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Target Market Determination

Rentcleva Pty Ltd

 

Company: Rentcleva Pty Ltd

ABN:         37 163 636 137

ACL:          439418

Phone:       1300 155 111

Email:        david@rentcleva.com.au 

 


SECTION A – ABOUT THIS TARGET MARKET DETERMINATION

1. INTRODUCTION

1.1      Rentcleva Pty Ltd (“Rentcleva”, “we”, “us” or “our”) operates a credit provider in relation to leasing of Home Appliances. Rentcleva is an issuer and Forex 1 Pty Ltd ATF Trading Rental Trust is a distributor of consumer leases to consumers. Accordingly, we must comply with the Design and Distribution Obligations set out in:

(a)       Part 7.8A of the Corporations Act 2001; and

(b)       Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

1.2      The Target Market Determination was issued by Rentcleva and covers Rentcleva’s offering of consumer leases to consumers.

1.3      Rentcleva holds an Australian Credit Licence (Number: 439418). Rentcleva is an issuer and Forex 1 Pty Ltd ATF Trading Rental Trust (Authorised Credit Rep Number: 480759) is a distributor of Products.  

1.4      The purpose of this Target Market Determination is to ensure Rentcleva’s Products are suitable for the consumers Rentcleva targets.

1.5      Rentcleva is committed to creating and maintaining a consumer-centric approach to the design and distribution of its Products.

1.6      This Target Market Determination does not contain all the information that a consumer may require prior to making a decision to acquire or continue to hold a Product. This document does not provide Product advice and does not contain a full summary of the Product's features, applicable fees, benefits or risks. You should refer to the relevant terms and conditions before deciding whether to apply or continue to lease a product. The terms and conditions are available at the following link terms and conditions 

1.7      You should also review the other documents relating to the credit contracts, including the:

1.8      This Target Market Determination does not apply to wholesale clients as defined by section 761G of the Corporations Act 2001.

2.        PRODUCTS ISSUED BY US

2.1      Rentcleva offers the following types of consumer leases:

Leasing of Home Appliances

2.2      This Target Market Determination has been prepared in relation to the consumer leases listed above (“Product”) only.

SECTION B –TARGET MARKET

3. PRODUCT DESCRIPTION AND KEY ATTRIBUTES

We are a home appliance rental business that specialises in the leasing of home appliances.  We offer 36 month fixed term consumer leases. 

A consumer leases is a contract for the hire (rental) of goods where the consumer has no right to purchase the goods. Examples of consumer leases issued by us are listed at Section 2.

 

 

Key Attributes of the Product

Class of consumer

  •        Eligibility Requirements

 

  •        Commercial Clients
  •        Domestic Clients
  •        Situational Clients
 
 

Repayment amount and frequency

Ability to maintain repayments: Clients must be able to meet their repayment obligations for the consumer lease on an ongoing basis.

 

 

 

4. OBJECTIVES, FINANCIAL SITUATION AND NEEDS

4.1      Rentcleva’s Product has been designed for consumers whose likely objectives, financial situation and needs (as outlined in this document) align with the Product (including its key attributes), including consumers who:

(a)         don’t have the financial resources to purchase the item outright

(b)         are able to afford the fortnightly payments

(d)         are interested in the flexibility to return the product prior to the lease end date

(e)         are interested in the servicing guarantee

 

5. CONSUMERS FOR WHOM Rentcleva’s PRODUCT IS NOT SUITABLE

5.1      The Product is not suitable for clients who:

(a)       do not meet the eligibility requirements;

(b)       are currently or previously bankrupt and have a court judgment against them;

(c)       are unable to pay the fornightly repayment

(d)       cannot afford to bear loss;

(e)       are below the age of 18;

(f)        are in financial hardship or going through bankruptcy or have a court judgment against them;

(g)       are vulnerable, including those who are:

(i)        elderly or suffering an age-related impairment;

(ii)       suffering any form of cognitive impairment;

(iii)      suffering from elder or financial abuse;

(iv)      suffering from mental or other forms of serious illness affecting capacity;

(v)       suffering from any form of addiction; or

(vi)      suffering from any other personal or financial circumstances causing significant detriment.

 

6. CONSISTENCY BETWEEN THE TARGET MARKET AND PRODUCT

6.1      Rentcleva has assessed the Product and formed the view that the Product, including its key attributes, is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market, as described above.  

SECTION C – DISTRIBUTION

7. DISTRIBUTION CHANNELS

7.1      The Product is distributed by:

(a)       Rentcleva;

(b)       Rentorilla’s website:  rentorilla.com.au

(c)       Showroom located at Shop 5, 53-57 Elizabeth Way, Elizabeth, SA 5112

(d)       Authorised Credit Representative Rentorilla Credit Representative Number 480759

 

8. DISTRIBUTION CONDITIONS

8.1      Rentcleva takes reasonable steps to ensure that Rentcleva as well as any distributors, distribute the Product to the Target Market.

8.2      Rentcleva has implemented the following processes to ensure distribution is consistent with consumers who fall within the Target Market:

(a)       verification of a potential consumer including whether they:

(i)         fall within the Target Market during the onboarding process;

(ii)        meet all eligibility requirements;

(iii)       have appropriate borrowing capacity;

this occurs before accepting them as a client and allowing them to acquire the Product;

(b)       distributors are required to implement appropriate training and scripts to all client facing representatives including those operating in call centres; 

8.3      Rentcleva will take reasonable steps to ensure its marketing strategy and the marketing strategy of distributors is targeting consumers within the Target Market. The following processes have been implemented by Rentcleva:

(a)       marketing campaigns are reviewed and approved by Rentcleva prior to publication;

(b)       conducting a compliance review on a sample of phone recordings and correspondence from client facing staff; and

(c)       all client onboarding is conducted by Rentcleva directly to ensure the Target Market criteria is met.

8.4      Rentcleva’s distributors cannot release marketing materials without obtaining Rentcleva’s prior written consent.

9.  ADEQUACY OF DISTRIBUTION CONDITIONS

9.1  Rentcleva has determined that the distribution conditions and restrictions will make it likely that consumers who purchase the Product are in the class of consumers for which it has been designed. We consider that the distribution conditions are appropriate and will assist distribution being directed towards the target market for whom the Product has been designed. 

SECTION D – REVIEW AND MONITORING

  1.       REVIEW

10.1    Rentcleva reviews this Target Market Determination in accordance with the below:

Initial Review:

Within 3 months of the effective date.

 

Periodic Reviews:

 

Annually after the initial review.

 

Review Triggers:

 

When any event or circumstance arises that suggests the Target Market Determination is no longer appropriate. This includes (but is not limited to):  

  •        material changes to the key attributes of the Product; 
  •        the occurrence of a significant dealing including when distribution occurs outside the Target Market;
  •        where the distribution conditions are found to be inadequate; 
  •        external events such as adverse media coverage or regulatory attention;
  •        significant changes in metrics, including, but not limited to, receipt of a large volume of complaints by Rentcleva or one of our distributors, and
  •        where Rentcleva detects issues with the distribution of the Product through the monitoring of daily business activities as well as the monitoring and supervision of distributors.

 

11.  DISTRIBUTOR REPORTING REQUIREMENTS

11.1    Rentcleva collects the following information from distributors in relation to this Target Market Determination:

Complaints

Rentcleva’s distributors report all complaints in relation to the Product covered by this Target Market Determination on a monthly basis.

 

Significant Dealings

Rentcleva’s distributors report to Rentcleva if they become aware of a significant dealing in relation to this Target Market Determination within ten (10) business days.

Feedback

Rentcleva’s distributors report all consumer feedback (including performance of a Product) in relation to the Product covered by this Target Market Determination on a monthly basis.

 

 

 

SECTION E – CONCLUSION

11.2    Rentcleva reserves the right to amend this Target Market Determination at any time.

11.3    For further information please contact by:

(a)       Phone: 1300 155 111

(b)       Email: david@rentcleva.com.au

(c)       Mail: Po Box 849, Geelong, VIC 3220

(d)       Rentorilla’s website: rentorilla.com.au