stamping of Documents |
$1.00 |
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| Stamping of Master Hire |
$15 |
| Purchase Agreements |
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| For corporate customers with multiple accounts |
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| Off Shore Facility Administration Fees |
Varied |
| Determined by country of purchase and finance sought |
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| Loans - BILL OF SALE |
Amount |
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| Interest Rates (maximum) |
27.52% (16% flat)
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| Registration Search Fees |
$100 |
Vehicle searches for pre-registered vehicles
at various statutory & financial bodies.
Noting of interest with LTA
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| LTA Fees |
$30 |
| Paid to LTA. For noting Merchant Finance's interest of new & pre-registered vehicles financed. |
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| Company Search Fee |
$20 |
| Paid to Companies office to search registration details for limited liability companies. |
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| Solicitors Fees |
$33.00 to $40.00 |
Fees determined by individuals solicitors if Merchant Finance
preferred solicitors are used.
Otherwise as per solicitors own charges |
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| Mortgage Duty / Bill of Sale Duty |
1% of amount financed to nearest $100 |
| Paid to the Commissioner of Stamp Duties |
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| Registration in Registrar of Titles Office |
$2.25 |
| Paid to the Registrar of Titles |
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| Registration for Limited Liability Company |
$15 |
| Paid to the Companies Office |
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| MISCELLANEOUS |
Anount |
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| Audit Confirmation Statements for Investments & Loans |
$25.00 |
| For confirmations with regards to clients investment & loans |
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| Miscellaneous Letters for Investments & Loans |
$25.00 |
| Preparation of letters to various sources as requested by clients advising of loan & investments. |
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| DEFAULTING FEES |
Amount |
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| Late Charges or Past Due Interest |
24.00% p.a. of arrears amount |
| Charges relating to amounts owing but unpaid by instalment date |
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| Extension Fees |
Varied |
| Fees charged to defer loan payments. Calculated according to individual loans interest rate, arrears amount & period of extensions. |
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| Dishonoured Cheque Fees |
Varied |
| For cheque payments made at Merchant Finance branches or through ANZ or Westpac branches and via Post Fiji Limited Offices. |
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| Bailiff Fees |
Varied |
| Fees charged by individual Merchant Finance hired bailiffs to visit clients for collection of amounts owing, serving demand notices or repossessing securities. Fees may also include towing charges if vehicle is transported. |
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| Repossessed Security Storage Charges |
$5 per day |
| Daily storage charges for securities repossessed from clients. |
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| Asset Insurance Charges |
0.35% of Payout amount |
| Charged for repossessed vehicles in Merchant Finance's custody |
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| Transfer of Ownership Charges |
$18 |
| Paid to LTA to transfer ownership to Merchant Finance if repossessed security |
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| Transfer of Third Party |
Varied |
| Paid to insurance company to transfer third party to Merchant Finance if repossessed |
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| Advertising & Miscellaneous Costs |
Varied |
| Costs of advertising repossessed vehicle for sale as well as miscellaneous repairs. |
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| Auction Administration Fee |
$3.00% of V.E.P selling price |
| Fees charged to dispose of repossessed security via Merchant Finance auction. |
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