Consumer Secured Asset Loan
Target Market Determination
|Product Name||Consumer Secured Asset Loan|
Green Light Auto Group Pty Limited trading as Green Light Auto Finance. Australian Credit License 392 740, ABN 39 131 507 474 (“GLA”)
This document is a prescribed document under the Corporations Act 2001 (Cth) to describe the class of person (the target market) for whom the product was designed. It is not advice.
The Consumer Secured Asset Loan is designed for individual or joint borrowers aged between 18 and 65 years who meet GLA’s credit policy, and who need from $6,000 to $45,000 for 3-5 years to purchase a motor vehicle or motorcycle to benefit the borrower(s). The borrower(s) may (optionally) want the flexibility to borrow more than the vehicle’s value to pay for the associated vehicle and fees such as but not limited to stamp duty, registration, origination costs, insurance, warranty and roadside without the need for a deposit.
Customer needs, objectives and financial situation
The Consumer Secured Asset Loan is designed for individuals who:
*All loans are subject to GLA’s credit policy and responsible lending suitability assessment.
The Consumer Secured Asset Loan is not designed for persons seeking a loan greater than $12,500, where the borrower(s) income consists solely of payments under the Social Security Act.
The Consumer Secured Asset Loan cannot be used by a business or trust.
Distributors must be an Australian Credit Licence (ACL) holder, an ACL representative, or authorised to engage in credit activity under a valid National Consumer Credit Act 2009 exemption or defence. They must comply with all existing laws in relation to credit assistance, and Design and Distribution Obligations applicable to their retail product distribution conduct.
Distributors must follow any reasonable DDO guidance issued by GLA from time to time, including in relation to complaint, significant dealing and TMD reporting.
All distributors are required to be accredited with GLA and operate in accordance with any agreements and or processes. All loan applications must be submitted using the systems provided by GLA.
How these conditions create alignment to the target market
These distribution conditions are essential to ensure that:
The following are review triggers that require the Issuer to review this TMD within 10 business days:
|When subsequent reviews must occur||
A maximum of 12 months from the previous review date.
|Reporting periods for distributors to report complaints||
The following information must be reported to GLA using standard reporting procedures:
Information about product complaints and distribution complaints
All other reporting information
|Information that must be reported||
Distributors must report the following to GLA using standard reporting procedures:
All other indicia are monitored directly by GLA using data collected within its origination systems.
Issue Date: 5th October 2021
Last Review Date: 30th April 2023
Next Reviewed Date: 31st March 2024