BMW's finance arm has been fined $697,000 by ASIC for breaches to the consumer code.
The fines relate to the following:
- Placing consumers into loans they couldn't afford
- Exaggerating individuals income/earnings in order to obtain loan approvals.
- Structuring loans so the sales people receive maximum commission.
- Placing consumers into loans that are significantly more than the vehicle is worth. Therefore, if the car was sold or paid off early they would still have significant debt on the vehicle.
At Prolease we pride ourselves on creating lasting relationships with our clients. If you're in the market for a vehicle we'll be happy to discuss your requirements and tailor a loan suited to your needs