SPECIFIC TERMS OF CREDIT CONTRACTS AND CONSUMER FINANCE ACT DISCLOSURE
IMPORTANT – The creditor is required to provide you with this disclosure statement under section 64 of the Credit Contracts and Consumer Finance Act 2003. This document and the attached terms and conditions (“Terms and Conditions”) set out the key information about your consumer lease. You should read them thoroughly. If you do not understand anything in this document, you should seek independent advice. You should keep this disclosure statement and a copy of your consumer lease in a safe place. This disclosure statement must be provided to you within five working days of the date on which the lease is made.
The disclosure statement relating to this consumer lease is made up of two parts, namely:

  • these specific terms (“Specific Terms”); and
  • the terms and conditions which are attached to this disclosure statement (“Terms and Conditions”).

NATURE OF LEASE
This lease is a consumer lease under the Credit Contracts and Consumer Finance Act 2003.

TERM OF LEASE
This lease is for an initial term of twenty four months (“Initial Term”), and may if you do not choose to terminate the lease at the expiry of the Initial Term, extend after the Initial Term in accordance with clause 4 and clause 5 of the Terms and Conditions. If there have been missed rental payments, the term of the lease may also extend in accordance with clause 6 of the Terms and Conditions.

CASH PRICE
The cash price of the goods leased under this lease (including the filtration and services provided under the Initial Term) is $1800.00 for Water Cooler 5×42 LED and $2,000.00 for Water Cooler 69B LCD. There is no option for you to purchase the goods under this lease.

PAYMENTS REQUIRED
You agree to pay the rental payments of the amounts and at the times specified in the section “Initial Rental Payments” above (Rental Payments) for the Initial Term and if you do not choose to terminate the lease at the expiry of the Initial Term, after expiry of the Initial Term until you choose to terminate the lease. Rental Payments will commence in accordance with the debit frequency after the Set Up Fee Debit Date detailed in the section “Initial Rental Payments” above. Should there be any arrears in Rental Payments due under the lease, you authorise LSL or its assignee to debit the outstanding balance in order to satisfy all outstanding amounts in full unless LSL agrees to extend the term of the lease in accordance with clause 6 of the Terms and Conditions, in which case clause 6 will apply. Your instalment plan for payment of the Rental Payments is as selected in the section “Initial Rental Payments” above. All amounts payable under this lease are inclusive of goods and services tax (“GST”) chargeable under the Goods and Services Tax Act 1985.

AMOUNT PAID AT COMMENCEMENT OF LEASE
LSL requires that a non-refundable setup fee of $29.95 is payable to LSL or its assignee by you on signing of this lease. You may also be required to pay up to six Rental Payments in advance prior to receiving delivery of the goods (such matter to be determined by LSL in its sole discretion and advised to you at the time of entering into this lease). The goods leased pursuant to this lease will not be delivered to you until the set up fee and the required number of Rental Payments due under this lease have been received by LSL or its assignee. The set up fee will not be taken within the Door to Door Sales Act Cooling Off Period (if applicable).

TOTAL AMOUNT PAYABLE
The total amount payable under this lease for the Initial Term of twenty four months is $1,589.95 for Water Cooler 5×42 LED and $1901.95 for Water Cooler 69B LCD. This amount includes the set up fee payable in connection with this lease. If, at the end of the Initial Term, you do not exercise your right to terminate the lease, the total amount payable under this lease will be increased by the amount of all payments you make until you terminate the lease.

DELIVERY TERMS OF LEASE
Delivery will be made after the Set Up Fee and required Rental Payments have been processed. If a right to cancel applies to this lease and you do not exercise your right to cancel, you will have an obligation to honour the terms of this lease for the Initial Term and after the Initial Term (if applicable), subject to your right to terminate this lease in accordance with its terms.

SERVICES FINANCED UNDER LEASE
The particulars of service that are in substance financed by this consumer lease are:
(a) repair and or replacement which are necessary due to a fault or defect in the goods leased under this lease; and
(b) provision of one water filter each year for the duration of the lease.
Further information relating to the services set out above is detailed in clause 9 of the Terms and Conditions.

EXPIRY OF THE INITIAL TERM
If this lease for a water dispenser and filtration equipment and any additional equipment referred to in the lease schedule (“Equipment”) continues after the expiry of the initial term of twenty four months (“Initial Term”), the payment frequency option you select during the Initial Term will also apply after expiry of the Initial Term for as long as the lease is not terminated, unless you request otherwise.

CONDITIONS OF TERMINATION OF LEASE AFTER THE INITIAL TERM
If you wish to terminate this lease after expiry of the Initial Term, you may do so by giving LSL three months written notice, or alternatively, a monetary payment equivalent to three months notice. Upon expiry of the three month notice period, LSL will be entitled to repossess all goods leased under this lease.

CONDITIONS OF TERMINATION OF LEASE DURING INITIAL TERM
If you wish to terminate this lease after delivery and prior to the expiration of the Initial Term, you may do so by paying an amount to compensate LSL for the loss and costs it has incurred as a result of your early termination (the “Termination Value”). The Termination Value will differ depending on how far through your lease you are when you advise LSL that you wish to terminate your lease. It is calculated by using the formula set out below. Terms used in the formula have the following meanings:
A = termination fee of $150 payable by the Lessee which represents a reasonable estimate of LSL’s administration costs in connection with the termination of the lease
B = where y > x, B = y – x, or where y < x, B = 0
x = the total amount of Rental Payments you have made under the contract up to the date that you notify LSL that you wish to terminate the lease
y = $629.95 for Water Cooler 5×42 LED and $729.95 for Water Cooler 69B LCD
C = 20% of the value of your future Rental Payments to be made under the contract up to the expiry of the Initial Term.
Termination Value = A + B + C
The Termination Value will also be payable in the event that LSL terminates the lease as a result of an event of default, as contemplated by clause 13.
You duly authorise LSL or its assignee to debit such amounts payable by you in connection with this provision from your nominated bank account as they fall due.

DEFAULT FEES AND CHARGES
In the event of a breach of this lease or the enforcement of this lease, the default fees specified below are payable, in addition to any amounts payable in accordance with the indemnity given by you in favour of LSL pursuant to clause 18 of the Terms and Conditions.
Default Fee(s): A default fee of $2.50 per week for each payment in default debited from your account for the duration of the default (as detailed in clause 26 of the Terms and Conditions).
Letter Fee: A letter fee of $5.00 for each Pre-possession Notice sent and for each Repossession Authority generated.
You duly authorise LSL or its assignee to debit such fees or charges from your nominated bank account as they fall due.

FEES AND CHARGES
In addition to any fees or charges set out above, the following fee(s) and charge(s) are, or may become, payable under, or in connection with, this lease:
Pre – delivery Cancellation Fee: A pre-delivery cancellation fee of $150.00 is payable to LSL or its assignee by you when this lease is cancelled pursuant to clause 21 of the Terms and Conditions. LSL will refund any Rental Amounts already paid in excess of $150
Transaction Fee: A transaction fee of $0.10 cents per Rental Payment debited from your account.
Assignment Fee: An assignment fee of $30.00 if LSL agrees to a written request from you to document an assignment of this lease.
Service Fee: A repair fee of $30.00 if any damage to the goods leased pursuant to this lease is caused other than due to a faulty part or normal wear and tear. This fee will be payable in addition to any replacement parts required as a result of the damage. Further information relating to amounts payable in connection with service and repairs is set out in clause 10 of the Terms and Conditions.
Call out Fee: A call out fee of $40.00 will be payable in the event that an LSL technician is required to attend your premises to repair or service the goods leased pursuant to this lease.
Non Disclosure Fee: A non disclosure fee of $30.00 may be payable by you in the event of non disclosure of your new address details (as detailed in clause 8 of the Terms and Conditions).
You duly authorise LSL or its assignee to debit such fees or charges from your nominated bank account as they fall due.

PRIVACY ACT 1993 AUTHORISATION
I understand that this authorisation relates to personal information about me which I or others provide to Love Springs Limited or its assignee (“you/your”). I understand that the information collected by you will be held at your office(s) or those of your assignee and that I may access and correct that information by contacting you. I acknowledge that my information will be used by you or your assignee: to assess my credit worthiness and risk profile for the purposes of entering into a consumer lease relating to water coolers and if I have requested CCI, you will provide my information to Beneficial Insurance Limited so that they can issue and administer the Policy including assessing any claim I may make with them; for the management, administration, protection or enforcement of the contract or of any arrangement with your financier and any other agreement you have with me; and for promotional and marketing purposes.
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I understand that Love Springs Limited are asking me for personal information about me so as to use Veda Advantage’s credit reporting service to credit check me. I understand that:
(a) Veda Advantage will give you information about me for that purpose; (b) you will give my personal information to Veda Advantage, and that Veda Advantage will hold that information on their systems and use it to provide their credit reporting service; (c) when other Veda Advantage customers use the Veda Advantage credit reporting service, Veda Advantage may give the information to those customers; and (d) if I default in my payment obligations to you, information about that default may be given to Veda Advantage, and Veda Advantage may give information about my default to other Veda Advantage customers.
By signing this consumer lease, I authorise you to exchange information about me, to make enquiries, disclose and obtain information about me to and from anyone else (including insurers, potential assignees, credit providers, credit agencies, my employers, medical services providers and Government agencies, including, but not limited to Immigration NZ and NZ Customs Services, which may include details of my overseas movements) and I also authorise the provision of such information by anyone else to you. I understand that all information you provide to any agency including information relating to any default by me of any obligation to you may be held by any agency for its credit reporting service and that the agency may give such information to its customers who use its service. I also understand that I may access and correct the information held by the agency by writing to the agency at their postal address.