FLEXI COMMERICAL RATES EFFECTIVE: 22/01/2024
A message from Patrick at Flexi:
Morning Team
Just a recap from the Flexi EDM that was sent to you this
morning.
- Effective
from today, our establishment fees have increased by $50. One time
establishment fees for dealer sale now $495 and $745 for private
sales. Deals already in the pipeline will not be impacted.
- Terms
of up to 7 years are now only reserved for Primary assets up 3 years
old. Of course, we can consider assets outside this on exceptions
basis for a strong customer.
Please feel free reach out if you have any questions.
Have a good week ahead.
Information of upcoming changes to Flexicommercial rates, effective 22/01/2024. Please review the revised rates below, categorised by Base Rate and Asset Categories.
Base Rate, Primary, Secondary, and Tertiary:
| Amount Range | Base Rate | Primary | Secondary | Tertiary |
|---|
| $10,000 - $20,000 | 13.50% | 14.00% | 16.50% | 16.50% |
| $20,001 - $50,000 | 11.00% | 11.25% | 15.80% | 15.80% |
| $50,001 - $150,000 | 9.25% | 9.50% | 14.50% | 14.50% |
| $150,001 and above | 8.75% | 9.00% | 13.50% | 13.50% |
Additional Adjustments to Base Rates:
- 1.0% for Prime Movers (excluding Tippers, Agitators, Rigid Bodies, etc.)
- 1.0% for Assets 10-15 years old, Private Sales, Not Asset-Backed, Term <24 months
- 1.25% for Term >60 months
- 2.0% for Assets >15 to 20 years old
Other Terms and Conditions:
- Establishment fee of $495 applies to all products; $745 for private sales.
- Minimum deal size of $10,000.
- Maximum term of 7 years on Primary assets up to 3 years old, for all other assets the maximum term is 5 years.
Brokerage (included in Net Amount Financed):
| Amount Financed | Max Brokerage | Additional for Every 1% Above |
|---|
| <$50,000 | 8% | 0.5% (up to 8%) |
| ≥$50,000 | 6% | 0.5% (up to 6%) |
Asset Categories:
PRIMARY
- Agricultural machinery and equipment
- Materials handling/forklifts
- Access equipment (boom/scissor lifts)
- Light trucks <3.5 tonnes
- Heavy trucks >3.5 tonnes
- Trailers and buses/coaches
- Commercial motor vehicles (utes, vans, and 4WDs)
- Construction and earth-moving equipment (non-mining)
SECONDARY
- Agricultural machinery and equipment (can be up to 20 years old at the end of term, trailers – 30 years)
- Commercial vehicles
- Medical/dental/laboratory equipment
- Mining equipment
- Trade tools
- Attachments for earthmoving
- Plant services (compressors and generators)
- Printing and packaging equipment
- Forestry machinery and equipment
- Engineering and toolmaking equipment
- Woodworking and metalworking equipment
- Mechanical workshop equipment
- Food manufacturing equipment
- Fitness equipment
- POS systems
- Catering
- AV and video conferencing
- All IT assets
- Renewable energy
- Pallet racking
- Security system (hardware only)
- Fit-outs
- Temporary fencing
- Software
- Air conditioning units
- Cool rooms
- Spray booths
- Catering and hospitality equipment
- Portable buildings
Note: Flexi do not fund photocopiers, MFDs, or scaffolding.
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