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…
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…
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…
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…