These terms summarise the standard conditions of a Toybrids rent-to-own plan. Every driver signs a Vehicle Subscription Agreement before taking delivery of a vehicle. If anything on this page differs from your signed agreement, the signed agreement applies.
Who you contract with
Your rent-to-own plan is a long-term vehicle subscription agreement with Southern River Equipment Pty Ltd (trading as Toybrids), ABN 97 689 380 710, of 15 Archimedes Drive, Forrestdale WA 6112. The plan is not a consumer lease and is not credit or finance. The vehicle remains the property of Southern River Equipment Pty Ltd until the end of your plan.
How the plan works
- You choose a plan term of 2, 3 or 4 years and pay a deposit as set out in your agreement.
- You pay a fixed weekly amount for the vehicle, plus a variable weekly amount that covers insurance and registration at cost. The variable amount is a best estimate. It is reconciled at the end of your plan, and any unused balance is refunded to you or any shortfall becomes payable.
- Once every payment under your agreement has been made, including any variable balance, you purchase the vehicle for a notional amount of $1 and ownership transfers to you.
- No credit checks are required.
Payments and billing
Invoices are issued weekly and payment is due by the day set out in your agreement. For billing or any other questions about your vehicle or plan, contact Toybrids directly.
- A late fee of $40 applies to payments made after the weekly due date.
- If a payment remains unpaid 10 days after the due date, the agreement is treated as ended. The vehicle must be returned and any rights to ownership under the plan are forfeited.
- Weekly pricing may be adjusted for CPI at the start of each financial year, and where the underlying costs of registration, insurance or maintenance rise, pricing may be adjusted to match.
Servicing, maintenance and running costs
- Routine logbook servicing is carried out at the Toybrids service centre at the driver's expense, at discounted rates. Servicing intervals follow the manufacturer's logbook and are scheduled by Toybrids.
- You are responsible for day-to-day running costs: fuel, engine oil and coolant top-ups, tyres and windscreens. You may use your own suppliers for tyres and windscreens.
- Mechanical repairs and panel work must be arranged through Toybrids.
- You must make the vehicle available for scheduled servicing. A fee applies if the vehicle is repeatedly unavailable on agreed service dates.
Your responsibilities as the driver
- You must hold a valid Australian driver's licence for the full term of your plan.
- Only you and any authorised drivers listed on your agreement may drive the vehicle. Additional drivers can be added with an insurance declaration.
- All traffic and parking infringements incurred during your plan are your responsibility.
- You are responsible for damage to the vehicle beyond fair wear and tear, and for damage to third parties arising from your use of the vehicle.
- The vehicle must be used safely and lawfully, in line with WA road law and, where used for rideshare, the relevant passenger transport rules.
- A cleaning fee applies if smoking has occurred in the vehicle.
GPS tracking
Every vehicle is fitted with a GPS tracking device in accordance with the Surveillance Devices Act 1998 (WA). Tracking is used for vehicle safety, driver safety and maintenance scheduling only. The device does not record audio. By signing your agreement you consent to this tracking. Tracking data is not disclosed except where required to protect the lawful interests of either party, such as to law enforcement, insurers or under a court order. Removing or tampering with the device is unlawful and costs of repair or recovery will be charged.
Ownership and security interest
Southern River Equipment Pty Ltd retains full ownership of the vehicle for the duration of the plan and registers its interest on the Personal Property Securities Register (PPSR). You may not sell the vehicle or use it as security for any loan or other obligation during the plan.
Ending the plan early
- Your plan must run for a minimum of 12 months.
- After that you may pay out the fixed portion of your agreement early. Any subscription fees you have not yet incurred come off the payout figure.
- Subscription fees are not spread evenly across the plan. Much more is billed in the first year than in any year after it, so paying out early saves less than dividing the total by the number of weeks would suggest. The table below shows exactly how they fall.
- You may return the vehicle early instead of paying it out, by giving four full weeks' written notice. Notice periods start on a Monday. Payments already made are not refunded and rights to ownership under the plan end.
- Toybrids may end the agreement immediately where the vehicle is not being properly cared for, where unauthorised drivers are using it, or where payments are not being made as agreed.
How subscription fees fall across the plan
These figures are based on the standard subscription fee of $82.50 a week.
| Billed in | 2 year plan | 3 year plan | 4 year plan |
|---|---|---|---|
| Year 1 | $7,488.00 | $6,435.00 | $8,580.00 |
| Year 2 | $1,092.00 | $3,217.50 | $2,860.00 |
| Year 3 | — | $3,217.50 | $2,860.00 |
| Year 4 | — | — | $2,860.00 |
| Total | $8,580.00 | $12,870.00 | $17,160.00 |
A worked example. On a 3 year plan, $6,435 of the $12,870 total is billed across the first 12 months. If you paid out at the end of year one, the $6,435 not yet billed would come off your payout figure. Note the 2 year plan is weighted harder still: $7,488 of its $8,580 total falls in year one, so there is very little left to come off if you pay it out early.
Payout figures depend on when you pay out and what has been billed to that point, so ask us for a written figure before you commit to anything.
Governing law
Rent-to-own plans are governed by the laws of Western Australia.
Questions
If you have questions about these terms or your agreement, contact us at admin@toybrids.com.au or on 0452 344 980, or visit us at 15 Archimedes Drive, Forrestdale WA 6112.