BMW Australia finance arm slammed German luxury brand admits to “challenges” after being forced to pay $72m for misleading customers. One of BMW’s most senior executives has admitted the company faces serious “challenges” with its Australian finance arm, which was this week reportedly forced to pay $72 million for misleading local customers. Speaking to motoring.com.au…Details
The Breakdown: Car loan exploitation. Five things you need to know about the automotive lending problem.
The Breakdown: Car loan exploitation. Five things you need to know about the automotive lending problem. What’s going on? People are buying cars they can’t afford and government regulators are sick of it. The Australian Securities and Investment Commission has gone after credit providers ranging from dodgy outback car dealerships to global automotive powerhouses, small-time…Details
Government announces finance incentive for EVs But discounting interest rates for electric vehicles and plug-in hybrids doesn’t go far enough, say EV stakeholders. The Australian government has issued a press release this week, announcing a deal worked out with Macquarie Leasing for cheaper finance to purchase electric vehicles and plug-in hybrids. Starting with a $100…Details
17-301MR ASIC bans flex commissions in car finance market ASIC has formally banned flex commissions in the car finance market, with the legislative instrument to ban these commissions registered on the Federal Register of Legislative Instruments today. Flex commissions are paid by lenders to car finance brokers (typically car dealers), allowing the dealers to set…Details
Not all car finance is created equal. The world of car finance can be a hugely confusing place to anyone not sporting an economics degree (or the surname Koch). For a start, it’s like they’re all speaking some strange and alien language, with terms like comparison rate, principal, redraw and payment schedules all thrown about…Details
In Australia, 1 in 5 new cars are purchased with a car loan A whopping $8.5 billion was borrowed to purchase new cars just in the past year. Aussies love new cars and it appears we don’t shy away from car loans to finance our purchase. A finder.com.au analysis of Australian Bureau of Statistics (ABS)…Details
Banking royal commission: Westpac’s ‘unacceptable’ car loan policies under spotlight Westpac has told the banking royal commission a Bank of Melbourne car loan granted to a carer in 2012 which she could not afford to pay back would not have been approved today. Nalini Thiruvangadam told the commission she had wanted to buy a new…Details
Banking Royal Commission: We rely on car dealers to verify our loans, says Westpac Australia’s largest provider of auto loans accepts customer information provided by car dealerships as gospel and does not independently verify the expenses – and in some cases income – of loan applicants. The Hayne royal commission heard from Nalini Thiruvangadam on…Details
‘I had never seen anything like this’: Inside ANZ’s car loan business ANZ’s former car loan business Esanda was riddled with misconduct, the royal commission has heard, including dealers pumping up interest rates to get commissions and brokers swapping customer’s financial information with that of their guarantor to get loan approvals. ANZ’s breaches of responsible…Details
0% Car Finance – the truth about 0-1% finance on new cars It’s a rule that’s probably buried somewhere in Donald Trump’s bile-filled Art of the Deal, if you can bear to read his books – “anything that sounds too good to be true, almost certainly is”. So if you’ve seen an advertisement promising “0%…Details
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