BMW Australia finance arm slammed

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…

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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…

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Government announces finance incentive for EVs

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…

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17-301MR ASIC bans flex commissions in car finance market

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…

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Not all car finance is created equal

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…

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‘I had never seen anything like this’: Inside ANZ’s car loan business

‘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…

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Acknowledgment

Drive Easy acknowledges Aboriginal and Torres Strait Islander Peoples as the First Australians.

We acknowledge the diversity of Aboriginal and Torres Strait Islander Peoples across this land. We respectfully recognise Elders both past and present.