Hello all
I am a Senior Account Manager at Oracle finance and I would be happy to address some of the issues being raised in this forum to hopefully provide some clarity and understanding.
It's great to see that a number of our customers have commented on here and are delighted with the service we have provided but I also appreciate some of the frustrations expressed by others.
In no particular order:
We are a finance broker for 15 different lenders. Each of our lenders have a number of different products, each with different rates and terms. Our goal is to try and match our customer's requirements with the lender and product that 1. most meets our customer's requirements and 2. is most likely to approve our customer's application.
A couple of weeks ago, there was a comment that Oracle hadn't gotten residual values for the Velar yet. It was the case that some of our lenders hadn't released the balloons/residual values as the model was so new to the market. We hadn't actually funded our first Velar until last week. I am pleased to confirm now that all of our lenders have now released their balloons/residual values for the Velar so we should be able to provide a range of finance options.
Yes, our application process does require 2 credit searches. We undertake an in-house credit search to assess our customer's credit status and then the lender that we propose to will undertake their own credit search. This enables us to ensure that we are proposing applications to the most suitable lender who is most likely to approve our customer's application. Additionally, if we do notice any issues or irregularities with our customer's credit history, we can address these directly with the customer and, hopefully, mitigate these issues before we propose to a lender and so increase the chance of the customer being approved.
Some of our lenders require that a tracker is fitted but most do not. This is a lender policy stipulation and is not something that a customer's credit history has a bearing on. This is just the same as some insurance companies may want a tracker and some may not.
Sometimes we do request some additional/supporting information, such as 3 months bank statements. This is requested in order to assist with obtaining approval from a lender on the most competitive basis. Most applications are approved without the need for the customer to supply additional/supporting information but it is not uncommon for the lender to request such information before issuing an approval. Lenders have a duty to treat customers fairly and lend responsibly and sometimes additional information is required in order to ratify their underwriting decision.
Each of our different lenders has a range of different products and these different products have different arrangement fees and option to purchase fees. Exactly the same as when buying a property, you may explore different mortgage products with different fees, our lenders' different products have different fees also. Oracle do not charge a fee for our services and we do not determine what the arrangement or option to purchase fees are. It may sound misleading that it is called an arrangement fee and seem that presumably this is Oracle's fee but this is not the case.
All motor finance products regulated by the Consumer Credit Act have the same early settlement terms. In the event that a customer settles their finance agreement early, they receive a rebate of all of the future interest in the finance agreement, with the exception of 1 months plus 28 days. Therefore, inversely, the charge for early settlement is virtually 2 months interest. Each lender does not have the capability to determine their own early settlement charges for products regulated by the Consumer Credit Act, it is standardised in government legislation.
We pride ourselves in the level of service that we provide and we will do everything we can to assist our customers in all parts of the buying process and afterwards. As we act for our customer and have no affiliation to the dealership where the customer bought the car from, we do everything we can to assist our customer if they have any problems, questions or concerns before, during or after purchase. Having a dedicated Oracle Account Manager means that you can call in and speak to the same person, months or years after purchase, should you wish to explore options regards settling your finance agreement or changing your car. As mentioned previously in this forum, customers often return to Oracle to fund other cars for themselves and/or their family.
I do hope the above helps explain our processes more clearly and provides some clarity. I would be delighted to assist anyone directly, whether they are purchasing a new Land Rover or any car, new or used, purchased from any dealership, independent or franchise, or even being sold by a private seller. I am available directly on 01423 795800 or email
oliver.clarkson@oraclefinance.co.uk
Thank you.