BMW's Australian car finance provider has been forced to pay nearly $700,000 in fines for irresponsible lending. The Australian Securities and Investments Commission (ASIC) states that BMW Australia Finance has received 2015.The heavy penalties in the past 12 months for breaching consumer protection provisions between November 2014 and May two latest fine totalling $391,000 on top of last year's fine of $306,000, both of which have been paid, relates to irresponsible lending. This includes failing to make reasonable inquiries about consumers' income and cash, entering unsuitable credit contracts with customers and failing or delaying its obligations to provide customers with their rights and options after repossessing mortgaged vehicles. ASIC said BMW Finance's failures led to customers entering into unsuitable loans and causing financial hardship.
BMW's Australian car finance provider has been forced to pay nearly $700,000 in fines for irresponsible lending. The Australian Securities and Investments Commission (ASIC) states that BMW Australia Finance has received two heavy penalties in the past 12 months for breaching consumer protection provisions between November 2014 and May 2015.The latest fine totalling $391,000 on top of last year's fine of $306,000, both of which have been paid, relates to irresponsible lending. This includes failing to make reasonable inquiries about consumers' income and cash, entering unsuitable credit contracts with customers and failing or delaying its obligations to provide customers with their rights and options after repossessing mortgaged vehicles. ASIC said BMW Finance's failures led to customers entering into unsuitable loans and causing financial hardship.