Chargeback Guidelines

Financeit may refuse to fund/disperse or chargeback the amount of any loan upon the occurrence of any of the following:


  1. The goods are returned by the Borrower to the dealer or are not received by the Borrower;
  2. The goods are defective, or are not of merchantable quality, or are not fit for use;
  3. The borrower(s) has any effective legal or equitable defences, set offs or counterclaims against the obligations owing to Financeit under the Loan or in respect of any rights of Financeit;
  4. The Loan Agreement was not duly executed by the borrower(s);
  5. The Loan is for any reason illegal, null or invalid, or the indebtedness unenforceable for any reason;
  6. The Loan does not constitute a binding indebtedness or obligation arising from a bona fide sale of Consumer goods, or is not binding in accordance with its written terms;
  7. The Loan was obtained or induced by fraud or misrepresentation, or represents a fictitious transaction, or is otherwise a fraud or an attempt to defraud;
  8. Any term of the Loan has been varied in a material way;
  9. The credit information furnished by a borrower(s) was not accurately reported by the dealer to Financeit;
  10. The dealer refuses or has failed to honour the terms of any written warranty provided by the dealer to the Borrower in respect of the goods acquired by the Borrower by means of the Loan;
  11. The dealer has been paid more than once for the same transaction;
  12. The signature appearing on any Loan Document is forged or unauthorized;
  13. The dealer has failed to comply with any of the terms of the Dealer Agreement or these Operating Procedure, or breached a representation or a warranty made in the Dealer Agreement; or
  14. The dealer has or has attempted to reduce or disguise the amount of a Loan by the use of multiple loans.
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