Do your research - don't complain about getting what you ordered
I see a lot of comments (complaints) here from those who don't understand the product they are signing up for, that's not Macquarie's fault.
1. Interest is capitalised UPFRONT on ALL finance leases (i.e. novated leases) that means the ALL the interest is added on at the beginning and instalments spread evenly over the loan, it's absolutely normal to not reach the borrowed amount as owing until 1/2 way through the loan, this is the case with all finance companies and this type of lease.
2. I have had over 10 leases through Macquarie back to the...
Do not trust
I keep asking them for a payout letter and they send it after the expiry of that figure to stop you from being able to pay it out. they have done this 3 times
Can't be trusted
Have rung to get debit date changed and they don't actually set the change that is agreed. Took about 3 months for the change to actually happen which has caused dishonor fees. Also they had charged twice, not realised then charged a dishonor fee on top.
No issues, easy to use
1. Contract with Macquarie via Volvo seemless.
2. Interest rate is fine
3. Contract accuracy fine.
Can't find where I can amend payments on line to fast track pay off of the loan. Only a minor matter.
There are many negative reviews but they don't pin point measurable issues such as contract breaches on behalf of the lender.
I am 24 months into a 48 month consumer loan and they are fine.
After initial struggles I got a interest rate discount. Still may not be the best but helpful to my situation.
My hardship application received least consideration initially but on further talk got a rate reduction which is very helpful to me at this situation. So I decided to update my review.
Simple, good value, not a single issue.
I purchased a new car in December 2019. I had no issues while getting the finance, the explanation of the T&C was clear, pricing outline (repayments, interest, fees, timing etc) was extremely simple. Reading the other reviews, either they didn't take the time to read or major changes have been made. I recently paid out the car early, no supposes, was exactly what I expected it to be after 1 year. I would recommend, and if I go for another loan I would be happy to go with Macquarie Leasing again. Remember, you NEVER need to take finance without reading their T&C first.
Terrible customer service
I called about car finance after using them for car finance for almost 2 years. They told me someone should get back to me in a week and if i couldnt wait them i should look for car finance elsewhere. Terrible customer service and I will never consider using them again. They dont even deserve one star.
I would prefer to give zero stars
Their new ad campaign says 'we reward good borrowers'
However in reality it should be 'we punish people who are in extreme hardship with prejudice because we don't care about you deadbeats'
Customer service, payout figure, phone service
Just another evil bunch that cannot be trusted. The worst customer service. Probably worse than Telstra. Deceitful liar’s that take advantage of you. Do yourself a favour and go elsewhere.
Worst experience dealing with them stay away
It took them two week to recieve thier decision, they asked for many details for many times and they done a credit check with no reason. Even before I submit an application I asked about my situation and I have been told it is all good, then it turns out it is not. No transperancy no rules. I would never deal with them again.
Tell you that you owe no money, Then Take You To Court!
Shockingly bad. I have in writing from two employees no money owed then taken to court an due to Macquarie mistakes and extra £800 charges added. Avoid like covid 19
Bad admin, poor customer service, stay away from Your Lease
I took out a car loan with your lease though a car dealer and it has turned into a confusing and agonising experience. After 6 payments of direct debit came out of my account payments stopped, it took me a few weeks to notice.
When I called them to sort this out they told me that I had gone online and applied for a hardship stop of payment due to Covid -19, I explained to them that i had not even set up my online access as it was all meant to be automatic. After a few different phone conversation of talking to different members of the your le...ase team none of whom seemed to acknowledge any blame of their part they finally they asked for permission to take out the owing amount which a agreed to as they said that they would get someone to call me about refunding the in extra interest accrued well they failed to take payment from me. I never heard back from them in regards to paying back the extra charges I received..... Months later and direct debit payments have still have not been coming out and I had not heard from them at all until a receive SMS saying to call them as I am behind in payments. I call and ask what is going on and am told that I am $400 behind and that again it was not their issue. If you value your time and cannot afford to make lump sum payments to make up for Your Lease admin failures stay away from Your Lease they are hopeless. I have decided to payout they rest of my loan in exchange I will not have to deal with this company again.
Really the worst ever. Perhaps worse than com.bank
They're so great at showing how much they hate people, esspecially poor people, like their customers. They play god alot - often hang up/cut calls and make you listen to 3-4mins of propergande before you get an option.
Average about 2 drop outs, usually either when being transfered or recycled around because no one mans phones in that office during breakfast breaks, smoko breaks, moning tea breaks, after morning tea breaks, lunch breaks, after lunch breaks, smoko, afternoon tea breaks, collegue parties and celebration breaks and early marks.
Never want to give me statements!
My loan was taken over by macquarie when they bought out esanda, and honestly i've struggled with their customer service since the day they took over. I need statements for my bank so i can apply for a home loan and once i needed some for my car insurance too. I sent numerous online requests asking for statements, i never get a response. When i ring to finally beg for a statement I am met with customer service who don't seem to know what they are doing, or don't seem like they give a rats about me! I quote my online request number and they just...say "oh our online request system doesn't work properly" but they say that every time! I ask for it emailed and and they struggle to comprehend why i don't want it posted. Then say it's hard for them to email it to me. How? They then try to convince me with just a balance figure they verbally state over the phone and start rambling on about how a statement isn't a payout figure. I found myself repeating that i worked in a bank and completely understand this! I am honestly fed up with their unprofessional antics and am going to pay what ever extra fees i'm going to be charged for a payout. Maybe they should spend more time/money training their pitiful excuse for customer service than on their advertisements!
CHECK FOR CLASS ACTION
They add the full interest to the loan at the start, so you pay all the interest before you start on the capital.
I bought a car new for $28000 after paying $11000 my payout fee is now $28500.
The interest rate (which took me 4 phone calls to get) is 14.18% even though they advertise 7.5% and my bank offered me 6.79%
If you bought your car before Oct 2018 please see if you can join the class action against them related to fees. (it is being done by MauriceBlackburn)
Questions & Answers
How do I get a final statement for the car loan?
Best way is to go to yourlease.com.au and register using the register now button. This will give you access to your loan details. Once registered and logged in you will be able to see your loan balance, request an instant pay-out etc. Other information such as the loan contract can be requested from the site but will take a couple of working days to come through. If you get stuck you can call 1800 100 152 (Macquarie Leasing) who should be able to resolve login issues.
Just wondering we are coming to the end of our lease and have to pay the balloon payment of $16,000 at the end. What happens if we can not come up with that amount can we continue to pay it off, do they take the car, ??? Do we need to get another loan for the same car
You have a couple of options. 1 take out a loan for the $16000. 2. Sell the car and pay out the residual. If the car sells for less you will need to make up the difference. 3. You can continue to pay the lease instalments but the balance owed won’t go down probably not a great option. 4. Failing any of this Macquarie can take the vehicle and auction it off. If they get less than $16000 you will still owe the balance. 5. Renegotiate with Macquarie to extend for another year and residual.
If we extend for another year what would we need to do? Do we go through another application etc?
If we extend for another year what would we need to do? Do we go through another application etc to extend it
Could you please send me a current statement of my car lease account.
ELN 1979489 in the name of Louis John Oosthoek DOB 17/02/1959.
Car purchased Hyundai I30.
Current email, email@example.com
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